Explore home warranty pros and cons for homeowners, sellers, and buyers.
When it comes to protecting your home, you might wonder: What is a home warranty, and is it worth it? A home warranty is a one to two-year service plan that covers repairs or replacements of major home systems and appliances if they break down. This can save you from paying full price for big repairs. However, it’s important to consider your options to decide if a home warranty is right for you.
What to consider before getting a home warranty
A home warranty isn’t for everyone. There are pros and cons depending on your situation. Many companies offer different plans, so do some research because some could be better than others.
Home warranty for homeowners
If you’re a homeowner, a home warranty can help cover major repairs, so you don’t have to pay the full cost out of pocket. Keep in mind that most plans require you to use approved service providers, and there’s usually a fee of up to $100 per call.
Home warranty for sellers
For those selling a home, a home warranty can make your listing more appealing by offering buyers peace of mind. It helps protect against unexpected repairs and can smooth out issues that might come up during a home inspection. Additionally, you can transfer the plan to the buyer at closing.
“A home warranty isn’t for everyone. There are pros and cons depending on your situation.”
Home warranty for buyers
For buyers, especially first-timers, a home warranty can be a helpful safety net. If your home’s systems and appliances are closer to the end of their lifespan, the warranty can help you manage repair costs as you settle into homeownership.
For investment property owners
If you own rental properties, a home warranty can be a lifesaver. For instance, if a major appliance like a washing machine stops working, the warranty can cover repairs or even a replacement. This can save you from unexpected expenses and make managing properties easier.
A home warranty can be a useful tool for managing unexpected repair costs, but it’s not necessarily the right fit for everyone. Whether you’re a homeowner, buyer, seller, or property investor, it’s important to consider your unique needs and weigh the potential benefits and limitations. If you have questions about home warranties or real estate in general, feel free to reach out.
You can contact me at (914) 548-6179 or email me at ted.holmes@raveis.com. Let’s discuss what works best for your home!
