Saturday, November 16, 2019 / by Dennis Isip
So your cash situation is not ideal, and you need to sell your Spokane home. You’ve already taken care of the cosmetic visuals (see related article: Should I Sell My Spokane Home As-Is? Part 1). What can you do next?
For a few hundred dollars: provide a home warranty.
One of the most attractive and powerful steps you can take in marketing your home is to provide a home warranty. Home Warranties provide comfort to a buyer, and it sends a sign to potential buyers that you have taken care of your house and are confident in its condition.
Consider the following:
Add value. 8 out of 10 buyers prefer a warranted home. A Home Warranty makes your home more desirable, and statistics show your home will sell faster (up to 15% faster) and for a higher price. Appraisers consider it an added value to a home --- up to $3000 in additional value. In addition, statistics show you have a 29% better possibility of selling your home when a home warranty is included.
Avoid delays. A breakdown at the wrong moment can frighten off prospects, delay a closing…even kill a deal. A home warranty ensures rapid, professional repairs of specified components and systems- and it helps reduce buyers concerns about future problems.
Reduce risk. When your home is on the market, the last thing you need is a major, unexpected repair bill. A warranty protects the seller from many liabilities since most lawsuits arising from home sales are for misrepresentation of the home and systems in the home, known or unknown. Buyers and sellers rest easier knowing a home warranty company is there taking care of the seller during the listing period and for a full year after closing.
What it’s not. A warranty is not a substitute for lack of routine maintenance (i.e. filter changes etc.). The home should be inspected and systems and appliances should be in good working order prior to the purchase of a warranty as part of a real estate transaction. No home warranty covers pre-existing conditions.
You’d be surprised at how affordable home warranties really are, considering the peace of mind and security they provide.
In summary, home warranties break down another barrier for buyers to submit a strong offer, and can easily pay for itself just in terms of closing the deal sooner rather than later.