It requires a lot of effort to make a home more attractive to potential buyers. If you’re in the process of selling a house, you’re probably swamped with repair work, setting up staging, and trying to find the best angles for the perfect photos. One thing you might not have considered is how much home warranty contracts can help sell houses.
Home warranties help a home seller in many ways. They attract buyers, help sell the house faster and for more money, and even protect the seller. Below are several ways a home warranty contract can help you next time you have to put your house on the market.
Home Warranties Help Sell Houses
Having a home warranty gives you an advantage on the housing market. Most buyers will appreciate the inclusion of a home warranty contract in the bundle. The homebuyer is already spending a lot of money and effort on the purchase and doesn’t want to worry about extra costs. They especially don’t want to have to worry about pricey expenses that can come along with repairs during the first year of homeownership.
Warranties Appeal to First-Time Buyers
Warranties are especially appealing to first-time home buyers, because many of them are accustomed to repairs being done by the landlord of their rental property. A home warranty can ease their fear of repairs in the first year of homeownership.
Warrantied Homes Sell Faster and Pricier
If you’re in a rush to sell your home or want to increase the sales price, having a home warranty is a great boost. Houses that come with an existing home warranty sell for an average of $2,300 more and 16% faster than those without. It doesn’t take much effort to set one up, so why not take advantage of this?
Home Warranties Give You a Competitive Edge
A home warranty makes your house stand out in the market, which is particularly important if there is a lot of nearby competition. If other major factors like price, neighborhood, and condition are similar, a home warranty can put you one step ahead of the rest. The offer of a home warranty shows the potential buyer that the home is in good repair with working appliances and gives them confidence in the purchase.
Home Warranties Help Sell Older Houses
It can be tough to put an older home on the market, but having a home warranty reassures buyers that the appliances are still in working order. They will be more likely to take a chance on an older house if they know that any problems that do arise with the appliances will be fixed for them. Also, new homes come with warranties set up by the builder, so putting a warranty on a pre-existing home puts it on more equal footing with new structures.
Home Warranties Help With Negotiations
If you’re in the negotiation process and don’t already have a home warranty in place, offering to set one up can help seal the deal. Buyers who are concerned about older appliances or issues that appeared during the inspection may ask for a price reduction. Setting up a home warranty is a cheap and easy way to reassure the buyer and keep the sale from falling through.
Home Warranties Protect Everyone Involved
Having a home warranty in place before, during, and after a house sale keeps surprise expensive problems from causing friction during the process. The seller, buyer, and realtor can all focus on the sale rather than stress over repairs, which saves time, money, and stress.
Home Warranties Help Sales Run Smoothly
An appliance failing in the middle of a sale can derail the process and even ruin the deal. If there’s a home warranty contract in place, everyone is assured that the problem will get solved and not have to worry about who will do the fixing. This peace of mind keeps both the buyer and seller happy while preserving the reputation of the real estate agent.
Home Warranties Reduce Liability
Home warranties help protect sellers in the year after the sale goes through. Sellers are required by law to disclose everything that is wrong with the house before the sale is complete. Any issues that arise in the first year might come back to haunt the seller and the real estate agent. With a home warranty in place, the buyer can simply get the problem solved instead of pursuing legal action against the seller.
Whether you’re a real estate agent or selling your own house, having a home warranty contract in place will help sell the property faster and for more money while protecting everyone involved. Next time you’re selling a home, keep in mind that home warranties help sell houses, and while you’re at it, check out Complete Protection’s great home protection plans!