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The Pros and Cons of Having a Home Warranty

20.04.2016 / Comments are off

If you purchase a second-hand home, you might mostly be offered a home warranty so that anything wrong with the home can be fixed at an affordable price. This can offer you financial protection against unprecedented damages you might have to face.

The advantages of having a home warranty

If you don’t have an emergency fund or if you have one and you want to protect it, you can use a home warranty as a safeguard. Home warranties are also very handy if you don’t have the knack for fixing things on your own or even if you have very expensive tastes in home appliances. If you only have a little knowledge of how well your home components have been maintained, having a home warranty can be very reassuring. A warranty can also help if you have spent most of your savings on purchasing your new home by taking care of any possible additional expenses.

The disadvantages of having a home warranty

Having a home warranty won’t cover items that have been poorly maintained. However, what exactly constitutes ‘poor maintenance’ is a matter of dispute. Home warranties also come with certain limitations on what can be covered and how many dollars’ worth of repair can be done each year. So if you have outdated equipment that the previous owner failed to maintain, it might not be covered under your warranty. Conversely, you might not suffer any damages at all during your time at your new house, in which case you might have paid for a home warranty for nothing. Instead, money could have been put into an emergency fund to make repairs and replacements.