Millennium Realty



Posted by Millennium Realty on 12/2/2021

You may have heard about home warranties, but are unsure of what they are. A home warranty is an excellent addition to your home insurance and has a particular function. When you buy a home, the last thing you want to worry about is things breaking or malfunctioning in the house after you buy it. Buyers fear the expenses they may incur if items in the home start to break down shortly after the property becomes theirs. As a first-time homebuyer, a home warranty can be incredibly helpful since you may need a crash course on home maintenance. 


Depending on what’s the norm for homebuyers locally, either the buyer or the seller will pay for the home warranty. Some sellers pay for warranties up front as an extra assurance to the buyer of the property they’re about to purchase. Sellers also use this as an excellent tactic to “wash their hands” of the property. The buyer won’t need to contact the seller if something goes wrong with the property. A home warranty is a fairly inexpensive way to show buyers that appliances and the home itself have been well taken care of. Occasionally, real estate agents will give buyers a home warranty as a gift for their business. Usually, this is done for higher-end homes. 


Home warranties aren’t very expensive. They usually range in price around a few hundred dollars in cost. The cost is based on a yearly rate and can be renewed each year at a slightly higher premium. 


How Do The Warranties Work?


The warranty provider works with specific companies for different purposes. When the homeowner calls the warranty provider to let them know there’s a problem, the service provider will call the homeowner to make arrangements to fix the problem. If an appliance cannot be repaired, the warranty company may replace the item. There are usually small service fees associated with these repairs and replacements.


Is Anything Not Covered?


A home warranty will not cover numerous items around the house. These items include:


Outdoor fixtures and plumbing

Indoor plumbing fixtures

Pools

Hot tubs

Some appliances may not be covered

Heating system

Water heaters

Cooling system

Fans


Home warranty plans can vary based on your location and the type of policy. Make sure you review what’s covered before you finalize any home warranty. It’s an individual choice that homeowners make to have a peace of mind when moving into a new place.  




Tags: warranty   first home  
Categories: Uncategorized  


Posted by Millennium Realty on 10/3/2019

Having a home comes with many responsibilities. Sometimes, pressing needs can arise. It might be to repair some home features or to replace them altogether. These situations are bound to occur and can be parasitic on the homeowner's budget.

A home warranty is a program that provides a budget to cover any unforeseen expense in the home. It offers protection on repairs that, typically, are costly.

Home warranty and home insurance—often used interchangeably—is incorrect because there are a couple of glaring differences. While getting your home insured involves specific considerations as the location of the house and the building materials, a home warranty offers funds for costly repairs. Also, home warranty only covers the cost of fixing major appliances and systems as they age. But home insurance is meant to stand by financially in events of unforeseen damages.

Benefits of a home warranty

Home warranty plans come with many benefits to save homeowners the stress of having to source funds suddenly. Here are the crucial reasons why you should get a home warranty.

A home warranty covers costly repairs

Every homeowner has a budget detailing how much they will spend on certain things. In most cases, the chances are high that provision is not available for sudden repairs. What then happens when an urgent need pops up?

With a good home warranty, you don't have to worry about faults in your home that require immediate attention. Enough funds will be disbursed to get a quick fix and keep your home in good shape.

With a home sale, it assures the buyer of a safe deal

When you put up your home for sale, potential buyers consider certain factors. Usually, homes are refurbished to increase their value before they are listed, but things requiring urgent attention can emerge at any time. If you have a home warranty in place, you assure the buyer they have nothing to worry about if such situations occur.

Real estate listings with home warranties are more attractive to buyers

Potential buyers keep an eye out for deals that will save them unnecessary costs after the transaction. This reason is why a home with a home warranty will be a hot commodity in the real estate market.

Homes with home warranties usually sell faster and closer to the asking price

Home warranties give your home value a deserved boost. This attracts buyers to your listing. Any interested buyer will want to get that great home with the warranty before anyone does and so will have less chance trying to bargain the listing price.

These benefits above are realistic and attainable. You just need to find a good, affordable warranty plan.




Tags: warranty   insurance   homeowner  
Categories: Uncategorized  




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