Taking a home warranty has its benefits, and that is why most homeowners use the service. Despite that, it is important to do a lot of research to ensure that the warranty provider you use is honest and will honor your claims. You should also choose the one that will meet your needs. The main purpose of a home warranty is to put the mind of the homeowner at ease concerning the repairs of home systems and appliances. Some of the repairs and replacements cost a fortune, and with a home protection plan, one is required to pay the service fee while the warranty provider caters for the rest of the cost.
Benefits for buyers and homeowners
If you are a homeowner, or you have just bought a home, the home protection plan comes in handy to save money on repairs and replacement of appliances and systems. In case you do not have an emergency fund to cater for repairs, especially the unexpected ones, the warranty can come in handy. You can still have the residential service contract even if you have an emergency fund, but you do not want to use it on repairs and replacement of your systems and appliances. Another benefit that arises is that you do not have to look for a contractor when you need repairs in your house. As soon as you report to the warranty provider that your items need repairs, they send a technician who does the job. The only cost you incur is a small trade service fee instead of large amounts of money that the repair may have cost.
Home warranties also come in handy during the home purchase. The buyer is more at ease if the home has a protection plan for the items due to lack of information on how they have been used and maintained before. If the home is new, the buyer may not know if it has been well built and the warranty may serve to bring peace of mind. Buying a home requires a lot of money. You may not be ready for additional expenses in form of repairs and therefore, you may find a warranty helpful. Some warranty providers even provide comprehensive services where appliances and systems are covered without considering their make or age. Some may also not place restrictions on the square footage of the house.
Benefits for home sellers
For a seller, a home warranty provides protection because the buyer will not complain about defects in appliances and systems that may come up later on. Despite this, the seller should still disclose any problems the home may have.Covering a home with a home protection plan when selling is a plus that is preferred by the buyers. This makes the home stand out and to sell faster because the buyers will not have to worry about spending large sums of money on repairs or on replacing the appliances or systems. It also prevents closing delays, which may be caused by system or appliance failure.
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