Who pays for a home warranty?
A buyer or a seller can pay for a home warranty and can sometimes depend on what is typical for your specific area. The seller is often motivated to include a home warranty by the desire to sell a home, however, if this is not the case, a buyer may want to purchase a home warranty especially considering the age of the home. A home warranty may be purchased at any time and does not necessarily have to be done during a closing.
Is the home warranty cost included in the closing fees?
In certain states the home warranty fees are not required as part of the closing costs. When this is the case, the seller will often purchase the warranty because the property is then easier to sell. In addition, the seller often purchases the home warranty to protect themselves from after-sale issues that may arise.
How much is a home warranty
The cost of a home warranty can largely depend on where you are located. Basic plans can vary in cost from $400-$600 per year with options to upgrade which would add additional costs.
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What is covered by a home warranty?
Typically, a home warranty will cover such things as HVAC systems, plumbing, hot water heaters and electrical. It is sometimes possible that they may cover basic appliances as well as washers, dryers, refrigerators and stoves. This will depend on the type of policy that is purchased. It is always possible to add coverage for things such as pools, hot tubs, and more.
What do I look for in a home warranty contract?
When purchasing a home warranty consider any possible exclusions and/or limits in reference to your appliances and systems. A covered appliance or system may only include certain parts listed in the contract while others might be excluded entirely. Also, be mindful of coverage limits. Listed in your contract should be any limits on things like the number of units covered or the size and type of these units.
Is a home warranty part of closing costs?
A home warranty may be part of closing costs whether paid for by the buyer or by the seller. If the seller includes a home warranty it will be included in the purchase contract.
Is a home warranty worth it when buying a home?
When buying a home, it’s a good idea to get a home warranty to ensure your new appliances and systems are covered.
2-10 Home Buyers Warranty offers the most comprehensive homeowners warranty coverage. Let us help you protect your home.
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