Knoxville Real Estate Insider - Benefits of a Home Warranty

Issue #012

31 Aug

In this Knoxville Insider Issue…

🌤️ Real Estate Edition - Benefits of a Home Warranty
 

Benefits of a Home Warranty

A home warranty offers several benefits to homeowners, particularly when it comes to protecting against unexpected repair costs and providing peace of mind. You can purchase a home warranty at any time during home ownership - you don’t have to wait until you purchase your next home. Here’s why a home warranty can be a valuable investment:

1. Covers Repair and Replacement Costs

  • A home warranty covers the cost of repairs or replacements for major home systems and appliances that break down due to normal wear and tear. This includes items like HVAC systems, plumbing, electrical systems, kitchen appliances, and more.

2. Provides Budget Protection

  • With a home warranty, you can avoid the financial burden of unexpected repair costs. Instead of facing large, unplanned expenses, you pay a relatively small service fee for covered repairs, helping you manage your household budget more effectively.

3. Offers Convenience

  • When something breaks down, a home warranty company typically handles the process of finding a qualified service technician. This saves you time and effort in searching for reliable repair professionals.

4. Increases Home Value

  • If you’re selling your home, offering a home warranty as part of the sale can make your property more attractive to potential buyers. It gives them confidence that they’re protected against unexpected repair costs, which can help facilitate the sale.

5. Reduces Stress for New Homeowners

  • For first-time homebuyers, a home warranty provides added security and reduces the anxiety that comes with managing a new property. Knowing that major systems and appliances are covered can ease the transition into homeownership.

6. Helps Manage Older Home Systems

  • If your home has older systems and appliances, a home warranty can be particularly beneficial. It can cover items that may be nearing the end of their lifespan, reducing the risk of costly repairs or replacements.

7. Offers Customizable Coverage

  • Many home warranty companies offer different plans or optional add-ons, allowing you to tailor the coverage to your specific needs. You can choose a plan that best fits your home’s unique features and systems.

8. Provides Peace of Mind

  • Knowing that you have coverage for unexpected breakdowns gives you peace of mind. You can enjoy your home without worrying about the financial impact of major repairs.

9. Simplifies Home Maintenance

  • A home warranty can simplify the process of home maintenance by covering routine repairs. This makes it easier to keep your home in good condition without the hassle of constantly searching for service providers.

In summary, a home warranty can be a smart investment for homeowners, providing protection, convenience, and peace of mind against the uncertainties of homeownership. Research the plans of each home warranty company and choose the plan that fits your needs best!

Ask a Realtor😀 

Q1) How does the new "rules" regarding the realtors commission actually work when I find a house I want to buy? Since we have all of the real estate sites, most people find their own houses (I found my last two myself online and then contacted the realtor). What does the realtor do besides show the house. most people can find a settlement company to handle the closing.

You can find most homes currently for sale on websites like homes.com, realtor.com, or zillow.com. These platforms allow consumers to read about the property, view photos, and decide if they want to tour the home. However, a buyer's agent can provide valuable assistance from this point forward:

a) The agent will review the listing and obtain any documents the seller has completed, such as the Property Condition Disclosure, which outlines all known issues with the home (it's crucial to review this).

b) The agent will also pull comparable homes in the area to ensure the property is priced fairly and share this information with you.

c) If you decide to make an offer, the agent will prepare it using a state attorney-reviewed form, ensuring your offer is legally binding. A title company will not write an offer on your behalf.

d) The agent will negotiate with the seller's agent to reach an agreement that satisfies all parties and gets the property under contract.

e) Once under contract, the agent will guide you through scheduling inspections, reviewing all required federal and state documents, and connecting you with a reputable title company to close the transaction.

f) The agent will negotiate repairs or price reductions based on your decisions.

g) If any issues arise during the title work or lending process, your REALTOR® will help resolve them to ensure a successful closing.

Using the seller's agent instead of having your own buyer's agent leaves you without representation. The seller's agent will prioritize their client's best interests. If anything goes wrong during or after the purchase, you'll be up against the seller, their agent, and both their attorneys. Buyers deserve proper representation in all legal matters.

This Real Estate Edition Issue brought to you by Barbara Newton. She can be reached at [email protected]

What did you think of today’s issue? (anonymous)

Login or Subscribe to participate in polls.