What is a Home Warranty and What Does it Cover?

warranty for a new home in the CarolinasIf you’re in the market for a new home or just purchased one, chances are you’ve heard your real estate agent mention the words “home warranty” a time or two. Though the name may suggest that every inch of your home will be covered by the warranty, that’s not exactly true. If this sounds confusing, you’re not alone. Many homeowners feel lost when it comes to understanding home warranties. However, a recent Equifax Finance Blog article, What Does a Home Warranty Cover?, provides all the answers by explaining what a home warrant is, what it covers and if you should purchase one.

When you think of a home warranty, you may think it is synonymous with home insurance. However, there are some major differences between the two. Home insurance covers the house itself, as well as personal possessions, in the event of a catastrophic event such as a fire, theft or damage from another major event.

A home warranty, on the other hand, acts as a contract between homeowners and their warranty companies. It does not protect homeowners if there is something wrong with the actual structure of a home. It will, however, help cover the costs if something major in a home fails by offering discounts on repairs to or the replacement of a home’s major appliances including the furnace, electrical systems and air conditioning units. A warranty may even cover smaller items such as washers and dryers, garbage disposals or refrigerators, depending on the plan.

The cost of a home warranty can range from $400 to $600 each year and will cover a home for as little as three months or as long as a year. In addition, homeowners are responsible for paying the deductible on repairs.

So, should you buy a home warranty? Many times, when you purchase a new home the builder will offer a one-year home warranty. However, when you buy an older home the seller may not offer a warranty.  So, buying one may give you some peace of mind. Just remember, you don’t get to pick the brand if you need a replacement appliance.

These are just some of the things to keep in mind when determining if you should purchase a warranty. To learn more about home warranties, visit the Equifax Finance Blog.

 

 

 

New Model Home Now Open at Larkin Woods

Springfield Model Home ExteiorEssex Homes is excited to announce that the professionally decorated model home is now open at Larkin Woods in Lexington, South Carolina.  This stunning model home features the Springfield plan and was named the Best Product Design in its class at the SMC REGAL Awards. The Springfield model home is spacious and is perfect for entertaining.

With five bedrooms and four baths, the Springfield model home is ideal for a growing family. The large upgraded kitchen is the heart of the home with stainless steel appliances, marble countertops, tile backsplash and a large island that is open to the breakfast area and living room. Ideal for movie nights, the living room is a cozy place to sit by the stacked-stone fireplace or enjoy the detiails of the room such as the coffered ceiling. Also on the first floor are a guest suite with a full bath, formal living room, formal dining room, powder room, two-car side-entry garage and a rear patio with a fire pit.

Upstairs, the master retreat beckons for ultimate relaxation with a sitting area and his-and-hers walk-in closets. Homeowners can relax in the beautiful spa-like bathroom with a garden tub, separate shower with bench seating and marble surround, a dressing area and a double vanity with marble countertops. The three additional bedrooms are spacious and share a full hall bathroom. Also found on the second floor are the laundry room and a family playroom.Springfield Model Home Living Area

Homebuyers are welcome to visit the Springfield model home Monday through Saturday from 11 a.m. until 6 p.m. and Sunday from 1 until 6 p.m.

Located off Mineral Springs Road near I-20, Larkin Woods will have 65 all-brick homes priced from the low $200,000s when completely built out. Buyers can choose from nine unique home plans with options including three to six bedrooms and 2,400 to more than 4,000 square feet of living space.

Larkin Woods is located in the award-winning Lexington School District One. Children will attend Meadow Glen Elementary, Meadow Glen Middle and River Bluff High schools. These wonderful schools are new and only going into the second year of existence and have already begun to receive awards and titles for everything from academic to athletics.

Families will love being minutes from downtown Lexington, downtown Columbia, Columbia Metropolitan Airport and Lexington Medical Center for great entertainment opportunities including a variety of dining and shopping destinations. Lark Woods is also nearby I-20, I-26 and Highway 378.

To learn more about the new Springfield model home or the Larkin Woods community, contact Essex Homes at 803-518-3638 or visit online at www.EssexHomes.net.

Essex Homes Sells 42 Homes in February

Pinnacle Ridge Community in Columbia Essex Homes is excited to announce that its Columbia division sold 42 homes during February. As the shortest month of the year, February can be one of the slowest months for home sales. Despite the cold weather and post-holiday budgeting, Essex Homes is proud to have had a great month!

The Essex Homes sales team did a phenomenal job selling these 42 homes across several communities in the Columbia division. The hard work of the dedicated team members prior to February resulted in a successful month.

As warm weather continues and the spring buying season gets underway, housing experts agree that the real estate market will continue to improve nationwide. Not only is the warmer weather a factor, but low mortgage interest rates and pent-up demand make this season a perfect time for new home buyers in South Carolina.

“We are certainly seeing market improvement here in Columbia,” stated Kathie McDaniel, CGP, CSP, MIRM, Columbia Division Sales Manager of Essex Homes. “We also saw a 20 percent increase in our website traffic after hiring Marketing RELEVANCE to handle our public relations and social media, which clearly drove new traffic to the site. Our new online sales representative has also had great success, with one sale and 15 appointments in her first week in the position!”

Home buyers looking for a new home in Columbia or Charlotte are invited to check out what Essex Homes has to offer. With some of the most up-to-date, energy-efficient home designs available on the market, Essex Homes will make your dream home a reality. To learn more about Essex Homes, visit www.EssexHomes.net.

Double Your Tax Return with Essex Homes

Essex Tax Promotion Every year, people dread a five letter word – taxes. For many, filing taxes is an unwanted chore that often results in frustration over the amount received from tax refunds. This year, if you are looking to purchase a home in Columbia, South Carolina, you have the opportunity to double your tax return up to $5,000* with the purchase of a new home from Essex Homes.

“Paying taxes and filing your tax return is no fun. Our Essex Homes tax promotion makes it a more rewarding experience,” explained Mike Cancilla, division manager with Essex Homes. “Stop by any of our communities today and find out how you can take advantage of this offer and be in a new home this spring.”

To take advantage of this great opportunity, buyers must provide a copy of their 2014 tax return and sign a contract on a new Essex home by April 30, 2015. Essex Homes has a plethora of newly built homes in more than 25 communities around Columbia. With a variety of different floor plans to choose from, families will be able to choose a home and prices ranging from the low $100,000s to the $500,00s, buyers can select a home that will meet their unique criteria.

Each beautiful Essex home has been carefully completed by the builder’s award-winning design team. In addition, the builder makes buying a home easy, and it will allow buyers to be involved in the entire building process.

With so many options to choose from, make your tax refund twice as nice in 2015 when you purchase your dream home with Essex Homes.

For more information on Essex Homes tax incentive, call 844-456-202 or click here.

*Double your tax refund up to $5,000 by providing a copy of your tax return at time of contract.  Total incentive cannot exceed $5,000 and cannot be used in combination with other offers, incentives or discounts. Certain conditions and restrictions apply. Offer valid only on new homes in the Columbia, SC market. Purchase agreements must be written by 4/30/15. Prices, rates and terms subject to change without notice. See your Community Sales Manager for details.

North Carolina Cities Named Next Biggest Boom Towns in U.S.

Starkey LogoTwo of North Carolina’s biggest cities, Raleigh and Charlotte, are destined to get even bigger according to a new study published by Forbes magazine. Forbes recently named the next biggest boom towns in the United States, with Raleigh taking the No. 2 spot and Charlotte tying for No. 8. According to Forbes, these cities “are destined to grow and prosper in the coming decade.”

Forbes, with the help of Mark Schill of Praxis Strategy Group, took the 52 largest metro areas in the country and ranked them on various data points that indicate past, present and future vitality. These data points included job growth and a range of demographic factors, such as family formation and population growth, as well as the city’s attractiveness to immigrants as places to settle, make money and start a business. Together, these data points created Forbes’ list of The Next Biggest Boom Towns in the U.S.

According to the data, Raleigh has it all. The city boasts a high rate of immigration, including that of educated workers, and it has seen a healthy increase in population and the number of children. Raleigh’s job creation record is also among the best in the nation. In fact, Raleigh experienced the second-highest overall population increase and the third-highest job growth over the past two decades in the U.S.

Raleigh has also been named the No.1 city for raising a family by Forbes. This can be attributed to its low crime rate and low cost of living relative to the area’s rising level of income. In addition, the city’s affordable housing opportunities and short commute times are particularly attractive to recent college graduates and millennials who are looking to start families.  Starkey Mortgage (WR Starkey Mortgage, LLP NMLSR #2146) has recently explored the millennial generation housing trend, which you can read more about on the National Builder Division blog.

According to Zillow, the median list price for homes in Raleigh is $210,000, while the median sale price is a little lower at $191,800. Currently, the median household income is $46,612, which is slightly better than the national average.

The city of Charlotte’s high ranking can be attributed to its commitment to building infrastructure, such as roads and cultural institutions, which are primary components to future growth. The city is also home to a bustling airport that serves major national and international routes.

Charlotte also boasts low housing prices and short commute times. The median list price on Zillow for homes in Charlotte was $189,000, while the median sale price was $201,000. The median household income was only slightly higher than that of Raleigh’s at $46,975.

If you’re ready to begin your home search in North Carolina, Starkey Mortgage can help you begin the loan approval process now. For more information on obtaining a new home loan, please contact Debra Watt, Senior Vice President and Regional Manager (NMLSR #346277, NC License #I-149994), at 704-246-0132 or dwatt@starkeymtg.com.

Equal Housing Lender. 10800 Sikes Place #110, Charlotte, NC 28277. Branch NMLSR #93518, Branch License #L-112550-102. SC License #MLB-93518. Phone: 704-246-0132.