Well, let me first say that you don’t “need” a home warranty with any real estate purchase. It’s usually an incentive from the seller or homeowner and it might be a nice perk that covers a lot of damages or repairs for the first year of ownership.
A Condominium has a different property ownership than a single-family house. You on the inside of the unit and not the outside. The outside is considered a common area or shared property and you usually will pay a condo association fee to maintain this common area.
Home warranty plans offer a comprehensive coverage for a lot of different types of materials, appliances, and fixtures in your home. You can save money with one of these warranty plans and are very convenient.
When we’re talking about a home warranty on a condominium, this will go for the heating and cooling systems, refrigerator, washer and dryers, dishwashers or other appliances. Common area maintenance such as a swimming pool or tennis courts will be maintained by the condo association, in which you pay monthly or quarterly dues.
You can choose to get a customized condo plan which might work better for a condo situation. You can add or subtract services to the plan. A lot of new appliances already come with a limited warranty so you may not want it included in your home warranty. The home warranty will cover just about any appliance regardless of its age.
It’s important to note exactly what the warranty covers. Repair of an appliance is not the same as a replacement. Some warranty companies may require an inspection on the appliance before any repairs or replacements are made.
A condo warranty is similar to an appliance warranty and will basically cover the repair of major appliances or home heating and cooling systems. They are designed to be an incentive to purchase the property and may not cost the homeowner very much at all. Some condo plans can be purchased for as little as $100 or as high as $500-$600. It gives the new buyer peace of mind and convenience. But both buyer and seller need to understand the logistics and the details behind the condo warranty. Some warranties also require a deductible if there is an issue that needs to be taken care of. If there are appliances that carry their own warranties, it’s important to know that if something goes wrong you’ll be able to manage it without breaking the bank.
As a homeowner, it would be an effective incentive to add on to the sale of your Panama City Beach condominium. As a buyer, it’s an added convenience saving you a little bit of money over the first year of condo ownership.
If you have more questions on condo warranties or how to inquire about condos that offer one or how to set one up even as a buyer, contact our office today.