The Home Warranty for the First-Time Homeowner
Let us assume now that you go to bed and wake up in your very own home. That should be good enough, right? Now, someone suggests you might need a home warranty.
What is a home warranty?
It is not the new home warranty associated with a new construction discussed in my earlier blogs. It is similar to homeowners’ insurance for your appliances. There are many issues that may arise during home ownership. What are these items? Problems with your furnace, the air conditioning, the plumbing and so on. With a home warranty, you contact your home warranty program provider, who contacts the service company to come fix what needs fixing.
What kind of money are we looking at?
Let us start with the simple answer. The warranty itself generally costs between $300 and $900 a year and often there is a co-pay. Aside from a co-pay, you might end up paying a fee depending on the work performed, i.e. if some items are not covered. Be sure to read your home warranty program contract to verify what items are covered before purchasing your home warranty.
Why purchase a home warranty?
A home warranty replaces the hassle of hunting down the service company, fielding quotes or bids and paying entirely for a significant expense that you did not anticipate. The bottom line is that a home warranty buys you peace of mind, especially for the first-time homeowner, who may not be accustomed to the bumps in the road that may arise during home ownership.
What if there are no glitches?
After a few years of paying premiums for the home warranty and if there was no actual need for the warranty, then the premiums will just seem like premiums. On the other hand, if a major fiasco has just been made to go away, you will most likely be seeing nothing but value.
Soon after you buy your home is the best time to have these warranties, even if you only have them for a few years. You may just save yourself the hassle of having to replace or repair appliances that were near the end of their useful life at the time of the real estate transaction closing.
When buying a home, you should have an experienced real estate attorney to represent you in the transaction. Of course, the home warranty does not assist you with a real estate transaction. An experienced attorney will carefully review of the real estate contract, negotiate repairs, review the title to ensure that it is clear, will verify that the numbers are accurate on the closing statement and will handle any other complex issues that may arise during the real estate transaction. If you have any questions regarding the purchase of a home, contact the Law Office of H. Benjamin Sharlin LLC for an initial free consultation.
The Law Office of H. Benjamin Sharlin LLC is owned and operated by H. Benjamin Sharlin and serves all of Mercer County, New Jersey and the surrounding areas. Mr. Sharlin is a bilingual Spanish-speaking attorney who vigorously represents the interests of all his clients.
Please be advised that this blog is for informational purposes only, is not legal advice and does not create an attorney-client relationship.
The Law Office of H. Benjamin Sharlin LLC
is owned and operated by H. Benjamin Sharlin and serves all of Mercer County, New Jersey and the surrounding areas. Mr. Sharlin is a bilingual Spanish-speaking attorney who vigorously represents the interests of all his clients.
Call (609) 585-0606 or click the button below to schedule an appointment