Home warranties provide peace of mind that, if anything breaks down in the home, financial assistance is available to cover repairs or replacements. Though they’re often confused with insurance, home warranties will cover many items that aren’t covered by insurance, so it is always a good idea to have both of them in place. When a homeowner is getting ready to sell their home, they may want to consider offering a warranty with the sale. There are many reasons why this may be beneficial and well worth the low cost.
Attract More Buyers
If the listing states that a home warranty is included, more potential buyers may be interested in the house. Buyers today understand the benefits of receiving a home warranty with the home and will love the peace of mind they get knowing that issues not covered by insurance will be covered by the warranty for the first year of homeownership. More buyers can allow the seller to get a better price for the home, so the small cost of a one-year warranty will likely be covered by the higher selling price.
Increase Perceived Value of Home
Those looking to buy a home will have their own perceived value for it. When they look at a home, they’ll consider whether it’s worth the asking price, is a good deal for the cost, or if they feel the seller is asking too much for the home. The perceived value can impact how much prospective buyers offer for the home or whether they’ll make an offer. When home warranties are included, buyers often feel the home is a much better deal, which can increase the likelihood of them making an offer.
Sell the House Faster
Depending on numerous factors, including the local market, price of the home, location, and more, it can take some time for the home to sell. However, including a warranty can mean the home sells a lot faster. More buyers are interested in it, so the seller will get more offers right away when the home is listed. On top of this, potential buyers may be willing to speed up the inspection part of the sale, which can mean getting to the closing a lot faster.
Reduce Repair Requests
Buyers will often request repairs after the inspection and before closing on the home. However, if there is a warranty on the home, buyers may request fewer repairs. Since the buyer won’t have to worry about major issues after buying the home, they can skip requesting repairs and, instead, do those repairs after the home is purchased. They won’t have to worry about a lot of other things going wrong, so they can spend their money and make sure the repairs are done the way they want.
Thinking of selling a home? Home warranties can make a difference and offer you numerous benefits that can help with the sale. Take the time to look into home warranties more today to learn about the costs and the repairs included that the home buyer may appreciate.