Curious to know when can you buy a home warranty? We got you!
Home warranties provide homeowners peace of mind. Knowing that you have a contract to cover the cost of repairs or replacements for major home systems and appliances gives you one less thing to worry about.
However, there is a right time and a wrong time to buy a home warranty. So when do you reckon is the best time to buy a home warranty?
Read on to find out.
Best Time to Buy a Home Warranty
There are four key times when buying a home warranty makes the most sense:
- You’re a first-time homebuyer
- You’re buying an older home
- You’re selling your home
- You’re remodeling your home
1. First-Time Homebuyers
For first-time homebuyers, a home warranty can be a valuable tool. Not only does it provide peace of mind, but it can also save you money in the long run.
If you’re investing in a newly constructed home, your builder may offer a one-year warranty on the home. But this is usually only for defects in quality and materials.
It doesn’t cover the cost of repairs or replacements for major home systems and appliances.
On the contrary, a home warranty will cover the cost of repairs or replacements for home systems and appliances that stops working due to normal wear and tear.
This can be a valuable resource for first-time homebuyers unfamiliar with the cost of maintaining a home.
2. Older Homes
If you’re buying an older home, it’s a good idea to purchase a home warranty.
Older homes often have outdated or inefficient systems and appliances. And, because they’ve been used for longer, they’re more likely to break down.
A home warranty can help in covering the cost of repairs or replacements for major home systems and appliances.
And, if you’re buying an older home, it’s a good idea to purchase a home warranty from a company well-known for its customer service.
3. Selling Your Home
If you’re selling your home, you may be tempted to forego a home warranty in order to save money.
But, if a home warranty covers your home, it can make your home more attractive to potential buyers.
A home warranty gives buyers the peace of mind that they won’t have to worry about the heavy cost of repairs or replacements for major home systems and appliances.
And, if something breaks down, they know they can call the home warranty company to fix it.
4. Remodeling Your Home
If you’re remodeling your home, you may want to consider purchasing a home warranty.
This is especially true if you’re making major changes to your home, such as adding an addition or updating your plumbing or electrical system.
A home warranty can help offset the cost of repairs or replacements for major home systems and appliances damaged during the remodeling process.
And, if you purchase a home warranty before you begin your remodel, you can be sure that your home is covered in the event that something goes wrong.
The Bottom Line
These are just a few of the times when buying a home warranty makes sense.
If you’re unsure whether a home warranty is right for you, it’s a good idea to speak with a knowledgeable agent who can help you make the best decision for your situation.
Shefali Jain is a Content Editor & Writer at National Planning Cycles.
After completing her graduation in hospitality, Shefali decided to follow her passion and started writing. Shefali has been writing for two years now and contributes to our website as a skilled editor and content writer with strong research skills. Writing product and service reviews, biographies, and book reviews are some of her key areas, among many others in which she specializes.