If you’re thinking of buying a home warranty, your first step should be to evaluate whether it covers what you want it to. There are plenty of limitations; these plans generally don’t cover.
If you have a large emergency fund, you may not need to buy a warranty, especially if you can cover the repairs. However, many first time home buyers exhaust most of their savings buying their homes. When money is tight, a home warranty can be a good idea.
Should we buy a home warranty? Is it really worth it? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
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Keep in mind the age of a home does not matter when considering if you should purchase a home warranty. You could have a 100-year-old house and if all the appliances and systems are currently in working order, you can purchase a home warranty. Even if the house is only 5 years old, it makes no difference – you can buy a home warranty on any house!.
When buying a newly constructed home, you probably don’t need a home warranty. Many states require the builder to repair defects in materials and workmanship for a few years – typically two to 10 years. And the new appliances in those new homes are almost always protected by one-year warranties.
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I used to think household appliances should last at least five. which is the same as the median cost of the warranty. So for most folks, it would likely be a waste of money.” When buying a new.
You can typically break down the annual cost into more manageable monthly payments, but the cost of the warranty itself isn’t the only thing you’re responsible for paying. Most home warranties include either a service call fee or a deductible, so it’s important to consider those factors in addition to the home warranty plan itself.
If you were re-modeling your kitchen and buying a new refrigerator, stove, oven, microwave, and dishwasher, I would not buy any manufacturer’s extended warranties. Instead, in a year I would buy a Home Warranty that would cover all the appliances plus heater, AC, and washer and dryer for one annual price with a $60-100 service call.