Buying the home of your dreams is an exciting investment. But an often-overlooked part of being a homeowner is how you'll handle future home expenses, such as replacing a refrigerator that stops working or getting faulty plumbing repaired.
The best way to reduce unexpected and costly home repair costs is to buy a home warranty plan. It's a service contract that pays to repair and replace primary home systems and appliances.
Here are six tips for getting the most value from a home warranty.
1. Don't skip a home inspection
Don't skip a home inspection even if you plan to purchase a home warranty. You could miss severe defects that aren't covered by a warranty and end up costing you later on. Always hire a professional home inspector to identify and report problems so you can make your purchase offer contingent on a satisfactory inspection report.
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2. Don't assume a property comes with a home warranty
If you build a new home, it may come with a builder's warranty. However, a typical seller may not pay for a home warranty. You can negotiate with a seller to buy a home warranty or purchase one on your own.
3. Read a home warranty's fine print
Whether a home seller offers a home warranty, or you purchase one, review it carefully. Double-check the price and coverage–-remember that not every component of your home may be under warranty. Be sure you know the quality of materials used in repairs, how long the coverage lasts, and how to cancel the policy if needed.
4. Research home warranty providers
Since there are many ...
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