Are you selling your home? If so, you probably know that increasing curb appeal and staging your home can help it to sell faster and for more money. What you probably didn’t know, though, is that selling the home with a home warranty can help you do the same thing!
A home warranty is a bit like home insurance, except it covers the systems and appliances in the home, instead of the home’s structure. Things like your furnace, air conditioner, kitchen appliances or plumbing are repaired or replaced for a low service fee if they fail. According to a study done by the Service Contract Industry Council last June, homes with a home warranty sold for almost $2,500 more than homes without a home warranty. Not only that, but homes with a home warranty sold 16% faster than non-warrantied homes. Why is this? Besides the peace of mind that comes with a home warranty, there are a few reasons. Sometimes companies offer free listing coverage, but usually it’s because a home warranty can be transferred to a new owner during the time of closing.
How do you transfer a home warranty to a new owner? Well, all home warranty companies are different, but usually all it takes is a phone call. Some home warranties may also charge a minimal transfer fee. When you sell your home, all you have to do is call the home warranty company and let them know who the new owner of the home is, and the home warranty then becomes theirs.
If you decide you want to protect your new home with a home warranty, you can look for a home that includes a home warranty in the purchase, or purchase one yourself. Some home warranty companies also let you cancel your current contract, and put your refunded money toward a contract on your new home.
Featured photo credit: Landmark Home Warranty via landmarkhw.com