When you think of warranties, you likely think about preparing for the worst after buying something new and important. With a warranty, you get a little peace of mind knowing that your new purchase will be repaired or replaced if necessary. For new and expensive items, warranties are great investments.
But what if you’re buying an old house? Does that count as a “new” purchase? And is it worth buying a home warranty?
How Do Home Warranties Work?
As you consider buying a home warranty, it’s important to understand how a home warranty works, what the home warranty covers, and what it doesn’t cover. A Home Warranty is a renewable, one-year service contract that can help you protect your budget against the high cost of unexpected covered repairs or replacements of major components of your home’s systems and appliances. This is different from home insurance coverage, which offers support in the event of unforeseen disasters.
Generally, a home warranty covers things like the water heater, electrical systems, and air conditioning and heating systems. Many plans also cover appliances in your home, such as the oven, dishwasher, washer and dryer, and refrigerator. Plus, there may be optional coverage available that you can add to the base plan for things like your pool or your roof.
The goal of any home warranty plan is to help make homeownership easier and to help safeguard your budget and provide a plan for any household system failures. Without a home warranty, you may find yourself paying for some expensive home repairs out of your own pocket.
Which Homes Need Home Warranty Coverage?
Home warranties can be purchased for any house, and the security offered by a home warranty is especially important in an older home! Even if everything is working perfectly when you buy a home, components of systems and appliances can fail at any time, and it’s possible you could experience a break down after you move in or shortly down the road.
While older houses come with charm and unique advantages, their systems and appliances may also be older and are likely to need repairs because of their age. And, it’s hard to know if regular maintenance was carried out by the prior owners – you could find yourself 100% responsible when that lack of maintenance leads to a failure. Having a home warranty in place when you purchase your home can provide the protection you need.
What Are My Next Steps?
Typically, a home warranty can be purchased at any time, including during or after the home buying process. But, it’s always a good idea to be prepared and have a plan for when something breaks down.
If you’re currently living in an older home, now is the time to reach out and discuss your coverage options. System or appliance failures can occur at any time, either because they’ve reached the end of their life span or wear and tear from daily use. By purchasing a home warranty on appliances and systems alike, you will protect your budget from the cost of covered repairs or replacements.
If you’re currently purchasing an older house, it’s very important to have the warranty finalized before you close. A home warranty can also help with home inspections, which should also be completed before you close on the house. Be sure to ask your real estate agent about your warranty and inspection options when you make an offer on the house – that way, the agent can guide you through the process for both!
How Can Howard Hanna Real Estate Services Help?
At Howard Hanna Real Estate Services, our goal is to give you the best coverage and help you make Home Happen Here. Our one-stop shopping offerings include real estate services, mortgage services, title and escrow services, and insurance services. With these offerings, we can take the worry out of homeownership by guiding you through your entire home buying or selling experience.
In addition to our in-house services, our home warranty service provider, HSA Home Warranty, helps us provide you with the peace of mind that your home is protected, from top to bottom. If you’re ready to discuss your home warranty options, contact us today!