Do You Want to Know What the Benefits of a Home Warranty Are?
It would be good to start with what a home warranty does not cover if you were to purchase it. Most home warranties do not cover theft secondary damage, or damage from nature. What it does generally cover is the appliances built into the home such as heating systems, plumbing, electrical wiring, telephones, microwaves, dishwashers, stoves, garbage disposals, etc. It does not usually cover anything that stands alone or that was not built into the home such as washers, dryers, pools, water pumps, air conditioners, etc., but you might be able to cover some of these items by paying a bit more. Your cost will usually depend on how many appliances you want to cover, but warranties will usually be in the range of $400 to $750 per year, or perhaps even higher.
If you decide to buy a home warranty, there are typical benefits for you as a home owner and for a buyer, should you decide to sell your home. How would you benefit from such a warranty if you are a home owner? You are definitely increasing the marketability of your home, protecting yourself from possible legal disputes after you have sold your home and your home may actually sell faster and for a better price than you expected.
How would the buyer benefit from a home warranty? As a home buyer, you get peace of mind knowing that if the wiring or plumbing is faulty, repairing it will be covered by the warranty. With everything that was going on during the purchase, you may have forgotten to do a home inspection and your warranty will go a long way toward erasing what could have been a disaster if there was major damage in the systems when you purchased the home. If you are debating whether to buy a house because it is a bit old and you know it will require repairing some of the systems, a home warranty will help you decide whether the investment is going to be worth it in the long run. After all, you do not want your heater to stop working in the middle of a cold winter night and have to look for help. A home warranty company will have someone on call to come out and take a look at your problem. Once again, we are back to the issue of peace of mind since you will know all you have to do is make a phone call if something were to break down.
More and more homeowners and home buyers are looking for home warranties as a form of extra protection. In these trying times, it just pays to be as safe as possible during a sale/purchase of a home. It simply makes sense to purchase a warranty for systems which may be faulty. As a buyer, even if you have a home inspection done and the report comes back that there are only minor flaws, you will be much more at ease knowing that you will have coverage in case the inspector missed something or if something was about to fail that the inspector could not have foreseen.