A Home Warranty Plan – A Safety Net That Comes In Handy
Those of you thinking about buying a home need to know about a repair and maintenance safety net called "a one-year home warranty plan."
Many first-time home buyers don’t even know what a one-year home warranty plan is. As renters, when the water heater breaks or the heater stops working they instinctively call the landlord to fix the problem. But what do you do when your water heater breaks, and there’s no landlord to call?
For homeowners, the next best thing to calling a landlord when there’s a needed repair is having a one-year home warranty plan.
So what is a one-year home warranty plan?
A home warranty plan is similar to insurance or the extended warranty that you can purchase when buying a TV or smartphone but instead it is for your home. When you purchase a one-year home warranty plan, it covers the costs of repairing or replacing most all malfunctioning system and appliances in your home. The cost of a typical home warranty plan generally runs anywhere between $250 and $950.
What’s the benefit of a one-year home warranty plan?
When the water heater break, your stove isn’t working and or something in your home stops working, forget about calling around to get estimates for repairs when a problem occurs. You can also forget about paying out of pocket to get the issue resolved or replaced.
Instead, all you have to do is make a simple call to your home warranty provider. The warranty company takes care of it all. The warranty company calls the appropriate professional with whom it has made arrangements, and wallah they send the appropriate tradesman to fix the problem, if possible (and or) replace the malfunctioning system with a brand new one. The initial cost of your home warranty premium covers the costs — with the exception of a small co-pay (usually around $50) per incident.
Another way to look at it – it takes just one costly and unexpected system failure (and the drama associated with it) to realize the potential savings of a one-year home warranty.
Who should buy a one-year home warranty?
One-year home warranties aren’t limited to first-time home buyers. Any homeowner of any age home can purchase a one-year home warranty at any time. Although, one-year home warranties are particularly great for first-time home buyers who’ve been renters until now. First-time homebuyers are used to calling the landlord whenever there’s a problem, and a one-year home warranty plan is the next best thing to having a landlord to call.
One-year home warranties are also great for investors/landlords. Usually, they don’t care for fielding repair calls from their tenants nor do they have a network of repair folks. By having a one-year home warranty plan, investors/landlords can cut right to the chase, keep tenants happy, and minimize the expense and stress.
The truth of the matter is – many appliances and home systems start to break down after 10/20 years, and the last thing any homeowner/investor/landlord wants is to deal with failing appliances or home systems falling apart, especially at the same time.
Bottom line – a one-year home warranty plan is not only a great safety net that comes in handy it also can save homeowners/investors/landlords a lot of time, money and stress — particularly (but not limited to) the first year of ownership/investment.
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