Purchasing a home warranty comes with several advantages. You can save money and rest knowing that any major repairs that may come up will be handled effectively.
Here are seven more reason why you need to buy a home warranty;
1. Peace of mind
This is by far the biggest advantage of home warranties. You can relax knowing that whatever happens to your appliances, they’ll be fixed immediately.
Whether it’s a leaky toilet or a broken air condition, you don’t have to panic. All you have to do is make a phone call and a professional service provider would be on his way to fix it.
Some of these repairs can usually be very costly when handling them on your own. For example, when the heating system breaks down, you may start rattling about the cost of repairs. But with a home warranty, you don’t have to worry anymore.
2. It’s time-efficient
Most homeowners are busy employees or business owners who work more than 12 hours a day. Worrying about a broken faucet might eat into your time which can cost you a lot of money. Fortunately, with a home warranty, that’s taken care of.
3. Home warranties tend to pay for themselves
A typical home warranty costs between $250 and $500 annually. That’s pretty cheap compared to how much you’d have to pay when handling home repairs on your own.
Take an example of a $200,000 home with most of the major appliances already old. These old appliances are likely to start breaking down one after the other. Every year you may have to repair one of them.
If you’ve bothered to check, you’ll find that fixing a furnace, for example, can cost more than $500. If you were to make two such repairs annually, you’d be spending over $1,000 on home maintenance per year. Under such circumstances, a home warranty makes a lot of sense.
4. Avoid home repair debts
For major home repairs, you need thousands of dollars. This sometimes forces homeowners to take out loans to fix the problem.
Unless you have sufficient savings to cover the costs, a home warranty can again come in handy under such circumstances. You just pay the $250 to $500 yearly and have your covered items kept at optimum performance.
But if you wait to take out a loan to fix the repairs, you’ll only add to your consumer debt, put a strain on your monthly budget, and risk damaging your credit ratings.
5. Service calls are cheaper
Whether or not you have home warranty, you will have to make a service call if one of your appliances breaks down. Do you know how much the service calls cost? Do your research and find out. You will be shocked.
Some companies charge as much as $150 per service call. And that’s not all. During peak seasons, the costs may go up unexpectedly. In some cases, you may end up paying over $200 per call. Home warranty companies don’t work that way.
First, their service call charges are relatively low, mostly under $100. Secondly, the charges never go up no matter the time of the year.
6. Sometimes the home warranty is free of charge!
As already mentioned, most home warranties are purchased by sellers who are trying to attract buyers. In such cases, the seller may pay the first year’s premiums. You just get into the home and enjoy.
7. It can be a major incentive when selling
On the other hand, if you’re the seller, home warranty is one element that would instantly put you above the competition.
Recent studies show that buyers are highly attracted by the home warranties. If they are picking between two similar homes, they will definitely pick the one with the home warranty because of the perceived value addition.
It gives them the reassurance that they’re dealing with a caring seller. Above all, the peace of mind associated with these warranties is usually just too enticing to ignore.