Buyers in often wonder if buying a home warranty is a good idea. In this article, well discuss the pros and cons of buying a home warranty and why its usually a good idea. By the end of this article, youll be able to make an educated decision either way.
What is a Home Warranty?
A home warranty is a guarantee that certain parts of your home wont need repair. If they do, you only pay a small service fee of about $50 and the repair is taken care of.
For example, say you buy a home and purchase a home warranty. A few months after your purchase your air conditioner malfunctions. You call up your warranty company and they send someone over to fix or replace it.
Normally, it may cost you upwards of $1000. In this case, you only pay $50 because you paid insurance.
The Pros and Cons of a Home Warranty
If the house youre buying has systems that are older than 10 years old, you almost definitely want to get a home warranty. Systems such as the furnace, water heaters and plumbing arent replaced very often and can be very costly to replace. Homes in come in a wide range of conditions, so make sure you do your due diligence.
For the low cost of $300-800, the peace of mind it buys you is generally well worth it. Be sure to read the contract carefully so you know exactly whats covered and whats not. For example, repairing your microwave may not be included even if you paid for it with your house.
Once you know what is covered, make an educated decision. Remember that with just one repair it will often pay for itself.
There are many decisions that go into the home buying process. The best way to figure out your options is to talk to a real estate professional. To learn more, feel free to give me a call at 404 374 1620 or send me an email at firstname.lastname@example.org
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