Home Warranty Protection: Benefits for Sellers and Buyers

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Home warranty protection is an option for any home buyer, new or seasoned. It insures homes against repair issues with appliances or other home components when they just don't work like they are supposed to. While coverage differs from company to company, the over all idea is the same; to help save some money and give the buyer quick repairs. Home warranty plans can be beneficial for buyers as well as sellers.

For the buyer, home warranty service has obvious benefits in saving money. Especially when you are a new home buyer, you won't have a lot of extra cash after such a big purchase. The last thing you want to do is be spending what you have left on major appliance repairs. Having a warranty will cover those repairs and have you paying less in the long run.

Coverage usually applies to built in appliances but many can extend to free standing appliances if you switch to a different plan. Just be aware that any appliances broken before you purchase the warranty will typically not be covered, so those repairs will have to come out of your own pocket.

You can often negotiate with a seller to purchase the warranty themselves before you make a bid on the home. Most will in order to get their home sold quicker, so you may be able to avoid paying for the plan yourself.

Of course, there's also a lot of benefit if you are the seller buying the home warranty plan. First, you are going to attract a lot more buyers to your property. They'll be more interested in a home where they won't have to worry about moving in and having old appliances break down that they can't afford to pay for.

If you buy the warranty while selling your home you will only have to pay for it at closing and won't have to spend your own money before hand. It's also going to give those deliberating over your home the confidence to make the purchase, knowing you are taking the steps to keep their appliances covered.

You also don't want to suffer from any problems with buyers coming to you after a purchase about dysfunctional appliances. If they believe you sold them a house knowing about defects, they can file a lawsuit against you. You do not want to deal with legal problems after the fact, so it's best to cover yourself by buying warranty protection ahead of time.

Whether you are a buyer or seller, there are a lot of positives to choosing a home warranty plan. It'll save you money on one hand a help you sell on the other.
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