Monthly Market Update - (January 2024)
Home Inspection vs. Home Warranty
Real estate lingo can be confusing, so let's take a look at two often misunderstood terms, home inspections & home warranties. What do they mean and should you care about either of them? First, let's consider the home inspection. If you are a home buyer, this is chance to look "under the hood" of a house to make sure you fully know what you are getting into before completing the purchase. In this case, it usually takes place within a couple weeks of agreeing to terms with the home seller (aka. "contract ratification"). This due diligence is very important because a professional home inspector can find defects that we may not notice through excited homebuyer eyes. Plus, a typical home inspection takes a couple hours, and this time can prove benifical as a prolongued "second look". The inspector will also verbally go over his findings with all involved, as well as provide a digital copy of the report with photos, notes, and other pertinent info. This report can be used for further negotiation and also be kept as a handy resource for years to come in the new home. Typically, home inspection will cost $500-900 depending on several factors, but mainly the square footage of the house. We always recommend that our buyer clients make their contract contingent on the outcome of a professional home inspection...yes, even during those crazy times of multiple offers and bidding wars! We deal with several different trusted local home inspectors, so that is an easy recommendation for us to pass on to our clients. If you are a home seller, a home inspection can be a good learning tool to have before putting your house on the market. A pre-listing inspection will give you an idea of any potential "red flags" you might want to take care of before prospective buyers come looking through your house. Even if you don't fix all of the items before going on the market, you will have a good idea of what buyers might ask you to fix after their inspector delivers his report. Both of these reasons can not only lead to a smoother transaction, but will also reduce your stress and give you peace of mind. Now, let's talk about the home warranty, which is kind of like insurance for things in your home that might break down or malfunction. Anybody can buy a home warranty at anytime for their house, if they want. They typically cost around $500-$900 per year, depending on several variables (ie. size of house, number and kind of mechanical devices, etc.). For a new home owner, a home warranty can give peace of mind that they will be financially covered for most common "household breakdowns" (ie. plumbing issues, appliance malfunction, etc.). Some items may not be very expensive to correct, however other breakdowns could really wreck a budget (ie. water heater goes bad, air-conditioner stops working, etc.). Home warranties can be great for home sellers as peace of mind during a very busy and stressful time can be priceless! Home warranties have been around for many years and there are several different home warranty companies to choose from. The big knock on home warranties has always been the difficulty in making a claim and having to deal with the contractors they would choose for you. However, there is a new company that solves this problem. Achosa Home Warranty lets you choose your own contractors to work with. This is a game changer! Home warranties are totally optional...but if you do choose to have one, we highly recommend Achosa! Their local reps are really good, too...so let us know and we'll connect you with the right people. Having been homeowners for over 20 years, we at the Hatcher Team have almost always had a home warranty on our personal home, as well as investment properties. We've had to file several claims over the years and it's very nice to have those expenses covered by someone else, especially those big ticket items that would have cost thousands of dollars! And now with Achosa, it is even nicer that we can use our own trusted local contractors to do the work. So, home inspection or home warranty? There really isn't much of a decision. If you can, you should have them both. However, if you have to choose only one, the home inspection is probably more vital and integral to the real estate transaction. (You can always buy a home warranty later.) Would you like a FREE Home Inspection or FREE Home Warranty? Check out this *special promotion* we are running throughout 2024! Every month, our *1st Buyer client and *1st Seller client will receive their choice, compliments of Hatcher Team Homes! *Must use our participating vendors to receive the free credit* *More details here: Buyer Program Seller Program
Paws in the Air, Woof Woof!
Calling all pet-lovers, let's get them Paws in the Air for a great cause! Looks like a fun event next weekend in New Town (Williamsburg, VA) and proceeds will benefit the Heritage Humane Society...so get your tickets now! Click here or see below for a chance to get them for FREE!!
Categories
Recent Posts
