Are you ready to own your home? Really ready? Or did you buy your home with the hope that nothing will go wrong in, say, the first 3 years? Was covering major repairs a part of your financial plan? Or did you pull together all your funds from as many sources as possible just to get the home?
This is why you need the ‘Certified Resale Home’!
In today’s market, it’s likely the answer to the above is no. Yet, in many cases, not only did you not plan for repairs but you may have also downplayed the need for a home inspection, or were in a bidding situation without the opportunity to get one done? So what happens when something does go wrong?? Can you take a $5000 or $10,000 hit financially in the first year or two of owning that home you just purchased?
I’ve been out talking to buyers and sellers and agents alike abut the Certified Resale Home yet there is a hesitancy to really adopt this as a strategy to reduce your financial risks. But why?
Could it be that buyers and sellers feel that if it needs a warranty then there must be something wrong with it. After all, if a home inspector points something out then there must be something wrong. Actually, it’s quite the opposite – we’re so confident in our inspection that we’re willing to place a warranty on it up to $20,000!
Now, compare buying an older home to a used car. Many times we buy ‘certified’ used cars and it comes with a warranty – yet you trust a salesman that nothing is wrong with the car. Now, if we add a warranty to an older home – does this mean the seller is hiding something? As homebuyers we are wary that ‘the seller is trying to hide something’ or that a warranty even with an extended period of time, will make no difference based on the value of the home in comparison to a potential repair, or that the warranty company won’t pay the claim. Well, with sometimes no or little opportunity for an inspection, or limited funds for repairs – it does make a difference – and CRH does pay claims! And for some homebuyers – especially younger and first-time buyers – that will make a BIG difference!
So, what would I do as a home inspector and a homeowner myself? I’d be looking for a good home inspector, demanding it be done, and asking for this warranty. I just wish for the couple of hundred dollars this warranty costs, that it was available to me a few years ago when my furnace broke down the first winter I moved into the house!
So, watch for and ask your agent about this sign next time you see it!