San Diego, CA (PRWEB) May 11, 2014
LoanLove.com is a borrower advice website dedicated to helping home buyers to find loans that they will love. The articles and guides available on the website provide in-depth information that an experienced home owner would appreciate, but in an easy to understand and often entertaining way that even first time home loan borrowers can benefit from. Loan Love’s most recent article continues to provide borrowers with the best information regarding the ins and out of purchasing a home by taking a look at the importance of a home buyer protection plan.
This new Loan Love guide titled “Home Buyer Protection Plan (Cover Your ASSets)” starts by saying, “When you are in the process of finding and buying a new home, the last thing you are probably thinking about is a major repair bill. But just as with any large purchase, you want to feel secure and protected with your investment. A home buyer protection plan can give added peace of mind during that first year of new home ownership. A home warranty is essentially a one-year residential services contract that covers repair or replacement of the components of your home’s most important operating systems and appliances if they fail due to normal wear and tear.”
The article goes on to explain the benefit of a home buyer protection warranty for both the buyer and the seller. For example, Loan Love notes that with the warranty, the seller will be assured that there will be no incidents wherein the buyer is upset due to having to spend money on replacements or repairs of major systems in the home that they were just sold. The benefits for buyers are more obvious, of course, with peace of mind that if something in the house fails, it will be covered by the warranty.
Loan Love states, “Home buyer protection plans vary, but typically they operate by covering costs when certain repairs are needed for a home system or appliance. Typical items covered in a new home warranty are:
- Garbage disposal
- Water heater
- Inside plumbing stoppages
- Electrical systems
- Landline telephone wiring”
Loan Love goes on to state the common procedure if something in the house does to be fixed or replaced and also lists some things that are not generally covered in the home owner protection plan. Lastly the article gives some advice getting coverage. It says, “In some areas, it is commonplace for the seller to purchase the home buyer protection plan for the buyer. In others, the buyer is left on his or her own to find coverage. Your real estate agent and lender can serve as excellent resources for helping you find a protection plan that fits your needs. The plans are typically economical to purchase, with price varying according to the cost of living and other financial parameters in your area.
For more information on this topic, click here to read the full article on LoanLove.com.