Buyers & Sellers: Consider a Home Warranty for your peace of mind!

By
Real Estate Agent with RE/MAX Premier, Realtors

Most buyers are especially anxious about financial surprises during the first months of homeownership. What if the pipes leak, the refrigerator dies or the boiler self-destructs? None of these events are happy moments for any homeowners; for new homeowners on a tight budget, any of these mishaps could create extra financial pressure...

The home warranty is an insurance policy which protects the new owner of the home for the first year of ownership. If a covered appliance or home system breaks, the owner calls a 1-800 number, pays a deductible ($75 to $100), and has the satisfaction of having the problem remedied at no additional cost to them.

I have heard reports that this logical approach to protecting against the unknown (at a cost of roughly $500 for the year, paid at closing) is used in the majority of home sales. Unfortunately, these policies are not used as frequently in Connecticut.

Many of my clients have had excellent experiences with having anything from minor plumbing leaks to major boiler repairs completed. The warranty may be paid for by either the seller or the buyer. If the seller chooses to purchase this policy, they can also purchase protection for themselves during the marketing period of the listing (and not actually have to pay for this coverage until the closing!).

I believe these policies should be used more often in Connecticut, so I mention the option to sellers and buyers at least twice (when we meet initially and again as we are about to negotiate price, terms and inspection results). I would rather explain the option and have the seller turn it down, than neglect to do so and have the seller's hot water tank spring a leak the week before closing...

For Hartford County real estate information, contact Brent to benefit from his 20 years of experience by visiting www.BrentSellsCThouses.com.

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Rainmaker
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Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

Hey, Brent. It's a very common practice here for the Sellers to provide a home warranty to the Buyers. Unfortunately, with some of the companies, it is one of those "you get what you paid for" warranties.

March 07, 2009 02:46 AM #1
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Rainer
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Brent Bell

CRS, e-PRO, GRI, Hartford County
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