Is a Home Warranty a Smart Investment?
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Homeowners have to protect their homes in a variety of ways. There is home insurance to protect the physical structure in case of flood, fire, or another disaster. Then there is a Maryland home warranty plan to cover home appliances and systems should they fail.
Are you wondering whether getting a home warranty is a smart investment or not? Read on to find out the reasons why a home warranty might be worth it for you.
If You Have a Previously Owned Home
Everyone relies on many home appliances every day, such as the fridge or oven. These and many other conveniences make your life a lot easier. Home systems like plumbing, electrical, as well as heating, ventilation, and air-conditioning (HVAC), are also vital not only for comfort but also safety. These devices are expected to last for many years. However, you also know that they will wear out and break down over time.
A home warranty is worth having if your new home used to be someone else’s. This is because the home appliances they left behind are likely older than those in a new home. This shouldn’t discourage you, though. A good home warranty plan can guarantee that these worn and aged appliances and systems are protected.
This Is Your First Home-buying Experience
Getting a home warranty is an excellent option for first-time homebuyers. This is because you’re still learning about all the countless responsibilities that come with owning a home. Purchasing a home warranty plan helps take some of these burdens off your shoulders. Instead of having to worry about where to look for a skilled and trustworthy repairman, your home warranty provider will connect you with the best technicians. These professionals will have already been vetted and met the meticulous screening process, in addition to the coverage of the repair or replacement bills.
You’re Not the Handy Type
Some homeowners manage to save money on various repairs by doing them all by themselves. If you’re a crackerjack in this area, you only need to pay for the materials and parts. But if you don’t have the skills or willingness to do home repairs, a warranty will be advantageous. Buying a home warranty plan means not having to spend time and effort fixing problems by yourself. You can rely on a technical expert to get your appliance or system running smoothly again.
You’re On a Tight Budget
Ideally, you should have a savings account to cover unexpected expenses. If you don’t have an emergency fund, an expensive repair could certainly be overwhelming. You may even have to leave the much-needed repair or replacement for another time. What happens if you don’t have the money to restore your malfunctioning appliance or system to working order? What options do you really have?
A home warranty plan is just what you would need, especially when you’re down and out. Repairing home appliances may cost you several hundred dollars. Fixing your electrical, plumbing, heating, or cooling systems, though, can run you a few hundred dollars more or even thousands of dollars. Instead of worrying about this significant amount of money, a home warranty would pay for a huge chunk, if not all, of the expenses, for a much lower yearly cost.
Benefits of a Home Warranty
Several benefits come with having a home warranty. For this reason, a lot of homeowners invest in them upon moving into their new homes. One of its key benefits is peace of mind.
As is the case with a homeowner’s insurance policy, a home warranty plan can provide you with unparalleled reassurance and peace of mind. You can rest easy knowing that, should something go wrong with any of your home appliances or systems that are covered under your warranty, you won’t have to panic over finding a stash of cash to cover repair or replacement costs.
Furthermore, getting a home warranty means paying a certain amount every month or year, depending on which company you choose. Since you know exactly how much you’re paying, you can budget for it accordingly. Without a home warranty in place, it would be rather challenging to set aside money for this purpose because you will never know when the problem will occur. Being able to budget easily is something that everyone can benefit from. This is especially true for first-time homebuyers, as they’re only starting to get used to managing their finances.
If any of those benefits sound good to you and you fit into one of the above categories, get a home warranty. You won’t regret it.