Home Warranties: Five Facts to Consider
When you buy a home, there are lots of things to worry about. Is
the furnace in good condition? Is the hot water heater on the verge
of a breakdown? Is the electrical system up to par? While a professional
home inspection can help set your mind at ease, a Home
Warranty goes
a step further and guarantees your peace of mind ¡K or does
it?
Here are five facts to consider about Home Warranties:
- They are fairly inexpensive. For a few hundred dollars, you can get a
year of protection. The seller may be willing to pay for a Home Warranty
to seal the deal, particularly if the home is getting up there in years.
- They usually involve
a deductible or a service fee. You'll want to know what this amounts
to, ahead of time. Of course, keep in mind that you'd pay a service fee plus
the repair costs if you didn't have a warranty on your home.
- They vary quite a
bit in their coverage. Some plans only cover your heating, plumbing and
electrical systems. Some cover everything from your furnace to your doorbell.
If the home seems to be in pretty good shape overall, you might want to go
with a basic plan. If you want to know you¡¦re completely
covered, look for a plan that includes everything from top to bottom.
- They
require you to use certain service providers. Ask who this would be in
your area, and check out their credentials by contacting the Better Business
Bureau or by asking for references. After all, you want your repairs to be
done by qualified people.
- They typically allow you to request service 24 hours
a day, 7 days a week. This is an important consideration, since major appliances
don't necessarily choose convenient times to break down.
Your Home Warranty contract should spell out all of the above considerations
in great detail. If you're unsure about anything, ask!
A Home Warranty is often a great idea, since your homeowner's
insurance won't cover repair costs for appliances. Particularly for an older
home, a complete, head-to-toe warranty gives you a worry-free first year, and
you may be able to extend the warranty for additional years after that.
Ask your realtor for advice on a Home Warranty. He or she can probably
recommend a plan to fit your needs. Then you can sit back, relax and enjoy
your new home!
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