The Advantages of a Home Warranty When You Sell Your Home By Joel McDonald At Isnare.com Ezine Articles

If you are thinking of selling your home, your real estate agent might advise you to take out a home warranty to increase your chances for a good sale. What, after all, is a home warranty? And how does it improve the chances of achieving a successful sale? In this article we will take a look at these questions not only from a potential seller's point of view, but also from the perspective of a homeowner who plans to stay in and enjoy the use of the home.

A home warranty is a type of insurance which covers repairs or replacements of any appliances or major systems that are installed in the home, such as dishwasher, overhead fans, exhaust fans, drain stoppages, air ducts, and related items. Coverage may additionally include other items such as the hot tub and refrigerator. This is similar to the regular homeowner insurance, but while regular insurance is designed to provide coverage against risk of damage to the house and the personal belongings contained within that are caused by factors, or events such as losing personal possessions, the home warranty covers breakdown of appliances and systems in the house.

If you pay for a home warranty policy you do not need to pay the cost of repair or replacement if any of the covered systems or appliances within the house stop working. There is only a nominal fee involved for a house call for repairs. These charges are generally negligible when compared to the expenses of replacement. One way of looking it is that since repair and replacement costs are pretty much inevitable, it doesn't hurt to prepay something toward them, with the tradeoff being that you get insurance against having to independently pay for any of the more expensive failures that may occur.

One good thing about getting a home warranty is that it is fairly easy to get. A simple inspection of the home is usually conducted, although in some cases even that may be waived. The contract, or warranty policy, will clearly state which items are covered and which are not.

Based on how much you are willing to pay, you would need to decide on a length of coverage. You can have a policy for a year and there are longer period home warranty contracts up to lifetime. Normally, as with many things, having a longer period will give you the coverage at a lower yearly cost.

The home warranty comes with various features and you will find a range of quotes from different providers. In order to ensure that you get the best deal, check around and look into a few sources.

The bottom line is that having a home warranty offers an attractive benefit to a buyer. With that, if you're the seller, it becomes a win-win scenario. And even without regard to improving the sales appeal, if you plan to stay in your home for a long time, a home warranty package could be a very attractive option.

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