Should I purchase a Home Warranty?

“Should I purchase a home warranty?” It’s a question that’s bound to come up in the process of purchasing a home. If you’re the type of person who always purchases “the warranty” on things you buy, then it’s a no-brainer—of course you will purchase a home warranty. And if you’re the opposite type of person, you won’t. Then there are those in the middle of this debate, weighing their options.

A home warranty is not a bad thing to have because it generally includes “basic coverage” of many things in your new place that could have problems weeks or months after you move in. For instance, most home warranties cover plumbing, electrical, and heating systems, as well as the big appliances like refrigerators and ovens. For the reasonable price of a home warranty, you get “peace of mind,” for those “just in case” times when something major breaks or has “issues.”

Think of it this way: you move into a new place, and while it was successfully inspected, something bad arises four months later, like a plumbing issue where there’s a leak that needs fixing. It’s times like those when people who didn’t purchase the home warranty kick themselves. It boils down to money, really. For a small investment, should something go wrong, you, the homeowner with the warranty, won’t have to pay an arm and a leg to get it fixed.

Home warranties don’t cover “everything.” For instance, the washer and dryer that came with the house might just be old and need to be replaced—using your own cash or credit card. The idea behind the home warranty is to cover major issues when major aspects of the home fail shortly after you move in. The warranty is meant to protect you from unforeseen expenses due to something you didn’t clearly know about some aspect of the house that surprised you after you got the keys and got settled in.

For a couple hundred dollars, it makes sense (or should that be cents) to purchase a home warranty to cover potential repairs and/or replacements needed “just in case.”

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