Are Home Warranties Really Worth The Money

Are Home Warranties Really Worth The Money

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Imagine that one day when entering into your home, you switch on the a/c and it doesn’t work. What if your dishwasher suddenly stops or the heater quit in the dead of winter? 

These hiccups are often trying, inconvenient and, above all, expensive. This is something a homeowner doesn't wants to face, especially after purchasing a new home and spending enough money on a down payment and closing costs. 

Purchasing a Home Warranty, will not only alleviate a number of the monetary burden new homeowners face once a significant appliance or home system goes out but will also give a peace of mind. Yes, you’ll purchase a home warranty upfront; however, the savings might be definitely worth the extra expense.



PROS OF HOME WARRANTY


Peace of Mind

Every homeowner dreads having to dish out plenty of cash on a serious repair. For instance, putting in a brand new air conditioning unit may be thousands of dollars you just don't have sitting around.After buying a new home, you may have spent most of your savings on the down payment and closing costs. With a Home Warranty, those major expenses may be avoided and put on the shoulders of the repair company, giving you that peace of mind. 


 Convenience

When one thing breaks down around the house, your first job is to come to a decision on who to call and what it will cost you to have it repaired. With a Home Warranty, you get to skip that step. Instead of researching your choices and obtaining competitor quotes, you merely pick up the phone or submit a request online for the repair to be made.



CONS OF HOME WARRANTY


Service Call Fees 

Home Warranties can cover a lot of repair expenses, but they don't cover all of it. Most likely, every time a repair is needed, you'll need to pay a service call fee. The price varies from company to company but the average is around $50 to $75 for each repair. If more than one type of repair contractor is needed for a given repair, you may have to pay that fee to each of them.


Fine Print

When purchasing a Home Warranty, be sure to read the fine print. Some basic home repairs are included with a standard plan but you may have to pay extra for Add-Ons such as a pool or casita. If you haven't kept up on regular maintenance or neglected your appliance, it may not be covered. You want to also check on coverage limits along with code upgrades.


BOTTOM LINE


When choosing a Home Warranty company to work with, be sure to read the contract and compare companies. Speaking with your local REALTOR® is a good way to get some recommendations. Since they work with Home Warranty companies on a daily basis, they may have an insight on which are better choices when it comes to cost and support. One of my preferred Home Warranty companies is Super



Michael Wynne Headshot
Author:
Phone: 480-760-1166
Dated: October 29th 2019
Views: 205
About Michael: I am a licensed REALTOR® in Phoenix, Arizona. I specialize in working with First Time Home Buyers, ...

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