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Old 03-29-2010, 05:48 PM
 
27 posts, read 71,425 times
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I am closing on a house in Vegas on Wednesday. We have never owned a home before.

My real estate agent just mentioned a home warranty? Never heard of such a thing?

Any thoughts?
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Old 03-29-2010, 07:38 PM
 
Location: Clovis, NM
172 posts, read 551,390 times
Reputation: 79
We're getting one on our home. We close end of April. Its kinda like car insurance. You hope nothing major goes wrong but if it does then your out of pocket cost is minimal.

Just our thinking...since we are not handy around the home.
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Old 03-29-2010, 08:01 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 37,542,287 times
Reputation: 2661
Quote:
Originally Posted by MovingtoLV View Post
I am closing on a house in Vegas on Wednesday. We have never owned a home before.

My real estate agent just mentioned a home warranty? Never heard of such a thing?

Any thoughts?
Classically the seller buys you one...but it would have to be in the contract already.

Generally cheap first year. And houses changing hand love to develop problems.

Longer term it makes sense only if you have old AC equipment and have full coverage on the AC.

If your agent did not mention it to you point out that you would like to have it but have heard it is paid for by the seller. Ask why it did not come up at contract time. If you don't get a good story look annoyed. Three out of four agent will pay for it under those circumstances.

I have sold exactly one house in the last five years without a home warranty. That was a fixer and the lady knew what she was doing. I suspect she was wrong but a very close call.
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Old 03-29-2010, 10:14 PM
 
Location: Silicon Valley
3,683 posts, read 9,704,652 times
Reputation: 3011
Seller paid for mine. Pool pump went out the first year and warranty covered it. Didn't renew it when given the opportunity, and nothing broke the following year. Since the home was 12 years old, I wanted to do some upgrades anyway, and replace items before they failed.
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Old 03-29-2010, 10:27 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 37,542,287 times
Reputation: 2661
Quote:
Originally Posted by MediocreButArrogant View Post
Seller paid for mine. Pool pump went out the first year and warranty covered it. Didn't renew it when given the opportunity, and nothing broke the following year. Since the home was 12 years old, I wanted to do some upgrades anyway, and replace items before they failed.
Well don't do as I do...I have been paying now for 10 years given I have two 20 year old heavy heat pumps. Those puppies had to die 5 years ago...but they continue merrily on. Actually had the bigger one malfunctioning but in a bit if stupid "always an engineer" thinking I got it to work again.

the worse thing is they are getting far enough out of date that replacing them pays without the warrantee reimbursement.

The only thing worse than an insurance claim is not being able to make one when you want to.
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Old 03-30-2010, 01:43 AM
 
Location: Las Vegas, Nevada
12,686 posts, read 35,787,923 times
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When the A/C goes out in the middle of July you'll wish you had bought it.
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Old 03-30-2010, 08:34 AM
 
Location: North Las Vegas
1,631 posts, read 3,892,346 times
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You won't regret it, especially for big ticket items like airconditioning, pool pumps, water heaters, refrigerators, dishwashers. It's cheap insurance considering what it would be to pay it the fix or replace out of your own pocket instead of just a deductable.
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Old 03-30-2010, 10:27 AM
 
Location: Las Vegas
929 posts, read 1,781,488 times
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they can come in handy but read the fine print. there are a lot of details in what they will and wont cover. our water softener went out and we mistakenly thought it was a covered item. so much for insurance. but we also had 3 water heaters replaced so the premiums were worth it in those years. They also have a lot of opt out reasons to deny coverage on a covered item such as the item had to be properly maintained by the homeowner. also, if an item is even remotely repairable, they will always opt for that instead of replacement.
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Old 03-30-2010, 11:39 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 37,542,287 times
Reputation: 2661
Quote:
Originally Posted by gvc8 View Post
they can come in handy but read the fine print. there are a lot of details in what they will and wont cover. our water softener went out and we mistakenly thought it was a covered item. so much for insurance. but we also had 3 water heaters replaced so the premiums were worth it in those years. They also have a lot of opt out reasons to deny coverage on a covered item such as the item had to be properly maintained by the homeowner. also, if an item is even remotely repairable, they will always opt for that instead of replacement.
Yup - All true. You have to review the policy every year as well. The clever darlings love to change stuff you would never think of.

For instance the policy we regularly use was just changed so that the shower head and valves are not covered with out an addon. What this really means is that they have found the replacement of shower valves to be quite expensive...So they moved it to a category that requires an enhanced premium.

Water softeners are never covered in basic policies...nor are washer/dryers.

So read the thing and look at the addons. Some of the addons are the best buy in the deal.
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Old 03-30-2010, 06:13 PM
 
Location: Las Vegas, Nevada
12,686 posts, read 35,787,923 times
Reputation: 5507
We had one when we first moved in but I don't recall them giving us the option to renew, which we would like to have done. Would have paid for the water heater that went out in six years on a five year warranty. I've been wondering if you can only get one at the time of purchase, or can I still get one after eight years in the house? If so, what company do you realtors recommend?
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