If you’re ready to buy your first home, you’re probably feeling excited about this momentous occasion. At the same time, you likely feel nervous and maybe a little scared. You have good reason to. Buying a house is almost certainly going to be the biggest investment and purchase you ever make. You want to make sure you are buying the right house — and one that you can afford.
You don’t just have monthly mortgage payments to worry about, but you also must take good care of your property. This will help to ensure that it looks good and provides the comforts and safety you need. Inside your home, you’ll have conveniences such as appliances and home systems that can make your life easier. However, these elements of your home can also add to your stress. They’re an additional cost that can seem overwhelming when appliances have problems and break down.
On the bright side, a home warranty from Choice Home Warranty by saving you thousands of dollars on repairs and replacements. If you’re a first-time homeowner, it makes a lot of sense to have this plan to cover these needs.
Understand What It Does
Unlike insurance, which is required and covers losses in the event of a catastrophe, a warranty is voluntary. It’s an agreement that you have with a company that you pay a monthly or annual fee. Then, the warranty provider will send a professional to your home to address broken appliances and systems. The warranty covers these items when they break down due to wear and tear or stop working unexpectedly.
A warranty requires that you pay a service call fee when the technician comes over to assess your needs. But other than this and the annual costs of around $500, you will pay nothing out of pocket for service. You can renew this yearly coverage at any time. It takes care of kitchen and other household appliances as well as systems such as your plumbing, electrical, and HVAC. It also covers your roof, sprinkling systems, and swimming pool, if you have one.
Saving You Much Needed Cash
Being a first-time homebuyer might mean that you don’t have a lot of leftover money once you make a down payment and pay your monthly mortgage. Hopefully, you’ve fit some room in your budget for home repairs and maintenance. However, it may surprise you to know how much it costs to fix or replace appliances and systems.
You know these aspects of your home will eventually wear down and stop working properly, or at all. But this might occur at a time when you are strapped for cash or have other financial obligations. Appliance repairs can be a few hundred dollars to several hundred or more. Fixing the plumbing might run you over a thousand dollars. Then, consider what it would cost you to overhaul these systems and install new ones. Putting in a new HVAC system could be up to as much as $10,000 if you have a larger home.
You wouldn’t have to pay an extra dime out of pocket, except for the service fee with a home warranty. Spending $100 for this plus your warranty costs will almost always be cheaper than what it would take to get an appliance or major home system up and running.
Your Home Might Not Have Protection
If you build your home, the builder will include a one-year warranty on the house and major components inside. Otherwise, you won’t have this coverage. Anything that breaks down will be up to you to fix or replace. If you don’t have a warranty from the time you move in, make sure you purchase one to protect your investment.
You May Not Be Prepared to Fix Items Yourself
Aside from giving you some financial protection and assurance, a home warranty can save you time and hassle. People who don’t have enough money to pay a professional to fix a broken appliance may use their own skill and ingenuity to take care of these matters. But if you’re not the handy type, this could be overwhelming.
When you have a home warranty, a licensed, experienced professional will take care of the diagnosis, repair, and installation of anything that goes wrong with items under this protection. You can focus on other needs while the technician skillfully handles these duties. The professionals who take care of your home are accustomed to working on a wide range of appliances and systems.
There’s a lot to think about and do when you purchase your first home. It’s important to plan for the future and anticipate future emergencies. You should also account for the inevitable upkeep and maintenance that you will have to pay for. One smart way to do this is to purchase a home warranty. Save yourself money and grief by having this protection.