Your new Elmhurst home comes with everything you want—charm, a great neighborhood, and nice appliances. But unless you’re buying something newly-built, you probably don’t know the age or current condition of those appliances, so you might want to consider a home warranty.
Just like other insurance, a home warranty provides protection and coverage for things in the home that would be very costly to repair or replace.
Experienced Realtors® recommend this particularly to first-time homebuyers. First-time buyers often use every cent they have in reserve for a down payment, closing costs, and other fees, so they have little left to cover repair costs. Having the warranty provides some financial breathing room to handle any system or appliance failures that occur during that first year of ownership before funds have been replenished.
Typical home warranties cover things like air conditioning, heating and ductwork, electrical service, plumbing, washers, dryers, dishwashers, stoves/ovens, and refrigerators. Most warranty services will charge a small deductible and put limits on what they will fix, but they strive to keep prices reasonable.
In most cases a warranty can be very inexpensive and will pay for itself with one repair. In addition, it can generally be transferred to the next owner of your Elmhurst property, a great potential selling point.
When considering a home warranty, plan to do some research. Find a company with good customer service and phone support, and be sure to thoroughly review the contract before deciding.
Some warranties require an annual maintenance fee, and most do not let you choose the contractors who will perform the repairs in your home. So if you have a favored repair company, it may or may not be in the warranty company’s network of contractors.
The one possible time you may not need warranty coverage is when buying newly-built Elmhurst real estate. Experts say that most appliances last about 11 years on average, and brand new items are less likely to need repair. But given that current appliances are filled with expensive computerized as well as mechanical components, the warranty may still be a better choice—and it will last well beyond the manufacturer’s single year of coverage.
Many real estate agents believe that researching a home warranty is as important as finding the lowest interest rate. It’s certainly worth checking to see if it’s right for your home-buying situation.
We can help you make the best choices possible when buying your next home. If you’re looking to buy or sell Elmhurst real estate or properties in the surrounding area, contact the Gracik Makinney Group, or call (630) 567-5902.