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Mar
I’m buying a condo that is 7 years old. Should I buy a home warranty?
Author: admin // Category: Buying a Home
My agent is offering to buy home warranty for me or just give me the cash. I don’t know if it’s worth buying a home warranty. The condo and everything in it is only 7 years old. Any thoughts? TIA!
By: city_boy
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By: city_boy
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April 1st, 2009 at 2:14 pm
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I think it’s never a bad idea to purchase the home warranty when buying a new residence. You can put more consideration into it in a few years, when it comes up for renewal …….but for right now {even though the residence is fairly new}….. you have no idea what you are getting …go for it.
April 1st, 2009 at 7:21 pm
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yes its the best investment you can make. All houses have issues no matter how old they are.
April 3rd, 2009 at 7:15 am
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Do you have enough cash sitting around that you can replace the hvac system? If not, buy the warranty. It’s not really cost effective, although I have had one for years. I pay about the cost of one appliance per year for the warranty. If I had enough money in the bank to pay for the hvac system, I’d cancel the warranty. But, seems something always comes up, thus I pay every month for the warranty, and am glad to do it to get my hvac or fridge fixed for $45 instead of $500
April 4th, 2009 at 10:03 pm
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Home warranties vary by provider. I work for a service company and quit doing work for warranty providers because they would not pay for various reasons, citing “not covered” as the general cause. The homeowners were then responsible for the cost of the repairs, thinking they were covered by the warranty. Investigate, investigate, investigate. Many problems are covered only under very specific circumstances. I would say they are like any other “insurance.” Depends on how bad the problem is and how much they pay.
I would definitely recommend a thorough home inspection before making the purchase.