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Hi,
We are in the process of buying a house, and our realtor is pushing for us to get a Home Owner's Warranty. Does anyone know if they are worth it?
She says that it will take care of anything wrong in the inspection which we have a hard time believing.
Thank you.
We had a home sellers/buyers warranty when we had our house listed. it paid $4,000 for replacement of the well pump, tank, and leaking piping which caused water to come into the basement when the pump ran. We paid $600 for the policy when we sold one year later.
I received a home warranty as a gift from my realtor. We were told at time of inspection that the warranty will not cover anything found in the inspection. However after we closed and moved in, I called them anyway and they did cover all the items..hehehe.. Each time they come over it costs $60 out of pocket- thats it! They pay for parts and labor. I had the garbage disposal replaced, icemaker replaced, stove pilot light replaced, electrical socket fixed, and some other ones.
Its now been 1 year and I will not be renewing for $500 for another year.
Yes, definately get a home warranty for the first year. It pays for itself!
Check out the major appliances. If they are less than 5 years old you probably don't need a warranty. Our realtor advised against it for this reason, and it turned out she was right and we saved ourselves 500 bucks.
Read the fine print very carefully. When I sold my mother's house "As Is" my realtor convinced my brother's we should buy the warranty as to offer as a selling point. I was against it. It was supposed to cover the house before the sale as well but since my brothers wanted it we got it. So when we had a leak in one of the bathrooms I called. The plumber came out, told me the part that was leaking wasn't covered and then wanted $50 for the service call and $200 if I wanted him to fix the leak. I sent him packing, made my real estate agent pay the $50 and my brother fixed the leak. When I went back an looked at the policy, I realized there were so many exclusions it wasn't funny. I actually told the real estate agent I felt like we were lying to the buyers by telling them that the house was under warranty.
good advice hrjersey. I had a similar experience. Some companies have different levels of coverage. Many times a seller will pay for it.
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