When our REALTORS® work with homebuyers, one topic they like to discuss is home warranties. Whether a client is a first-time homebuyer or has been through this a few times, they often wonder whether a home warranty is worth it. The short answer is, “It depends.” While there are certainly some homeowners who don’t need or benefit from a home warranty, there are others for whom this type of warranty can be a real lifesaver.
In honor of National Home Warranty Day, we’re excited to discuss situations in which a home warranty can be beneficial.
- You Don’t Want to Worry About Appliance Repairs
One of the major things covered by a home warranty is appliance repairs. These repairs can be expensive. If your fridge needs a new refrigerant coil, for instance, the bill can be several hundred dollars or more. If you don’t want to worry about the cost of appliance repairs, a home warranty can be a smart buy. This is especially the case if you have luxury appliances that are more expensive and time-consuming to repair. - You’re Not Staying Long
How long do you plan on living in your current home? If you only plan on staying for a couple of years, then you may want to invest in a home warranty for the duration of your stay. This way, if the home needs any repairs or upkeep, you can immediately have the work done without having to save money. Your home will remain in good shape and be ready to put on the market ASAP when you decide to sell and move. - You Don’t Live in the Home Full Time
Perhaps you only live in your home part-time. Maybe you travel south for the winter, or perhaps you split your time between two cities. In this case, you generally don’t have as much time to dedicate to home repairs. You may not want to spend a few days looking for a plumber only to have to leave town at their first availability.A home warranty makes it easy to have the work done quickly by a contractor who works with your home warranty company. You won’t have to adjust your schedule as much when something goes wrong.
- You’re Planning to Sell
A home warranty offers good protection for someone about to sell their home. Imagine your house is on the market, and buyers are scheduled to look at it. The morning they’re due to show up, the hot water tank breaks. If you have a home warranty, getting this problem fixed will be quick and easy. Plus, some warranties can be transferred to the buyer, which is a great selling point in a competitive market. - You Don’t Know Any Contractors
Finding a good plumber, HVAC contractor, or appliance repair person is not always easy. If you are new to the area and don’t have professionals you’re used to working with, buying a home warranty can be a good step. The home warranty company will either send out a contractor or give you a list of contractors to choose from. This can save you time since you won’t have to get multiple quotes, ask for references, etc.
Remember this advice as you decide whether a home warranty is right for you. Don’t hesitate to contact us if you have any other questions. Our real estate agents can help you find Nassau County homes for sale and Suffolk County homes for sale.