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When Should You Purchase a Home Warranty?

20.04.2016 / Comments are off

To buy or not to buy! This is what so many people think when they debate on whether to purchase an extended warranty on their home appliances. Some see it as a waste of money that could be put into an emergency fund or used for something else. Others buy them so that they can sleep easy knowing that they’re insured.

When can it help to purchase an extended warranty?

Home warranties are generally a good buy, and they are often offered to you when you purchase a home from its previous owner. And they become more useful if you are moving into an old home with dated appliances. Often, the price of a home warranty can be equal to or can even exceed the total repair costs. If you are likely to face a lot of issues, having an extended warranty can be very beneficial. For example, when Larry Grey moved into a turn-of-the-century bungalow ten years back, he knew he was likely to encounter a lot of things that needed changing. To start with, he bought a lifetime warranty for all the windows in the house. Over the years, he ended up using this warranty about seven times to replace his windows. Not only that, but he managed to save $600 because of his warranty. Without his warranty, it would have cost him that much to replace those windows. In such a case, buying an extended warranty can be worth it.