The home buying process is exciting, but it can also be quite stressful, especially for first-time buyers. Many people don’t realize that having enough money to afford their dream homes doesn’t just mean covering the down payment and move-in costs. Experts also recommend putting aside money to pay for repairs to and replacements of crucial appliances and home systems, yet few homeowners heed the advice.
How a Home Warranty Can Help
A home warranty will give new homeowners the peace of mind of knowing that their major appliances and most crucial systems are protected. Instead of having to save up thousands of extra dollars, buyers who purchase home warranty plans can make low monthly premium payments and rely on the warranty company to pay for necessary repairs. Anyone interested in purchasing a home warranty plan can learn more at 2-10.com.
Shouldn’t Buyers Already Be Covered?
Everyone knows that scheduling a home inspection is a crucial part of the buying process. Unfortunately, though, these inspections often give buyers a false sense of security. In an ideal world, the inspection would turn up every single thing that’s wrong with the house, but in reality, that’s rarely the case.
Home inspectors can only report on the current condition of appliances and crucial systems based on what they can visually determine. First-time homebuyers are often unconcerned by this because they have homeowners insurance, but that’s no better. It only covers unexpected accidents that cause damage to the home’s structure or the items within it, not breakdowns due to normal wear and tear.
What If the Seller Had a Home Warranty?
In most cases, home warranties are transferable. In fact, many sellers purchase them before getting a home ready for sale as an extra incentive to attract qualified buyers. When this is the case, the seller will simply transfer the coverage to the buyer on the day of the purchase.
It’s important for buyers to keep in mind that home warranty plans must be renewed annually. Should they have a plan transferred over from the seller, the coverage will last for 12 months. At that point, the buyer will have to renew the plan to maintain home warranty coverage.
Can Buyers Purchase a Home Warranty Plan Later?
One of the great things about home warranty plans is that there’s no need to purchase one on the day of the sale, even if the seller didn’t have any coverage in place. People who prefer to settle into their homes first can wait until they’re ready to reach out to a home warranty company. Just keep in mind that any issues that come up before the homeowner purchases a warranty will not be covered, so it’s usually wise to act fast.
What a Home Warranty Covers
Whether a buyer transfers the coverage from a seller’s warranty or purchases a new home warranty plan after moving in, there are plenty of options in terms of coverage. The simplest and most affordable plans cover only kitchen appliances, while the most comprehensive of home warranties will cover the entire home, from built-in microwaves to electrical systems, and beyond. It’s up to the homeowner to decide what level of coverage to purchase.
Find a Reliable Service Provider
Not all home warranty companies are created equal. Anyone who plans on purchasing a home warranty plan should do some research first. Find a home warranty company that has been around for a while and has a positive reputation.