A common myth is that you can only buy a home warranty through a real estate transaction, by buying a house, but that just simply is not true! Although that is where many home warranties are purchased, you can buy a home warranty at any time with any house!
What do you need to buy a home warranty?
Home warranties are an added protection for your appliances, home’s systems, and budget. Generally, a home warranty covers things like your plumbing, electrical, and HVAC systems. Some plans cover the main appliances in your home, such as the oven, dishwasher, or fridge; you can purchase additional coverage for things like your pool or your roof.
A home warranty with Landmark only covers systems and appliances that were in working order prior to the purchase of the home warranty. In order to maintain coverage, you need to make sure that you are properly maintaining your appliances.
If you are looking for a little peace of mind or a safety net for your savings, Landmark highly recommends finding a home warranty plan that works for you, your home, and your budget.
I have an older home. Should I purchase a home warranty?
When buying an older home you are responsible for all the maintence the prior owners’ have, or have not done. Before you purchase the home, get a home inspection completed and make sure that any major issues are repaired before closing or that you can receive a discount on the purchase price so you can make those repairs after closing.
If you’re currently living in an older home, you may have experienced your systems and appliances failing after they’ve reached the end of their life span or due to lack of maintenance. There is no guarantee of how long an appliance will last, especially in an older home. By purchasing a home warranty you will protect the systems and appliances in your home when they inevitably fail.
Keep in mind the age of a home does not matter when considering if you should purchase a home warranty. You could have a 100-year-old house and if all the appliances and systems are currently in working order, you can purchase a home warranty. Even if the house is only 5 years old, it makes no difference — you can buy a home warranty on any house!.
I’m buying a new construction home. Should I look into home warranty?
If you are buying a new construction home it is more than likely that there is a builders’ warranty on the house. Builders' warranties are usually included on new construction homes, since your systems and appliances are brand new. There is always the chance of failure, though. You can ensure that this coverage continues past the builders’ warranty terms by purchasing a new construction contract from Landmark Home Warranty before you close on the new home! New construction home warranties from Landmark cover the same systems and appliances a traditional home warranty plan does, but they cover them for three years after the first anniversary of when you closed on your home.
Who buys a home warranty and when?
There are many people who can buy a home warranty. Here are some of them and when they generally purchase a home warranty:
- The seller. Buying a home warranty for the buyer is used as a selling point for the property. This gives buyers confidence in the real estate transaction.
- The buyer. A new homeowner will purchase a home warranty as an added layer of protection when buying a home. They can purchase it through a real estate transaction where they will get a discount if they purchase the home warranty within 30 days of closing.
- A current homeowner. They can purchase a home warranty at any time on a house of any age, no matter how long they have lived in it. Homeowners purchased a home warranty as a protection plan for their appliances and systems that will inevitably fail.
- The real estate agent. An agent can buy a home warranty as a gift to the new buyers. They can also purchase it as the sellers agent to provide protection during the sale of the property, something known as listing coverage.
- The title company. They use the funds included in the home’s sale contract to purchase the home warranty.
Interested in purchasing a home warranty? Learn about how you can purchase one today!