In today’s tough real estate market, anything you as a seller can do to gain an advantage over competing listings will help sell your home faster. Offering a home warranty in Phoenix with the sale of your home will do just that. In fact, studies show that listings with home warranties sell about fifteen percent faster on average than those that don’t. Here’s why.
This may seem like a trivial item when it comes to such a major life decision, but it actually has a big impact. Many buyers end up purchasing homes at the top of their price range, leaving them strapped for cash. After moving expenses, potential renovations and purchasing new furnishings they usually don’t have enough money left to pay for unexpected expenses and repairs. Your home will be more appealing to potential buyers because they will have confidence and comfort knowing they are protected from such expenses during the course of coverage.
It doesn’t matter if your home is old or new; A Phoenix home warranty will have the same effect. Obviously purchasing a home with older appliances and mechanical systems is a risk. But a home warranty is an invaluable sales tool for homes with updated appliances and mechanical systems as well. Most manufacturers void their warranty with the sale of a home. And with the decreasing quality of many brands and the rising repair costs, a home warranty is a must-have for any home.
A typical Phoenix home warranty covers basic built in appliances such as ranges, dishwashers, garbage disposals as well as HVAC systems, plumbing and electrical wiring. If you are offering other appliances such as a washer and dryer or your home has amenities such as a home theater system or a pool, it is a good idea to purchase additional coverage. For a few hundred dollars more, you can usually obtain coverage for all of these things and more.
A home warranty will help your home sell faster and protects the buyer from unexpected repairs. The benefits of including a home warranty with the sale of your home aren’t just limited to the buyer, however. It also offers you legal protection in the event that the buyer feels you didn’t disclose a potential problem.
If you are worried about the cost of a home warranty, don’t. The cost of typical warranty is only a few hundred dollars. As mentioned before, additional coverage can be purchased for a few hundred more dollars. This is nominal compared to the cost of carrying your mortgage for more months than necessary, especially if you have already purchased a new home and are paying two mortgages. Furthermore, most home warranty companies don’t require you to pay for the warranty up front. Instead the price is taken out of the proceeds from the sale of your home at closing. A Phoenix home warranty can also increase the appraisal value of your home, fetching you a higher sales price that often more than makes up for the cost of the warranty.