Profile picture for zzzjie

home warranty

Hi:
This is a 27-year old single family house. The closing date is next week.

Should I buy home warranty? What does home warranty cover?

There is no central AC. The water heater is new. The furnace (forced hot water boiler) is original cast iron boiler and therefore generally long lived (GAS).

 
Thank you  
  • August 23 2013 - US
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Answers (5)

Profile picture for Sally English
A home warranty is just a gussied up insurance policy.  If you can afford to do the necessary repairs - then they are generally not a good investment.  If you would be cash strapped to replace an large appliance or furnace - it can be a life saver.

I agree with the post that said if the seller will pay - then it is just gravy.  I also agree that I would not purchase one with my own money.

If you buy extended warranties on TVs, refrigerators etc, then you are probably a good candidate to buy your own home warranty.  I never buy those extended warranties so I think the home warranties are kinda expensive for what you get.
  • August 23 2013
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Profile picture for LizEstrada
Do some research of local home warranty companies in your area and compare pricing.  All home warranties are not created equal.  If you are purchasing an older home and you feel that some of the major ticket items could be questionable, it may be worth it.  If you've had the house inspected by a professional, you may also get a good idea of what the condition of the home is.  
  • August 23 2013
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Profile picture for Tesa Noonan
I have had MANY clients that ended up being super grateful that they have purchased a home warranty. They cover many items and if you need it, it WILL save you money. They are completely voluntary but in my area, I would guesstimate that about 75% of all home purchases include a home warranty and I believe they protect the buyer and the seller. I did purchase a home warranty on my own home. It in your best interest to use a home warranty to help for repairs rather than going with your home insurance who will keep track of those clams!

Good luck,

Tesa Noonan
  • August 23 2013
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Profile picture for Outer Banks N C
Home warranties come with a long list of rules and they all have a deductible you will have to pay yourself. I don't find them all that attractive, but if I can get a seller to pay the $400 for one I will. Would I pay $400 of my own money to get one for myself - NO.

tim
  • August 23 2013
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Profile picture for zzzjie
The other items are microwave, oven, and dishwasher. I will purchurse my own refrigerator, washer/dryer.
  • August 23 2013
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