Do you need a home warranty when selling or purchasing a home ?
Most home warranties cost between $350 to $500 per year and require an affordable flat service call fee for each repair, while home repair expenses without a warranty may costs hundreds or even thousands for every repair needed. If a covered appliance or system breaks down, you'll simply need to call or email your warranty company for a claim, and they'll send out a service technician to repair or replace your equipment.How Home Warranties Work
A home warranty service contract is designed to help homeowners manage the cost of unexpected home repairs. Home warranties go beyond what your homeowners insurance covers, taking care of properly maintained appliances and systems that fail due to normal wear and tear.
Home warranties are popular among real estate transactions, as new homeowners want peace of mind that important repairs will be covered in their new investment, and sellers want to assure potential buyers that their home will be taken care of.
If you're considering a home warranty service contract, you may not be sure if it's right for you. Consider these pros and cons of buying a home warranty to decide if a service contract is a good idea for your home.
The Pros of Buying a Home Warranty
There's a lot to love about home warranty service contracts: you can save money and rest easy knowing that major repairs in your home will be taken care of, and panic-inducing repairs become an easy fix. Find out why so many homeowners love and often renew home warranty services.
Peace of mind: The single biggest benefit that a home warranty offers is the ability to relax and avoid worrying about repairs in your home. Leaky toilets or a broken air conditioner aren't a crisis with home warranty: a fix is just a phone call away. Costly repairs that might have brought financial hardship aren't an issue: they're likely covered under your home warranty.
It's an easy fix: With a home warranty, you only need to remember one number, or even simply send an email for repair. You don't have to spend time searching for and researching reputable repair companies, because your home warranty has already chosen the best companies to take care of the job. You also don't have to wait until business hours to start your repair:
A warranty is relatively inexpensive and can more than pay for itself: With a home warranty, you're likely to see big savings on the most common repairs. Most home warranties cost between $350 to $500, while experts recommend that homeowners plan to spend between 1 to 4% on home maintenance and repairs each year. For a $200,000, that's a minimum of $2,000 annually, far more than the cost of a home warranty.