Should I buy a Home Warranty? First Time Home Buyers have many questions and concerns, one of the many questions is: Should I buy a Home Warranty or not? Buyers, Sellers & Agents are debating this very question all across the country this very minute. I am just amazed how Penny Wise and Pound foolish some of the Buyers & Sellers were, who have commented against this great program. I have also notice that there have been even some questionable advices given on another Website by agents, who shall remain nameless.
First let me start out with the fact that the cost of a Home Warranty generally runs around $300-$350 for a Condominium or a Townhouse or a Mobile Home in the Greater Los Angeles area. The cost for a Single Family is a bit higher somewhere in the range of $370 -$600 depending if there is a pool and if the roof is included in the coverage. Let us be realistic, if you do not get a Home Warranty, it could cost you a small fortune if you have a problem. In my experience I have found that one visit from a Plummer, or an Electrician to fix and repair or replace things that can go wrong with a property will cost more than the Annual Premium I quoted above.
Generally First time home buyers are tight on cash after they just bought their home and in the unlikely event a problem occurs, what do they do then? Hence to me it is clear that the Premium is worth the peace of mind for financial security.
I have always suggested to sellers to Purchase a Home Warranty during the Listing Period, if they do not agree to it, then when an Offer comes in on their home I suggest including the Home Warranty. The benefit is clear, the New Owner will not call with questions, concerns and possible after the fact financial or legal ramifications if the Seller bought a Home Warranty. The Buyer will simply call the Home Warranty Company.
So what are your recommendations about this subject? As you can tell I am for it, so I would love to hear where I am going wrong with this advice.
If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or emails me at email@example.com or visit one of my websites at http://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.