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Are Home Warranties Worth the Cost?

By Ryan Poppe - Last Updated: Wednesday, June 7th, 2017.

How a Home Warranty Can Help When Buying a HomeHomes can be expensive to maintain and often require the time, skill, and finances that some just don’t have. Not only is the structural portion of a home susceptible to damage and usual wear and tear, but appliances and interior areas might need attention from time to time. How can a homeowner have the peace of mind that, if something breaks, it won’t be the end of the world?

For many, home warranties are the answer to this problem. The types of policies can vary, but in general, a home warranty covers repairs that your home might need, including major appliances, heating and air conditioning, and electrical wiring. In most cases, they aren’t very expensive and can be rather comprehensive.

The Benefits Of Home Warranties

Every home will have a different set of needs, but for the most part, a home warranty offers a variety of benefits for owners. First and foremost, a warranty provides a helpful solution for homeowners who don’t have a lot of savings for repairs. Think about how stressful it might be to have both the dishwasher and oven break at the same time and not have any money to fix it! With a home warranty, owners can get their appliances back on track in no time.

For those who have older appliances in the home, a warranty also makes sense. Even if you have a lot of liquid assets and replacing a broken item isn’t a problem, it might be a pretty cost-effective strategy if you know you’ll need repairs in the near future. In this way, a home warranty can be viewed almost like an insurance policy.

When They Might Not Be For Everyone

While they sound like the perfect solution for everyone, there are instances where a home warranty might not be desirable for homeowners. What if you’re a handy person and can make repairs to your home for less money than you’d pay a repair person? If you know all of your own tips and tricks and can get parts for a great price, paying extra for a warranty might not be the way to go.

Other times, homeowners have built relationships with certain companies or people and only trust the quality of their work in their home. While that’s great, it doesn’t work well within the structure of a warranty. Many times these companies dictate which providers can be used, so you won’t always get a visit from the people you want.

Keep in mind that a home warranty only covers items that are currently working, so if there’s been a problem prior to the coverage, there might be some issues with getting it resolved without having to pay for it.

Is It Right For Your Situation?

A home warranty can benefit those who are truly in need, while for others, they might end up being more trouble than they’re worth. Each and every home and funding situation will be different, so the idea of a home warranty should be addressed on an individual basis. Some might view a warranty as a scam just to get more money out of a homeowner, but when your refrigerator breaks at three in the morning, you’ll be glad you have coverage!

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