Buying a home is often the most expensive decision consumers make, and many buyers feel more comfortable with their purchase when it’s paired with a home warranty. Here are a few questions your clients should answer before settling on a home warranty.
Who Is Paying For It?
Sellers are sometimes willing to cover the cost of a home warranty for the first year of the buyers’ homeownership. Make sure your clients understand how this would work in their specific transaction.
How Much Will it Cost?
If your buyers decide to foot the bill for a home warranty, suggest they shop around before making a final decision. They may find a more affordable plan or flexible options for adding or removing coverage.
What Does it Cover?
Like other types of warranties, a home warranty isn’t intended to cover every aspect of a property. Your clients should carefully review the conditions of the warranty before obtaining one. These conditions may exclude certain appliances, restrict coverage, or make the homeowners prove they followed manufacturers’ maintenance plans. It’s also possible that other types of coverage, like manufacturers’ warranties for specific appliances, are better options in the long run.
Who Chooses the Repair Company?
Many home warranty companies have repair companies they work with, so the homeowners may not have a choice in who makes repairs or replacements. Your clients should find out whether they have options and decide how much it matters to them who picks the repair company.