We’ve all taken the extra measure to purchase a warranty that will protect an item of worth (TV, electronic devices and more) in case it needs repaired or replaced. And that’s exactly the role of a home warranty for home buyers – only this warranty is protecting one of the biggest financial investments of your life.
What is a home warranty?
This species of warranty for homeowners is a contract with a home warranty company, which will offer a reduced rate on repairs and replacements for major elements in your home, i.e., furnace, HVAC, plumbing, electrical, major appliances, and swimming pools.
The home warranty company usually executes the services through a network of approved service providers who will complete the work under a small service fee in addition to the purchased warranty coverage.
What are the benefits of a home warranty?
Extra Protection: Bigger items around the house, of course, also mean a bigger price tag comes with them for repairs. The coverage from your home warranty protects your budget from costly service calls when something breaks down. This added layer of protection against unforeseen repairs is especially helpful for home buyers who have limited information beforehand on how well the home’s elements have been maintained over the years or, with new construction, for home buyers who just purchased the latest and greatest (and expensive) appliances. The warranty also adds extra protection (a year or more after closing for systems and appliances) for home buyers who don’t have an emergency fund or who just emptied out their savings to close on the home.
Peace of Mind: Home ownership can be stressful enough without the added stress of paying for a major repair or installation out of pocket, like a new HVAC after the one in your home just quit, which could cost thousands. With a home warranty in place, the stress is moved off your shoulders and onto your warranty provider, which should give you peace of mind in your home sweet home.
Convenience: On top of the intense cost of major home repairs is the inconvenience and time-consuming task of first finding the best repairman for the job on your own. With a home warranty, however, you get to skip that step and simply call your warranty service company; they make the time-saving decisions about who is best for your case. In tandem with convenience is the security of unlimited service calls provided by a home warranty, the flexibility of 24/7 service requests, and the handiness of having the best repair companies on-call for those who aren’t so handy.
For more tips and advice on homeownership, or to set up an appointment to embark on your home-hunting journey with one of our expert agents, call 843.839.4878.