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Home Warranties
What is a Home Warranty?
When you are purchasing a home it is also possible to purchase a Structural Warranty that protects you against the failure of the appliances and the electrical, plumbing, and HVAC systems. If a covered item fails within the covered period, you call the warranty company and they send one of their selected repairmen. You will pay them a deductible amount (usually $50 to $75.00) and the warranty will pay to have the covered item repaired, or if needed, replaced. These warranties generally do not cover the structure of the home.
New homes usually have extensive warranties called Builders Warranties covering not only fixtures and appliances, but the overall structure of the house as well.
At Earth Available Realty, Inc. we generally try to negotiate the cost of the first year’s warranty into the price of any resale home our clients purchase. The first year in a home usually has enough unusual expenses without having repair bills hit your budget as well. If you choose to, these warranties can be renewed year after year.
Different Types of Warranties in the Home Buying Process:
There can be “express” (written) warranties, ”implied” warranties (guarantees that the parties intended even though they may not have stated them specifically in the contracts), and “imposed” warranties (guarantees created, for example, by state law). These warranties are generally associated with the actual legal paperwork of the Purchase. Structural warranties are the home warranties discussed above.
Ask Hugh and Carol Ryall, Earth Available Realty, Inc., about Columbia SC real estate.
This Home Buying Tip was excerpted from:
The Common Sense Guide to Successful Real Estate Negotiation by Peter G. Miller and Douglas M. Bregman, HarperCollins Publishers, Revised Edition 1994
ISBN # 0062732641