Buying your first home is a huge milestone. It is a great accomplishment and an exciting time in your life. Once you have found the home and completed the purchase, you probably feel pretty good.
As good as it can feel, most first-time homeowners are not ready for the responsibilities that lie ahead. There is a lot that goes into maintaining a home. Whether you lived in an apartment or with your parents, all the issues of repairs and replacement were handled for you. Now that you are a homeowner, it is all up to you.
One way to make things easier is to purchase a home warranty. Home warranties can provide additional financial protection for homeowners if certain types of repairs or other issues come up. It can be a great way to take one major issue off the homeowner and make life easier.
But what are the benefits of having a home warranty? This post will look at home warranties and some of the reasons first-time homeowners should consider them.
What is a Home Warranty?
Many people new to homeownership confuse home insurance with home warranties. They are both forms of financial protection, but they protect against different things. Home insurance pays for losses that result from events like fires and storms. It also provides liability protection if a person is injured on your property.
An expert in home warranties in Ohio explained that home warranties cover the costs of repairs to appliances and home systems. If an appliance breaks down as a result of normal wear and tear, the warranty can cover repairs. It can also cover the cost of replacement if one of the covered systems or appliances can’t be fixed.
How the warranty functions can vary depending on the provider and the specific terms. In most cases, the homeowner files a claim if a covered item or system needs repairs or replacement. The warranty company then connects the homeowner with a repair company or supplier in their network.
Now that you know a little about home warranties, let’s take a look at some of the benefits of having one.
Peace of Mind
One of the top benefits many homeowners cite is the peace of mind they get from having protection. They know that if a major appliance breaks down or if they need to install a new water heater, they won’t be left on their own to deal with the issue. They can call the warranty provider and expect support from people who have experience dealing with these issues. Knowing that you have the warranty and that you will have assistance can help you rest easy as a homeowner.
Repairs and Replacement
Some homeowners are great at tackling DIY projects. They have the skills, and they love doing the work. However, there are many of us who are not particularly handy. There are also many of us who just don’t have the time to do the work. If you either can’t do the work or don’t have the time to do repairs, buying a home warranty can be one of the smartest decisions you make. If something happens and you need repairs or replacements, it will be handled for you. You won’t have to worry about trying to fix something when you don’t really know how.
Even if you have the skills to fix most of the appliances or systems in your home, there is the matter of finding time. Most of us spend a lot of time working our jobs so we can do things like pay a mortgage. Things usually don’t break down at convenient times for you to fix them. Instead of having to carve time out of your busy schedule or miss time at work, your home warranty can handle the issue for you. The homeowner doesn’t even need to spend time finding a repair service.
Protect Your Budget
Appliances and home repairs are expensive. With your mortgage, utility bills, and other expenses, making room for something like replacing an air conditioner can be difficult. Some of these replacements and repairs can cost hundreds or thousands of dollars. For most people, it means taking out a loan or having to put the work on a credit card. With a home warranty, the cost of repairs and replacement is already covered. The cost of your insurance premium is in your regular budget, and you don’t have to worry about these expenses coming out of nowhere to throw your budget off.
A home warranty is an affordable way to protect your finances and your home. Depending on various factors, the cost could be as little as $25 a month. For that price, you get peace of mind and so much more. It can be a great way for first-time homeowners to make life easier.