Considering selling a Florida home with a home warranty?
If you’re about to put your Florida home on the market, you’ve got quite a few things on your to-do list. You need to find a realtor (unless you’re going the DIY “for sale by owner” route, of course). You should also spruce up the place – a coat of paint in the interior can do wonders, while a little creative landscaping can boost curb appeal by a significant amount. However, one of the most often overlooked sales acceleration tools at your disposal is a home warranty.
With a Florida home warranty companies, you can give potential buyers peace of mind, help reduce their potential cost of ownership, and make your property stand out from others. Of course, it’s not as simple as signing a contract with the first home warranty company that you come across. There’s a lot you need to do here in order to make your home sell faster.
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Why Would a Home Warranty Help a House Sell?
Before we dive into what’s required to do your due diligence when purchasing a home warranty, let’s address the question of why it can accelerate the sales process in the first place. Really, it comes down to removing ambiguity and worry from the situation. When someone buys your home, all they have to set their mind at ease is the inspector’s report and your word that everything is fine. That’s not particularly confidence inspiring.
A home warranty gives a buyer a guarantee in writing that if something goes wrong within a covered system/appliance in the home, it’s covered without them having to shell out a small fortune. This is particularly true with first-time buyers and those who may have little cash left over after a down payment and/or closing costs. It’s really as simple as that.
Make Sure the Home Warranty Provides Value to the Buyer
While a home warranty can inspire confidence and offer peace of mind, not just any contract will do. You need to make sure that the warranty actually offers value to the buyer and you need to find one that won’t cost you a lot, either. The right warranty contract will cover some of the most important/expensive repairs a buyer might worry about, including:
- Air conditioner
- Pool systems (if applicable)
- Septic (if applicable)
- Electrical wiring
- Water heater
It is also important that you ensure the warranty you purchase will automatically transfer to the buyer after your home sells without incurring an additional charge.
Keep Your Buyer in the Know
Because the home warranty will be a big selling point, you need to be upfront with the buyer about things, as well. Go beyond using it as a sales tool, and inform your buyer of things that will affect them down the road. For instance, if the contract automatically renews each year, let them know this and how much they’ll need to pay. If the contract does not automatically renew, make them aware that their protection will expire and on what date that will happen, as well as that they can re-up their warranty at the time.
How to Choose the Right Warranty Company
You’ll find a wide range of home warranty companies out there, but they are not created equal. It’s your responsibility to make an informed decision. However, understand that your choice will affect not just your own finances, but also the life of whomever buys your home, so it’s important to be thorough. What should you look for when considering a warranty company?
- Look for a company with a good selection of plans, as well as optional coverage choices and upgrades.
- Make sure the company offers 24/7 emergency calls.
- There should be no transfer fee for the warranty.
- Failed repairs should be reserviced at no additional cost.
- The company should employ licensed, trusted contractors.
Do you want some additional guidance?
When it is all said and done, buying a home warranty is as smart an investment as having your home painted, or making necessary upgrades to modernize your home before putting it on the market. It can inspire confidence in a buyer, and give them peace of mind while ensuring that your property is more appealing than others.
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