Hi from the C4 Elite Real Estate team. This blog is my interview with Chad Holmes and Adam Boswell with Ibex Home Warranty. They came to help with our 30 Days to Buying a Home in Utah. I brought this dynamic duo in to help explain what a home warranty is.
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What is Home Warranty?
A Home Warranty protects homeowners in the event that they have an appliance break. If the HVAC system goes down or the water heater goes out, a good home warranty should be easy to use. Chad goes on to say “An example of someone who benefits from a home warranty is me. I think I am a handy guy. I am truthfully not at all by the way. However, If I go to to repair something in my home, like the dishwasher, my wife freaks out. She sees me grabbing my bag of tools and it has a screwdriver and a hammer in there, that is probably not the right thing to do. We know better and always try to find some professional help” I think that a lot of people are like that. It is hard to be able to fix those things on your own. A home warranty is there to help in those cases.
The beauty of it is, if something does break, you just call your home warranty company. We send out a qualified contractor for a $60 copay. We will take care of the parts and labor. The warranty covers things like the furnace, the air conditioner, and the plumbing. Additionally, it will cover the electrical, and the garage door components. A lot of times home buyers are putting money down to buy a home. They are buying furniture, and have moving expenses. It can be very frustrating to move into a new home and then a big ticket item like the furnace or water heater goes out. It is nice to have peace of mind to know that that can be covered for $60. A Home Warranty really benefits a buyer and ensures that if anything potentially goes wrong, that they have coverage for that.
How long is the Coverage of a Home Warranty?
Generally home warranties last for one year. A home buyer can renew it for as long as they want, year after year. However, typically through a real estate transaction it is a one year contract from the date of closing. Is the price the same after one year to renew for the buyer? With our company, Ibex, yes. We wanted to make sure that it was super easy and so it’s $500 for year one, $500 for two, three, and four etc.
How to Choose a Home Warranty Company?
How do you recommend someone goes about choosing a home warranty company? There are a couple things to consider. I think the easiest thing to do is if you are choosing a home warranty company is to go to Google. Read the reviews of several different companies. Clients are brutally honest, for the most part, in these reviews, good and bad. You will be able to learn about the level of service clients receive from different companies as well. Our company has got a five star Google rating currently, and we are just working our little humps off to make sure that everybody has a good experience.
Also, look for items that are covered. Does the warranty cover all the parts? Do they have exclusions? Of course, do not forget to check the prices. Each of the contracts will specify things that are covered. We cover everything as well as all the different components. Different companies cover different things so do your research.
How Does a Buyer Get a Home Warranty?
That is a great question. So the beautiful thing about it is, buyers have an agent like you at the C4 Elite Real Estate Team, that can negotiate that into the contract. Most sellers will pay for the warranty at closing to give Buyer’s peace of mind. If the seller has contributed towards the buyers closing costs, and there is a bit extra at closing, those funds can be applied to extra year warranties. Outside of that, if an existing homeowner is already in their home they can still get a warranty if they would like as well. That is something that not a lot of people know about home warranties. Luckily they are available to any homeowner.
IBEX Home Warranty
I asked Chad and Adam to give us some background and information on IBEX Home Warranty company. Here was what they said. “For those of you who did not know, we named our company after a goat. We were trying to come up with a name and Chad was watching Animal Planet II one night. He saw these goats on a cliff and he thought they were pretty cool. So the next day he came to the office and he said, let’s name our company Ibex. I said, well, what is an Ibex? He answered, a goat. I responded, “You want to name our company after a goat?” And he said, yeah. So off we went, and then we were able to come up with a name for our goat. His name is Hoofer. He is the mascot for our company. IBEX is a local company here along the Wasatch front and all of Northern Utah. You can visit their website at www.ibexhw.com.
We at C4 Elite are very impressed with the information from IBEX and are excited to add this to our list of professionals we will refer our clients to. I can personally vouch for them and their company. They went above and beyond for me and a past client. Call us today to help you with all of your real estate needs. 801-678-7959