Imagine you’re viewing a home for sale. You venture to the basement, check out the furnace room, and notice the water heater. Is it owned or rented?
As a potential buyer, you’d want to know. Now imagine a property you’re viewing has a brand-new gas fireplace. Nice! Is it under warranty? Is that warranty transferrable to you if you buy the home? Again, you’d want to know.
So, when you’re selling, it’s important to pull together all the necessary records you will need in order to answer these types of buyer questions. After all, if a particular warranty transfers to the new owner, that’s a selling point.
Take the time to find receipts, warranty certificates, and other documents related to:
• Renovations (such as a bathroom makeover)
• Major repairs or replacements (such as a new air conditioner)
• Service prepayments (such as a lawncare service paid annually)
• Purchases of major appliances and other items
Keep in mind that you may have purchased extended warranties or maintenance agreements at the time of purchase. Those may transfer to the new owner.
Also note that some guarantees or service agreements transfer automatically while others require the new owner to initiate that transfer. These documents could potentially add a few more benefits to buying your home. So, it’s worth the time it takes to dig them out!