A home warranty is a service agreement to provide repairs or a possible replacement on the major equipment and systems in your home. Home warranties can cover: electrical systems, plumbing systems, heating & cooling systems, and your kitchen/laundry appliances. The main benefit that comes from having a home warranty is the reassurance that you can live without having to pay out large amounts of extra money for repairs you weren’t expecting. So why is it that realtors love homes that come with home warranties?
Here is a list of reasons why realtors love home warranties:
- Homes with home warranties usually sell for more money and faster.
This pleases both the seller and the agent because they want to sell the home for top dollar and if getting a home warranty does the trick then why not? Having to constantly have your home “show ready” can get tiring, so the faster you sell your home the better and home warranties do just that.
- Buyers jump at homes with home warranties.
Buyers will be willing to pay more money for a home with a home warranty because that covers repairs for anything that might break after they move in and that's money that they don't have to worry about spending. Home buyers don't have to speculate on when something might break and making sure they have enough money to cover the cost.
- Warranties help get satisfied buyers and sellers.
If an agent has a satisfied buyer or seller, that turns into a potential referral for them which means more business. Realtors stand to make more money by selling more homes and by selling more homes with home warranties purchased by the seller, this means more money for the agent.
- Realtors have more time to devote to selling.
If a home is sold with a home warranty then the realtor doesn't have to worry about negotiations and problems over failing appliances. Having a home warranty is like having insurance. Its appealing to buyers to be able to buy a home and not have to worry about failing appliances, hiring contractors or handing over buckets of money. Getting a home warranty could be the solution to selling a home that isn’t quite turning over as quick as you would like.
- It all starts with the agent.
Once an agent shows a skeptical buyer an older home with a home warranty attached to it, they are no longer afraid to go for it. After an agent explains to the buyer what a home warranty covers, buyers become eager to see homes that they once didn’t consider.
- Why wouldn’t you love it?
It’s a worry free agreement. For one whole year, all your major home appliances and systems are most likely covered if they break down from wear and tear. You can move in worry free that one of your appliances might break and you are not financially able to pay for the repairs or the replacement of the appliance. You should always set aside money for minor repairs that could come up here or there, but a home warranty is a nice cushion to have.
If you are looking to purchase a home warranty for your home whether you are putting it on the market or just want the security of a home warranty, contact us and our experts would love to help you out!