Four Ways A Condo Warranty Can Benefit You
We have all had a dishwasher that failed or a washing machine that sat idle with clothes floating in a water hole. Repairing old squeaky appliances can be expensive, and often there seems to be no way around such expenses. However, many landlords and renters have found a solution: buy a condo guarantee.
Unlike insurance, which covers natural disasters, calamities and theft, a guarantee is a service contract that, among other things, covers the main appliances of the members of a condominium. These guarantees are specifically designed to work within your existing support structure and services provided by your association, so you only pay for the protection you need. Here are four ways a condo warranty can benefit you.
Covers major appliances and systems
While definitions of major systems and appliances may vary from policy to policy, a condo warranty will generally cover HVAC, plumbing, electrical, water heaters, garbage disposals, dishwashers, stoves and ovens, washers and dryers, and doors. garage. Refrigerators are often covered when they are on the property at the time of purchase. This can be even more beneficial in the event that a retailer or chain goes out of business and / or any coverage they have on the product expires.
Improve market value
Condo warranties are generally cost-saving tools when it comes to maintenance. However, they can also be an enhanced benefit in a competitive seller’s market because they increase a unit’s marketability. According to the National Home Warranty Association, units on the market that are covered by warranties tend to sell about 50 percent faster than homes that are not.
Protects from potential post-sale legal disputes
Warranties generally protect the seller of the condo from post-sale legal disputes. They allow the buyer to invest with confidence, since they are given more security than that offered by a limitation period, which in most cases only lasts four years. On the other hand, sellers can avoid legal disputes based on faulty or dysfunctional appliances and systems because they are covered. Of course, it is always highly recommended to check the fine print for details before purchasing a property.
Provides peace of mind
Of the nine major appliances in the home, at least one is expected to break down at some point in its average 13-year lifespan. A new buyer has the peace of mind of knowing that if something goes wrong with any of the condo’s major appliances or systems, they are likely covered under warranty.
