What are the advantages of home warranty companies?
While going through home warranty company reviews, you may also want to look at the advantages home warranty offers. In the event that a covered appliance or home system fails unexpectedly, a home warranty can provide an additional layer of financial protection.
The advantages of a house warranty do not end there. In reality, there are numerous reasons why each participant in a real estate transaction can benefit from obtaining home warranty coverage:
Buyer’s Representative
How buyers’ agents can benefit from ensuring that each closing has a home warranty:
- Assists in creating satisfied customers
- Increases the likelihood of referrals
- Reduces after-sale responsibility. If a covered item fails, the new homeowners can contact their house warranty provider.
- Increases the buyer’s confidence in the buying of a home
Buyer
The following are some of the ways that purchasers might benefit from having a home warranty:
- Budgets are protected from pricey repairs on covered items.
- When a covered item fails, it provides a convenient, time-saving way to locate service providers.
- Provides the security of unlimited service calls as well as the flexibility of service requests available 24 hours a day, seven days a week.
- Protects covered home systems and appliances for a year or more after the transaction is completed.
Seller
How having house warranty coverage can assist sellers:
- Protects against the inconvenience and decreased marketability that breakdowns can create during the listed period.
- Budgets are protected from pricey repairs on covered items.
- Provides buyers with the assurance they need to submit their best offers.
- If a covered item fails during the transaction, the sale is not derailed or postponed.
There are further advantages of home warranties. You never know what issues may be lurking beyond a building’s walls. Even a strongly recommended house inspector may overlook flaws that result in costly repairs. However, if you have a house warranty, you may be able to save a significant amount of money by taking advantage of flat-cost fixes. With flat-rate fixes, your service provider does repairs and replacements for a set fee.
Even if you never use your house warranty, having one might provide you with a piece of mind. Spending a modest amount is unlikely to devastate your household budget; therefore, you’re taking a small risk to protect yourself from significant financial loss. Many individuals believe it is worthwhile to take the risk.
Most providers give clients a variety of program options. For example, warranties can be extended to include repairing or replacing equipment such as pools, spas, and multiple air conditioning systems for an additional cost. Furthermore, plans can be modified to cover preexisting conditions that existed prior to the policy’s inception.
These warranties are becoming more popular as purchasers become concerned about the cost of costly maintenance and repairs in the early months and years of homeownership. In California, home warranties are now included in 90% of home transactions. In general, the policies are relatively affordable.
It’s as impossible to forecast when a home system or equipment may fail unexpectedly as it is to predict the weather. However, when a house warranty covers those unanticipated malfunctions, everyone wins. Keep these advantages in mind while also going through home warranty company reviews.
