There’s nothing more frustrating than having to deal with unexpected (and costly!) home repairs. Most home owners have at least one horror story about pipes breaking, water heaters dying or heating systems failing.
Some might call these experiences the “joy of homeownership,” but when you’re pumping water out of your own basement or taking a freezing showers in the morning just to save money on repairs, it’s not such a joyful time.
The easiest way to avoid these home repair woes is simple: purchase a home warranty. And if you’re about to put your home on the market, home warranties are an added bonus for buyers too.
Why buyers like home warranties
Buyers love having all the expensive “systems” in the house (such as heating, electrical and plumbing) covered by a warranty. These systems can cost thousands of dollars to repair or replace when they fail, and many buyers—especially first time home buyers—want and demand that protection.
A home warranty isn’t a flashy addition to your home, but it will provide buyers with peace of mind. It especially makes buying older homes less stressful because the buyers know they are protected from budget-breaking repairs which are bound to happen sooner or later.
How sellers should use a home warranty
A home warranty is an excellent marketing tool for sellers, but since it’s not something you can SEE, make sure to include “free home warranty” on all your flyers, mailers and signs. It will draw additional attention to your home and help it stand out above similar properties which don’t have a warranty.
It may even save you money by allowing you to sell your home without replacing or upgrading old systems. Then if something does fail, the buyers won’t hold you liable, but will just let the warranty take care of it.
$400-500 for a home warranty is certainly worth the expense, considering that it will help to draw buyers in and make them feel comfortable with purchasing your home. If you’re interested in finding out more about home warranties or would like to know where to purchase a warranty, feel free to contact us.
Peter Stewart is a licensed real estate broker in Portland, Oregon as well as a frequent contributing writer for OHM. Please don't hesitate to contact him with any questions you may have about buying or selling a home in the Portland area.