Home Inspections & Home Warranties
A lot of new homeowners get confused about home warranties and home inspections. Some real estate agents sell homes with warranties and others require inspections before the buyer can purchase a home. Here’s what you need to know about home inspections and home warranties to clear up the confusion.
What’s the Difference Between a Home Warranty and Home Inspection?
A home warranty is a contracted service you pay annually that ensures coverage for repairs and replacements of home appliances and systems. It’s a good decision to get a home warranty because it gives homeowners financial help if anything breaks down unexpectedly.
Home inspections are professional assessments of a home’s physical condition. Inspections visually check if all major structures, mechanical systems, appliances, and home systems are functioning properly.
Some home warranties only provide coverage for homes that have already had a proper inspection. Other warranty companies don’t require an inspection in order to provide coverage. Make sure you look at the details in the warranty contract.
Do You Need to Get a Home Inspection?
You don’t need to get a home inspection, but it’s a good idea. Most homebuyers don’t know what to look for when shopping for a home as far as functionality goes. Inspections exist so you know what condition the home systems, structures, and appliances are in before buying.
In some cases, such as the new construction of a home, you might be required to get a home inspection. You can opt into a new home warranty inspection to make sure everything works properly before moving in.
Can You Get a Home Warranty without an Inspection?
Often, home warranty plans are still available for homebuyers and don’t require proof of home inspection. Different warranty companies come with terms and conditions that vary, so be aware of that when shopping for the best one. For example, some companies won’t cover damages that are discovered during a home inspection unless the warranty is already in effect. Check to see if the home warranty company covers pre-existing conditions.
How to Use a Home Warranty with an Inspection
You don’t have to choose one or the other. A home inspection and warranty complement each other and both make sure your home systems stay in good condition. If you already have a warranty and plan on selling your home, it’s a good idea to schedule a home inspection before you sell and before your warranty expires. That way, your warranty covers anything found during the home inspection.
Home Inspection and Home Warranty Plans
Whether or not you have a home inspection, a warranty on your home can save you a lot of money. Instead of paying full price to repair or replace unexpected damages, warranties exist to cover the cost. For complete system coverage, appliance coverage, or even customized plans, reach out to Elite Home Warranty today. Ask us about our inspection policies and see why we’re trusted by homeowners in over 35 states.
6 Things to Do When Preparing for a Home Appraisal
Getting ready to sell your home is emotionally and financially stressful. There’s just no other way to say it— selling and moving aren’t pleasant! If you’re getting ready to have your home appraised, here are some things to know beforehand.
What is Your Home Really Worth?
The point of a home appraisal is for buyers to get a real estate agent’s professional opinion on the true value of the property. These opinions are unbiased and take into consideration the housing market, buying trends, location, home condition, and more. Try not to take the appraisal personally, as many of these things are out of one’s control.
Tips to Get Ready for a Home Appraisal
Fortunately, there are a few things you can control before the appraisal. If you’re stressing over your home being undervalued, this is normal for sellers. To set clear expectations for you and potential buyers, what should you do before getting it appraised?
1. Gather Home Documents
Get all the important property-related documents ready. This includes insurance, warranties, lists of repairs or new appliances, house systems you’ve replaced in the home, and tax documents. Make sure to let your real estate agent know all the major upgrades you’ve made on the property, as that can increase the value.
2. Schedule the Appraisal Early
Don’t wait until the last minute to get your property appraised. You want to allow plenty of time to clear up any necessary repairs, financial details, or suggestions from your agent. Additionally, appraisers can be booked out, so make sure to schedule your session in advance.
3. Clean Up & Improve Your Curb Appeal
Buyers typically don’t want to buy a broken down home. Tidy up as best you can, and audit your home’s curb appeal: What exterior features stand out the most? How can you add to the overall attraction of the home and make it more welcoming, if possible?
4. Make Necessary Repairs
It might be essential to make repairs on the inside or outside of your home. If there are any leaks, broken wiring, outdated appliances, or faults in the foundation (like the roof or flooring), the price is likely going to be significantly lower.
5. Consider a Warranty
Buyers tend to feel more comfortable buying a home that comes with some kind of home warranty in place. If you already have a home warranty, it can add value to your property both with the agent and future buyers.
A warranty gives buyers peace of mind because in the case that something goes wrong with the house after buying, they’ll be covered. They won’t have to invest a lot of money into sudden repairs.
6. Have Realistic Expectations
What is your neighborhood like? The location of your home affects its overall value. For example, if you live in an up-and-coming suburban area with plenty of new schools and restaurants, higher-income buyers are likely looking to move in. If your home is next to an airport or busy highway surrounded by run-down shops, the appraisal may be a bit lower than you expected.
Thinking of Selling in the Future? Improve the Value of Your Home Now
If you’re wanting to sell someday but not any time soon, you can take preventative action to ensure your home’s value remains high. Take care of your house systems and appliances with a complete home warranty. This way, if you need any repairs or major replacements, you’ll be covered and won’t need to pay out of pocket every time.
Contact Elite Home Warranty today to get the right home warranty for your home, whether selling, buying, or appraising.