When Can You Get a Home Warranty?
Getting a warranty on a home can save you a lot of money over time. Homebuying requires you to fork over more fees, but affordable home coverage shouldn’t be neglected. Whether you’re a new buyer, eager seller, or budding real estate agent, you’ll want to consider purchasing a warranty.
Read to learn:
- Should you buy a home warranty as a seller?
- When should new buyers get a home warranty?
- Can you get a home warranty on an older home you own?
- When should real estate agents buy home warranties?
Before knowing when to buy, you may want to know if a home warranty is worth it for you.
Benefits of Having a Home Warranty
Why bother buying a warranty in the first place? Isn’t homeowner’s insurance enough? Although a warranty isn’t required by banks or mortgage lenders like insurance is, it ultimately exists to save you time and money.
A warranty is a huge benefit to you because:
- It acts as a budgeted protection plan.
- It saves you time when scheduling inevitable repairs or replacements.
- It provides you access to resources when damages occur.
- It can be customized to the needs of you and your home.
- It can be purchased at any time.
When is the best time to get a home warranty? It depends on which position you’re in regarding the home.
Should You Buy a Home Warranty as a Seller?
If you’re selling your home yourself, a home warranty can be an attractive bonus for the buyer. Home shoppers are stressed about finances— a home is a huge investment. Plus, in the time it takes to transfer ownership of the home, problems can still occur with appliances or home systems. With a seller’s home warranty in place, both you and the buyer are comfortable knowing these scenarios are covered.
When Should Home Buyers Get a Home Warranty?
If you’re in the process of buying a home or have recently made a new purchase, shopping for warranties upon move-in is a smart choice. Sometimes home warranties take time to go into effect (such as at the beginning of the month or once an inspection is finalized). You’ll want to read the policies and terms to understand the cushion of time it might take to start using your warranty.
One mistake new homeowners make is putting off their home coverage purchase. But if a major appliance like a washer/dryer breaks, then what? You’re stuck with the stress of a new home and you have to shop for a new $1,000 appliance. If you have a warranty, you’ll save significantly.
Can You Get a Home Warranty for a Home You Already Own?
The great thing about home warranty plans is that you can purchase one at any time. If you’ve owned your home for several months or even decades, you can opt-in to the benefits of warranty coverage when you’re ready.
When shopping for a home warranty on an older home, keep in mind some companies cover issues that are unique to aging properties. Call a few warranty companies and read the agreements before signing a contract.
Another thing to note: some companies offer discounts and benefits for homebuyers. Try to get a new warranty within 30 days of your closing date. Otherwise, you may miss out on perks and need to buy the standard plan.
When do Real Estate Agents Buy Home Warranties?
Many real estate professionals choose to include warranties when closing a home. It offers protection to the buyer and adds to the reputation of the agent. Sometimes a realtor will cover the annual cost of the home warranty during the first year, or for a set timeline agreed upon during the transaction.
Get the Warranty that’s Right for You
In any situation, getting a home warranty protects you, your family and your home. Learn more about custom home warranty plans and get a free quote from Elite Home Warranty today.