What home sellers and homebuyers should know about home warranties.
Many of my clients have been reaching out recently to ask about home warranties. What are they, and should you get one? Today I’ll share with you some of the most important information regarding home warranties and how they can benefit homeowners and home sellers alike.
- What should you know about home warranties? A home warranty is an insurance policy. The seller usually pays for it at the end of the transaction, and the buyer becomes the beneficiary. If unforeseen repair bills are needed once the deal is closed, the home warranty will satisfy these repairs by providing a finite amount of monetary help. This can prevent the new homeowner from suing the seller.
“Home warranties are a good deal right now.”
- How do home warranty companies earn a profit? They make money through renewals. Many buyers renew their warranties after the first year. Sellers consider getting one to lower their contingent liabilities.
Home warranties will help you save future expenses not only on repair bills but also on lawsuits. If you’d like to learn more about home warranties or need help with any of your real estate concerns, don’t hesitate to call or email me. I’ll be happy to help.
