If you’ve ever looked into pest control services, you’ve probably come across the term “termite bonds.” What exactly is this bond, and when will you require it? We’ve put up a list of frequently asked questions for you!
A termite bond, similar to a maintenance contract, is a guaranty between you and a termite provider. It usually consists of two major components:
- An agreement to have termite inspections for the duration of the contract (typically a couple of years). These inspections can take place once a year, quarterly, or according to a predetermined schedule.
- If termites are identified, there is an agreement to offer treatment and control. These services are typically covered by a bond, so the homeowner is not responsible for any additional costs. Many bonds provide upfront servicing prior to inspections to address newly detected termite issues.
- Damage repair or retreatment is the sole option. A contract should include whether the service provider will retract the structure and repair any damage caused by a subsequent infestation, or if the service provider will just retreat the structure without making damage repairs. Because not all properties qualify for a Repair Bond, it’s a good idea to find out if yours does and what the expenses are.
A bond is not the same as a “termite letter,” which states whether or not a house is free of termites after an examination.
A termite bond provides you with piece of mind. If you have a termite infestation, you may be concerned that termites will return following treatment. A bond, on the other hand, ensures that the pest control firm will keep an eye on your property and ensure that a new infestation does not emerge.
Termite bonds are also beneficial when purchasing or selling a home. If a home inspector discovers a termite problem or a high probability of termites, purchasers will typically agree to buy the house only if the owners first acquire a termite bond. Similarly, lenders may refuse to issue a mortgage for at-risk properties without a bond. Pest inspections are required for some loans, such as FHA and VA mortgages, therefore termite bonds can help homebuyers qualify for those lower-cost loans as well.
A bond can only be issued by a licensed pest control company. Some home inspectors have relationships with qualified pest treatment firms and can refer homeowners or homebuyers to one.
We don’t recommend waiting until your home is inspected to see if you need a termite bond. The finding may cause a delay in the seller’s intentions at a critical point in the sale. Instead, it’s a smart idea to arrange for a bond if you’re thinking about selling your house or if you recently discovered a termite infestation and are concerned about it returning.
The price of a termite bond is decided by the length of the bond and the services included, as well as other criteria.
For the initial service, a typical price range for a residential residence is $700 to $1,000, however rates might be lower for simpler arrangements. The warranty coverage, which includes an annual inspection as needed, normally costs $300-$400 each year.
There are two types of termite bonds: transferable and nontransferable. When a home is sold, a transferable bond can be transferred to a new homeowner. As you may expect, it’s critical to secure a transferrable bond as soon as feasible.
Is it a waste of money to buy a termite bond?
Is it worthwhile to get a termite bond that you can transfer to the new owner? Or in the rental home you intend to maintain as an investment?
As New York City agent Totaro puts it, “Before signing a purchase contract, it’s a good idea to have a termite check completed. A termite bond is a selling enhancement on the sell side. It’s like insurance; if you never use it, it’s a waste of money. But how much is mental tranquility worth?”
Given the price range at which bonds are available, having a bond in place can make a property more appealing to the next buyer, whether a homeowner or an investment.
What is the cost of a termite bond in Florida?
A termite bond is a sort of insurance that protects you from termite infestation and damage. They’re usually granted by a pest control business that handles inspections and treatments to get rid of these wood-eating bugs on your property.
A termite bond can be transferred to the next owner of the property for a price in some instances. They usually cost between $500 and $2,500, depending on the size of the home. This is a one-time, one-time fee. A regular examination, which normally costs a few hundred dollars, is required to keep the bond in good standing. Any treatment or prevention solutions required can add a few hundred dollars to the annual cost.
What is the meaning of a termite bond warranty?
A termite bond serves as a guarantee that a pest control company’s work is effective. It could include future damage repair or retreatment.
A termite bond, like a home or automobile warranty, protects your investment. The bond protects Peachtree Pest Control’s work after we conduct an inspection and apply the necessary treatments. If termites reappear, the insurance will pay the cost of any additional treatment.
Is Terminix a good investment?
For expert pest control services, Terminix is a good option. With decades of experience, this industry leader provides complete general pest treatment as well as specialist services for termites, bed bugs, ticks, and mosquitoes.
How much does Terminix cost?
The cost of Terminix services is determined by a variety of factors, including the type of pest you have, the severity of your infestation, the type of treatment you choose, the number of treatments you require, and the size of your property.
What pests does Terminix eliminate?
Clothes moths, cockroaches, house ants, mice, rats, scorpions, silverfish, non-dangerous spiders, earwigs, millipedes, centipedes, house crickets, and paper wasps are all protected by Terminix’s comprehensive Pest Control Plan. Termites, bedbugs, ticks, and mosquitoes are all controlled by Terminix.
Is it worthwhile to get termite warranties?
A termite warranty may be requested by a buyer if you are selling your house, however warranties are not required in most states. A termite warranty, on the other hand, is well worth the cost of protecting your home. Termite repair costs roughly $3,000 on average. Repairs for termites can cost tens of thousands of dollars, so a warranty is well worth the money.
What is the meaning of a termite bond letter?
A termite bond is a contract between you and a termite management business that functions as a termite insurance policy. The terms can vary depending on the situation, but they typically include reimbursement for direct termite damage or coverage for future treatments.
When trying to buy or rent a house in a termite-infested area, it’s critical to have a fresh termite bond or letter on hand, or to have access to one. The seller’s disclosure should include any recent letters. A transferable bond is one that allows a termite bond to be transferred to a new homeowner.
Because a termite bond isn’t always necessary when selling a home, it’s up to you to decide whether or not you want the inspection and bond executed. In most cases, the bond will include an annual inspection to keep termite infestations under control.
- Termites can cause damage to your home in a variety of ways (the bond may not cover all types)
They’ll also talk over if you need a termite warranty for the house and how often you should have inspections in the future. The cost of a termite bond is determined by the level of coverage you choose. The cost of the bond does not include inspections for bed bugs, ants, beetles, or other pests that could result in unexpected future charges. It also excludes damage that contributes to termite infestations, such as water damage that permits termites to enter. It only covers the termite’s actual killing and control, as well as damage caused directly by the termites.
In South Carolina, are termite bonds required?
Having a termite inspection performed on your property is the greatest method to safeguard it. This is known as a CL-100 and is required by most lenders as a closing condition. The inspector will come out to the property and investigate any signs of damage or infestation by crawling under any structures. Repairs can be completed before to closing, or the purchase price can be adjusted. The most important thing, however, is to eliminate the infestation.
This is something that a termite bond can help with. An exterminator comes out to the property and treats the soil and exposed wood for termites, which is known as a bond. This first therapy is effective for a year. The exterminator will return to the property every year for a fee to bait traps or respray. The bond will expire if the property owner does not keep up with the payments, and the property will be subject to another infestation.
In the end, termites are a fact of life in the South, but they don’t have to be in your home if you take the necessary precautions.
This legal update is provided to our clients and friends as a courtesy. It is designed to provide basic information and is not intended to be legal advice in any particular case. Success in the past does not guarantee success in any future legal representation.
Is termite protection in Florida worthwhile?
South Florida is a desirable location to call home. It’s no surprise that termites adore West Palm Beach, Miami, Fort Lauderdale, Naples, Fort Myers, and Fort Pierce, among other South Florida cities. According to University of Florida studies, termites are expected to cause damage to more than half of South Florida structures by 2040.
Many home and business owners ask us, “Is termite protection important in Florida?” because we are the region’s leading pest and termite treatment experts. The answer is “certainly,” and the reality is that good termite prevention and control can save you a lot of money on otherwise expensive termite damage house repairs. Consider the fact that termites wreak billions of dollars in damage each year when deciding whether or not termite protection is important in Florida.
Call Hulett today to book your FREE inspection for skilled termite control in South Florida. We’ll come to your house or business, correctly identify the types of termites that have infested your space, and create a treatment plan that’s suited to your specific needs (no-tent treatment options are available). Don’t wait until your most valuable asset has been eaten away by termites; safeguard your home or business today.
What is the cost of a termite inspection?
Termites are dangerous, and their presence can catch a homeowner off guard. However, many homeowners are unaware that termite inspections should be performed on a regular basis to guarantee that their houses are safe. In termite-heavy, high-risk areas (such as warm or humid climates), homeowners should schedule termite inspections every year, and every other year in low-risk areas. Termite inspection fees can range from $50 to $280, according to HomeAdvisor, with the national average being $100.
Termite protection and prevention can save thousands of dollars in fumigation charges, and there are cost-effective or even free preventive measures that homeowners can take to avoid termite infestation and reduce termite treatment costs. Termites are sneaky, and a colony of them may quickly wreak havoc on a home’s structure before it’s even seen. A termite infestation can cost thousands of dollars in aesthetic and structural damage if left untreated. This is why termite inspection fees are well worth the money in order to discover and eliminate these damaging bugs.
When selling a house, a termite examination will add $75 to $125 to the cost of a regular home inspection. If you additionally require a formal letter or report from the inspection for insurance or a sale, expect to pay an extra $100 to $200. If a termite infestation is not addressed, the value of a home with termite damage might be reduced by 25%, or up to $50,000.
Here, we’ll look at how termite inspection costs are calculated, as well as other aspects to consider, why homeowners should obtain a termite inspection, and what questions to ask a termite inspector.