Home Buyers Warranty – Things To Know - Realty Times
We understand that purchasing a home can be an exciting but also overwhelming experience. One aspect of the process often overlooked is understanding what's included in a home buyers warranty, so here are some key things to know.
What Is Included In A Home Buyers Warranty?
- A typical home buyers warranty includes repairs and replacements for major appliances, plumbing fixtures, and other essential systems, such as HVAC, electrical, and water heater.
- It also covers defects in materials and workmanship, but excludes cosmetic issues or wear and tear.
- Warranties usually last for a certain number of years, ranging from 1 to 5 years, depending on the warranty provider and the type of home.
Types Of Home Buyers Warranties
There are several types of home buyers warranties available, including:
- 1-Year Limited Warranty: Covers major repairs for 1 year or less after closing.
- 5-Year Limited Warranty: Covers major repairs for 5 years or more after closing.
- 10-Year Limited Warranty: Covers major repairs for 10 years or more after closing, but with a higher deductible.
What To Do If You Experience A Home Buyers Warranty Issue
If you experience a home buyers warranty issue, here are some steps to take:
- Contact the manufacturer or warranty provider immediately to report the issue.
- Document all correspondence and photos of the issue.
- Be prepared to provide proof of ownership and identification.
- Work with your lender and/or real estate agent to facilitate repairs or replacements.
Conclusion
Home buyers warranty can be a valuable protection against costly repairs and replacements. By understanding what's included, what types of warranties are available, and how to address issues, you'll feel more confident and in control during the home buying process.