The advantages of offering a warranty far outweigh the costs, so it may be worth considering the option. Buyers are more likely to buy a home protected by a warranty, which can eliminate the hassle of dealing with requests for repairs. A home warranty is an investment in the future of the home and will also give you peace of mind.
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Benefits Of A Home Warranty
A home warranty has many benefits, both for buyers and sellers. It provides peace of mind and can be a great negotiating tool. Home warranties can be unnecessary in a seller’s market, but in a buyer’s market, they can be invaluable. In such a market, a buyer may waive the right to inspect the property, making a home warranty unnecessary. However, depending on the seller’s market, it can be an excellent way to ensure the transaction goes smoothly.
One advantage of a home warranty for a seller is that it gives them a competitive edge when negotiating the price. In addition, home warranties will cover repairs and unexpected expenses and can act as an incentive to attract buyers. In hot housing markets, having a home warranty for sale can be a significant negotiation tool. While many buyers won’t pay for the coverage, it may give the seller a considerable advantage.
Another advantage of a home warranty is that it protects the buyer. As a result, buyers are more likely to purchase a home with warranty protection. As a result, homes with home warranty coverage sell more quickly than those without. According to some of the best home warranty companies in Georgia – First American Home Warranty, a home with a home warranty may sell 50 percent faster than a home without one. That means more sales within a year and a higher annual income. And while it might not save your home sale, a home warranty can help you sell your home in a shorter time.
Cost Of A Home Warranty
While the cost of a home warranty can be included in closing costs, many sellers choose not to. Although these policies are a good bargaining tool for both the seller and buyer, some states don’t require sellers to include them. Some buyers will waive inspections, which is fine, but it is better for sellers to cover the warranty cost if they don’t. Buyers can also purchase a home warranty if the seller already has one.
Another benefit of home warranties is their ability to increase a seller’s price. A home warranty is a great way to get a better price on your home. Whether you’re selling a home, buying one, or simply looking to add curb appeal to your property, a home warranty is a great way to make your house more valuable. Homeowners with warranties have reported that their homes sell for almost $2,500 more than those without them.
The cost of a home warranty can range from a few hundred dollars a year to as much as $1,032 a year. This price depends on the plan that you choose and where you live. A standard plan can pay anywhere from $200 to $1,845 per year. Additional coverage options can cost up to $7,500. The cost of a home warranty will vary from place to place but will likely be a worthwhile investment.
Cost Of Transferring A Home Warranty To A Buyer
When selling your home, you may want to transfer your existing home warranty to the buyer. Transferring a home warranty to another person is easy and usually involves a phone call to the company. You will need to provide details about the new homeowner, and they will initiate the transfer. Sometimes, you will have to pay a small fee to transfer the warranty. Make sure you fully understand the terms of your new home warranty policy before selling it.
While the cost of transferring a home warranty to resale is usually included in the sale price, some companies charge a fee for the service visit. However, this fee is negotiable between the seller and buyer, so it’s important to negotiate the amount up front. In addition, a home warranty may help a buyer feel more comfortable during the selling process, so it’s crucial to get a good deal before listing your home.