August 9, 2022

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Advantages of a Home Buyers Warranty

Are you up to speed on what a home buyers warranty is and why it can be helpful? We’ve got the lowdown on home buyer’s warranties and the advantages you could gain from having one.

Protection for Home Defects  

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A home warranty covers home defects if you’re purchasing a new home, and the warranty covers all major installations throughout the property. If anything from the electrical to the HVAC system has a defect, the warranty covers the repair or replacement services.

The buyer must purchase the home warranty before the property closing to get coverage. A home warranty is not the same as a contractor’s warranty, and the home buyer will face some costs. For an idea of the home defects typically included, have a look at the 2-10 Home Buyers Warranty

The Home is Properly Maintained

In a home warranty, there is a clause that requires you to maintain the property. The buyer must set up maintenance services based on the manufacturer’s recommendations. This includes the electrical, plumbing, HVAC, and any appliances that are included in the home warranty. If you don’t set up these services as required, you could lose coverage. The clause is a major advantage for home buyers, and if you are purchasing a home with an active home warranty, you can rest assured that the property was maintained and shouldn’t have major issues. 

Home Appliance Replacements Are More Affordable  

A home warranty often gives you discounts on new appliances through pre-screened suppliers and installation providers. If you need a new appliance, you simply call the home warranty company to set up an appointment with the supplier, and you can review all appliances available through the service provider. Discounts on appliances and installations depend on the choices you make and the total cost of the product. However, it’s worth noting that sometimes you can get better discounts through these options than if you wait for an appliance sale at your favourite retailer.  

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Warranties Transfer to New Properties

There are various fees and expenses involved in moving house
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Homeowners who have an existing home warranty can transfer the warranty to a new buyer. The home buyer can review the terms of the home warranty and continue their coverage. Home warranty companies calculate the premium costs for each party based on how long the seller lived in the property that year and how many months of coverage the new homeowner needs for the year.  

Affordable Annual Premiums

Most home warranty premiums are affordable and calculated based on the systems and appliances included in the home warranty. You can review the premiums and make adjustments to meet your budget, and aren’t required to keep the same package as the seller. The warranty companies offer a variety of plans based on what the homeowner wants to be included, and estimates are available at any time.  

A home warranty offers discounts and savings on vital services like electrical or plumbing repairs or replacement services. When buying a home, sellers might offer a home warranty to protect these systems in the home. The warranty transfers to the new homeowner after the closing, and the new owner pays a pro-rated premium. Talk to a home warranty company about a home warranty for your new home.