The Importance of Warranties in Home Buying
Renovations are a significant selling point for many homes, but they can also be a hidden liability if not properly inspected. When it comes to home updates, the work’s quality and the materials used significantly impact the home’s value and your potential maintenance costs.
For instance, if a previous owner installed new windows or a new roof, it’s crucial to find out if these installations come with a transferable warranty. A warranty can cover you for potential defects in materials or installation, potentially saving you significant repair or replacement costs.
Unfortunately, not all renovations are created equal. Some homeowners or renovators might opt to cut corners, either to save money or due to lack of expertise. If these updates aren’t up to the manufacturer’s specifications, you might find yourself without warranty coverage when you need it most.
The Company Behind the Renovation Matters
When considering a home with recent renovations, it’s vital to ask who completed the work. Established companies with a solid reputation for quality are more likely to stand behind their work and honor their warranties.
According to a 2022 survey by the National Association of Realtors, over 35% of homeowners choose professionals based on their reputation, indicating that the company’s name and integrity are critical factors for homeowners.
Moreover, well-established companies are more likely to be around years down the line if you need to claim your warranty. Smaller companies or individual contractors might offer a lower price point but consider the longevity and stability of the company.
How to Protect Yourself as a Buyer
So, how can you protect yourself as a home buyer? Here are a few tips:
- Request Documentation: Ask for all warranty documents for any renovations or updates. This includes windows, doors, roofing, siding, kitchen updates, etc.
- Research the Company: Look into the company that completed the renovations. Check out their reputation and reviews.
- Get a Home Inspection: A home inspector can spot potential issues that might not be covered by a warranty due to improper installation.
- Ask Questions: Don’t be shy about asking questions. If the seller can’t provide warranty information or details about the company that completed the work, that’s a red flag.