Buying Your First Home? 3 Reasons You Need A Home Repair Warranty
If you're in the process of buying your first home, you probably know that you're going to need home insurance. However, you might not realize that you're also going to need a home repair warranty, especially if you're buying an existing home. Even if the homeowner has disclosed all the problems that they know about the home, there could still be hidden issues that you don't know about. Without a home warranty, you'll be left holding the bag for those repairs. Here are three reasons why you should include a home warranty in your list of requirements before you purchase an existing home.
Protects Your Major Home Systems
If you're going to buy an existing home, you need to know that the major systems are protected in the event of a breakdown. You never know when you're going to be faced with plumbing problems, or outdated electrical wiring. A home warranty will cover those repairs. In fact, if it's determined that the system needs to be replaced – instead of repaired – your home warranty will take care of the replacement costs. That will save you a lot of money if your heating or air conditioning unit needs to be replaced after you move into your home.
Reduces Repair Costs
Even if you don't need to have any of your major systems replaced after you move in, you'll probably still be faced with the occasional problem, such as clogged toilets or broken water heaters. Those repair costs can add up, especially when you have several problems hit all at once. When you have a home warranty, you'll pay a small fee for each service call. The rest will be covered by the home warranty. So, if your garbage disposal goes on the fritz, you won't have to pay the hourly labor costs to your plumber.
Protects Your Investment
Your home may be your biggest investment, so you want to make sure it stays in good condition. Home warranties help protect your investment by allowing you to take care of small issues before they turn into big problems. If you decide to sell your home later, you won't lose out on money because you'll be able to show that the maintenance records for the service – and replacements – that have been provided.
Don't take chances with your investment. Before you purchase your first home, make sure a home warranty is included in the purchase agreement.