As we visit with a lot of Homeowners the question is always asked, “What is a home warranty and how is it different from my homeowners insurance?” I am writing this article to help answer that question and come up with a conclusion; Do you really need both?
A Home Warranty is a one-year service contract that helps protect homeowners from the cost of unexpected breakdowns of major household systems and appliances when they fail due to normal wear-and-tear. If a covered item breaks down a Home Warranty will repair or replace it. No worries. No hassles.
Homeowner or hazard insurance covers private homes. This type of policy combines various personal insurance protections, which can include losses occurring to one’s home and its contents.
Simply put, a home warranty covers your major systems and appliances when they break down (not structural) and insurance covers your home and it’s contents…
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Home ownership can bring a high level of security and stability. However, it can also carry a certain amount of stress and worry. What if the furnace stops working? What if the dishwasher leaks? A home warranty can take away some of the “what if’s” and give you more peace of mind.
If you share these concerns, you may want to consider a home warranty. Some sellers offer this as an enticement to buyers, but as a buyer you have the option to purchase this on your own. Home warranties cover a wide variety of appliances and home systems and can save you a lot of money! They protect everything from kitchen appliances to air conditioning systems, cracked foundations, etc. You can choose from a variety of plans to cover your needs and fit your budget.
Which Home Warranty Company is right for you? Here at Prudential Homesale, we…
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Home buyers have many questions during the process of purchasing their property. For instance, they often wonder if they should get a home inspection, work with a particular lender or choose a certain kind of loan program. One question that many buyers forget to ask is whether or not they should get a home warranty. This is perhaps one of the most important questions that should be asked before purchasing a home.
Not all warranty programs are created equally. Some companies are certainly better than others, so it’s important to really read the fine print when it comes to what the warranty covers. In addition, you should ask your real estate professional what your options are when it comes to getting a home warranty on the property.
When making their initial offer on the property, many buyers decide to put a special stipulation into the contract asking the seller…
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Many buyer’s do not know that even if they are not purchasing a “new build” home that they can still get a warranty on their “new” re-sale home. If you are in the market to buy or sell a home ALWAYS ask about a home warranty. Honestly for $300 to $400 extra it is nice to have peace of mind knowing that when you move into your new home in July and you turn the furnace on in October that worked just fine when you purchased the home and great for about a month but then starts acting funny you are not going to have to come out of pocket $1800 for a new furnace. With a home warranty the warranty company (or a vender) will come out usually for a small fee $55-$65 and fix your furnace or other issues you may be having. If it is not something…
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A lot of people are asking me “Why is it so hard finding homes in Utah to buy today, I thought we were in a buyers market?”
Fact is the buyer market passed last February. Actually it was around February 8th!
That was the week that my clients learned what multiple offers were. Before then, we were accustomed to bidding low on a house, having the seller grumble, then eventually the seller would accept our offer. But that week, we were putting offers in only to have the listing agent tell us that there were other offer on the property and to submit our highest offer.
After we were outbid a few times, I quickly learned that we need to be more aggressive with our offers. Since then, properties have been flying off the shelf.
Although, I still have a hard time calling it a “sellers market” because…
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First let us answer the question…What is a Home Warranty? According to Wikipedia, a Home Warranty is a service contract that covers the repair and replacement costs of home appliances for a small deductible. The warranty generally covers equipment and appliances such as dishwashers, plumbing systems, electrical systems etc. that fail due to normal wear and tear.
Now let us answer the question…..Should you purchase a Home Warranty? In my opinion a Home Warranty should be considered when purchasing an existing home, at least in the first year. (New Homes normally come with a Builders Warranty). The Seller of the Home may even pay for the first year warranty if it negotiated in the contract prior to purchasing.
Typically the cost is $300-$400 dollars annually. When you report an incident, the warranty company will send a contractor to your home. Please keep in mind pre-existing conditions are not covered. The…
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