Home Warranty Service Agreements: Great for Home Buyers AND Homeowners
Systems and appliances service agreements, often referred to as home warranties, are a helpful tool that can protect a home’s major systems and appliances from unexpected repairs and breakdowns. The house isn’t the only entity that benefits; homeowners and home buyers also reap huge benefits from Service Agreements. Here are some of the top benefits for both parties:
Homeowner Benefit: Sell Your Home Faster and for More Money
It’s no secret that systems and appliances service agreements make financial sense: they help sell the homes faster and also help sellers command a higher selling price. When compared to homes without a Service Agreement, homes with a systems and appliances service agreement sell for 4% more. They also sell, on average, 23 days faster than homes without protection.
Why is this the case, though?
Home buyers know that they’re making a huge financial investment when they purchase a home, and they don’t want unexpected repairs and breakdowns to derail their budgets. Service Agreements give buyers an important peace-of-mind and buyers are willing to spend a bit more for that reassurance.
Buyer Benefit: Avoid Nasty Financial Surprises from Appliance Breakdowns
If a major system or appliance breaks down in a home the repairs can cost thousands of dollars. Simply intending to avoid these failures altogether isn’t a great game plan. That’s because every year homeowners face statistics that aren’t exactly in their favor. For example, each year there’s a 68% chance that a major home system or appliance will fail.
Service Agreements can help ensure that the costs associated with eligible repairs or replacements are covered. Sellers tend to get higher asking prices for the homes they sell with Service Agreements, but homeowners can get in on the financial benefits, too.
Homeowner Benefit: Protection While the Home is Listed and After it’s Sold
Many sellers enroll the home that they’re selling in a systems and appliances service agreement during the listing period (seller’s coverage during the listing period is complimentary until closing, where allowed by law, and requires a commitment to purchase a Home Warranty Service Agreement for the buyer. This grants the home additional protection while it’s waiting to be sold and can also protect the seller from having to pay for eligible repairs and replacements if something goes wrong.
Home Warranty Service Agreements can protect homeowners and home buyers from unforeseen repairs and replacements. Visit 2-10.com to find out more!