These are two professional services we highly recommend to both Buyers and Sellers, as they provide protection to your investment and peace of mind.
Why should you get a Home Inspection?
Whether you are buying or selling a home, you should have a professional home inspection performed.
A home inspection will provide a thorough review of the condition of the property, such as: structural, foundation, framing, plumbing, electrical, roof, leaks, mold, cosmetic condition, etc. Also recommended is a termite inspection.
If you are selling a home, you want to know about such potential hidden problems before your house goes on the market. Almost all contracts include the condition that the contract is contingent upon completion of a satisfactory inspection. If the buyer’s inspector finds a problem, this could cause delays in closing, and usually you will have to pay for repairs at the last minute, take a lower price on your home or loose the deal.
Why should you get a Home Warranty?
A home warranty covers for repair or replacement costs for the air conditioning, heating, electrical and plumbing systems and built-in appliances that break down in a home. Warranties can be purchased by either the buyer or seller. When the seller is paying for the warranty, it is usually paid for and goes into effect at closing. There are a lot of companies offering home warranties and coverage of individual policies can vary widely.Make sure to read the policy closely and understand what is and is not covered. The cost for a one year home warranty typically runs between $300 and $600, depending on the size of the home and the specific types of coverage. In addition to the policy premium, there is normally a deductible of $50 – $75 to pay when making a repair claim.
There are some very good reasons to pay for a home warranty when selling your home. Providing a warranty can help set your home apart from the competition. Buyers will appreciate having a warranty and will feel more comfortable about buying your home without worrying about hidden problems. Certainly it can make it easier for a buyer to make an offer. These assets make the home warranty an excellent marketing tool.
In addition to marketing advantages, you could also avoid getting sued down the road. When a major appliance, heating or air conditioning system goes bad shortly after a home is sold, it’s not uncommon for the buyer to blame the seller. Providing a home warranty with the sale of your home can go a long way towards preventing these types of lawsuits.
You may also consider getting the warranty while living in your home, this way the warranty is transferable to the new homeowner, the house will already be covered before closing and there will not be the possibility of pre-existing conditions not covered.