Help From Homeowner Warranties if You Want to Speed Up the Sale of Your Home
It is most certainly a buyer's market when it comes to real estate sales in our current economic situation. It is taking home sellers even longer to sell their home at the same time. When it comes to choosing homes in a glutted market, sellers undeniably have their pick of the best. When a buyer has so many options from which to choose, how can you ensure your home sells quickly?
That's where a homeowner warranty comes in. Also known as just simply a home warranty, a homeowner warranty can be a benefit to more quickly help savvy sellers find a buyer for their homes. Buyers want a guarantee that the home they're purchasing is in good shape. Barring that, they often want assurance that any defects that subsequently occur within a year of purchase will be taken care of by the previous owner. Homeowner warranties give them that security and, ultimately, it will give you as a buyer a quicker home sale.
Is the cost of a homeowner warranty imposed on the buyer or the seller? Sometimes local customs dictate, but ultimately each state has their own general policies. It makes sense that a seller would pay for the warranty in many locales, because selling the house more quickly as a result is a benefit the seller receives. It stands to reason that there's less inclination for a buyer to require the seller to fix something that subsequently breaks if the buyer didn't have to pay for the warranty in the first place.
It's also a relatively minimal sum to buy a homeowner warranty. Depending again on your location and what is specifically covered under the policy, a typical warranty usually costs somewhere between $250 to $400. Each year, the policies need to be prepaid in advance. While policies tend to expire at the end of the first year, you have the option to renew annually.
A seller doesn't have to worry about either covering too many things or offering coverage for too long of a time period after the sale of the home, because limits are set in place as to the warranty's actual coverage. Sellers can be assured that unless a buyer specifically requests coverage, most outdoor items (think: sprinklers, spas and pools), and sometimes even indoor appliances, are not covered. You as a buyer are protected as well, because coverage might also be denied when a buyer has improperly installed or maintained something, violated a code or when specific use creates unusual wear and tear on a covered item.
Even though a buyer can often require a homeowner warranty in a market like this, you as seller have a lot of control over the actual content of the warranty. As a seller, offering a homeowner's warranty is a wise idea, because it not only helps you sell your home more quickly but also makes a buyer feel more comfortable with the purchase as a whole.
That's where a homeowner warranty comes in. Also known as just simply a home warranty, a homeowner warranty can be a benefit to more quickly help savvy sellers find a buyer for their homes. Buyers want a guarantee that the home they're purchasing is in good shape. Barring that, they often want assurance that any defects that subsequently occur within a year of purchase will be taken care of by the previous owner. Homeowner warranties give them that security and, ultimately, it will give you as a buyer a quicker home sale.
Is the cost of a homeowner warranty imposed on the buyer or the seller? Sometimes local customs dictate, but ultimately each state has their own general policies. It makes sense that a seller would pay for the warranty in many locales, because selling the house more quickly as a result is a benefit the seller receives. It stands to reason that there's less inclination for a buyer to require the seller to fix something that subsequently breaks if the buyer didn't have to pay for the warranty in the first place.
It's also a relatively minimal sum to buy a homeowner warranty. Depending again on your location and what is specifically covered under the policy, a typical warranty usually costs somewhere between $250 to $400. Each year, the policies need to be prepaid in advance. While policies tend to expire at the end of the first year, you have the option to renew annually.
A seller doesn't have to worry about either covering too many things or offering coverage for too long of a time period after the sale of the home, because limits are set in place as to the warranty's actual coverage. Sellers can be assured that unless a buyer specifically requests coverage, most outdoor items (think: sprinklers, spas and pools), and sometimes even indoor appliances, are not covered. You as a buyer are protected as well, because coverage might also be denied when a buyer has improperly installed or maintained something, violated a code or when specific use creates unusual wear and tear on a covered item.
Even though a buyer can often require a homeowner warranty in a market like this, you as seller have a lot of control over the actual content of the warranty. As a seller, offering a homeowner's warranty is a wise idea, because it not only helps you sell your home more quickly but also makes a buyer feel more comfortable with the purchase as a whole.
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