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You are here: Home / Finance / Why Buying A Home Warranty Can Save You Money In The Long Run
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Why Buying A Home Warranty Can Save You Money In The Long Run

in Finance, Instagram, Most Recent, Saving Money Tips on 06/05/24

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  • Why Buying A Home Warranty Can Save You Money In The Long Run
  • What it Covers
  • Cost/Benefit Analysis
  • The Fine Print
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There tends to be a lot of back and forth between new homeowners about whether or not buying a warranty is worth it. Different lenders will advise you differently, and financial gurus will provide their own take. Will it increase your home’s value in the long run?

Wooden house shape with heart-shaped hole beside jar with coins
Sleep soundly knowing your home is well secured!

Why Buying A Home Warranty Can Save You Money In The Long Run

Although, no one’s perspective is more important than you, the homeowner since it’s your money being put into this investment.

Think of it this way: just as you move into your home, the HVAC system breaks down, or the plumbing is on the fritz, or you lose your heat in the dead of winter. 

front of a house
A home warranty can be a lifesaver for a home buyer.

When you bought the house, you probably thought that you got everything brand new, and you certainly didn’t sign up for any annoying problems. However, if you managed to buy a home warranty, many of your concerns would be alleviated.

Yes, buying a warranty upfront doesn’t feel great, but it might be worth it in time. Here are a few ways in which it can help you save money.

man repairing a dishwasher
Any unexpected home repair can cause financial issues in a hurry.

What it Covers

There are different kinds of home warranties available on the market, and no two programs are alike. However, at its core, a home warranty is a service contract that pays for the repair or replacement costs of the items that fall under its purview.

These items can include major kitchen appliances, electrical repairs, plumbing, heating, and so on. Home warranties are not the same as insurance policies, and they don’t cover things like roofing, doors, or other issues that directly impact the infrastructure. 

a toy house tumped over next to a stack of coins
Be sure to do your due diligence and make sure which home warranty is the right one for you.

Cost/Benefit Analysis

Most home warranties cost anywhere between a few hundred dollars, to a little less than two grand, so you’re probably wondering whether or not it’s worth it. Depending on the size of your home and the number of appliances you have, this protection could be a lifesaver.

Without a home warranty, you could easily spend thousands of dollars repairing or replacing major household appliances.

It will provide you with the peace of mind that comes with knowing that you won’t fall into debt as soon as you buy a new home, or be stuck having to replace a bunch of appliances that no longer serve you or your family.

magnifying glass over the fine print on a page
Always read the fine print on any contract before signing up.

The Fine Print

The only instance wherein buying a home warranty may not be of use to you is if you’re investing your money into a fixer-upper. If the home is really old, and all of the appliances or HVAC systems are outdated, then the warranty won’t cover these sorts of repairs.

Definitely ask the warranty provider if they are at all able to help, but in all likelihood, it might be something that the company will be hesitant to cover since home warranties are designed to protect newer homes. 

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However, if you’re buying a previously owned home, it makes sense for you to buy a warranty, especially if the inspection you ordered before closing revealed some issues regarding the appliances and their life span. That means that you would need the protection afforded by a home warranty.

A home warranty will offer you much-needed protection and will save you thousands of dollars in the long run.

The important thing to remember is that you need to research different policies and service contracts before paying over any money. This ensures that you invest in the warranty that best suits your new property. 

A home warranty may seem like something you can skimp on or even bypass altogether. Click through NOW to learn how it can save you...
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Dian is a mom of four grown children, Nana to 7 beautiful grands, wife of over 30 years to an amazing husband, social influencer, and blogger. I love all things gardening, saving money, tips & tricks to make life easier, ANY cool new gadget, and feeding my Reality TV addiction (it's real y'all, you have no idea!) Dian has been featured in person, in print, and on sites like Huff Post, CBSNews, Blog Talk Radio, NBC DFW, Babble, Woman's Day, All You Magazine, Super Market News, Clark, & Pinner's Conferences. Want to know more? Check out the full bio here!

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