Buyers commonly request home warranties in today’s market, as a way of squeezing one more concession out of eager sellers. But not every warranty is the same, so you need to read the fine print before assuming that your expenses will be covered for the first year in your new home.
Warranties on existing homes are different than new construction, and usually cover only specified equipment. Also, most existing home warranties only cover repairs, not replacement. In the case of such repairs, much like make auto insurance claims or finding a provider in your healthcare network, you should call the warranty company first to find an approved maintenance contractor.
Warranties typically cost $300 to $500, with the more expensive ones obviously being more comprehensive. If you are interested in purchasing one, just make sure you understand exactly what it covers so you won’t be left holding the bag if something does break after you’ve moved into your new home.
