| Many people think that home warranties are | | | | well, that kind of thing (houses falling apart at the |
| reserved for new homes - which home builders | | | | seams after you move in) happen every single day. |
| provide them for the new homes built in case | | | | You really have no idea what you are purchasing with |
| something goes wrong. However, home warranties | | | | an older home. Even having an inspection done on the |
| have been around for many years and furthermore, | | | | home is no guarantee - an inspection can't necessarily |
| they are often used for older homes. | | | | tell you that the water heater will give up the ghost |
| Home warranties are not a new concept, although | | | | completely in three months' time or that the fridge |
| many people are new to the idea of purchasing a | | | | will need to be replaced in six months. |
| home warranty on an older home. It's true - many of | | | | There are many reasons why you should have a |
| the home warranties are done on new homes that | | | | home warranty - protection for yourself and your |
| are being built - there's just no guarantee with a new | | | | family, and of course, your finances is the main |
| home and everything working out for you. However, | | | | reason. You have to look at the fact that a home |
| older homes have even more issues with not | | | | warranty will cover any major repairs that need to |
| knowing what you're going to get. What looks good | | | | be done and in many cases, replace your major |
| on the outside could quickly turn into a money pit. | | | | appliances if needed through the term of your home |
| What are you to do when you are buying an older | | | | warranty. This could mean coverage for thousands, |
| home and you just aren't sure what you're getting | | | | or tens of thousands of dollars of repairs that may |
| yourself into? Purchase a home warranty for your | | | | need to be done to your home. The real question is |
| older home. | | | | can you afford NOT to have a home warranty on an |
| It is just as simple to purchase a home warranty for | | | | older home purchase? Most likely the answer is no - |
| an older home that you are purchasing as it is for a | | | | it's usually in your best interest to purchase the home |
| new one. In fact, many sellers are offering home | | | | warranty when you purchase the home. |
| warranties as a selling feature on the house they are | | | | Home warranties when purchased by the buyer are |
| selling. If the home you are buying doesn't have a | | | | usually renewable after the original term (usually a |
| home warranty, you can purchase one yourself. | | | | one year term) has passed. If the seller is offering |
| Home warranties on newer homes are less | | | | the home warranty, most often it is non-renewable |
| expensive than those on older homes, simply | | | | when the term is up. Either way, the protection |
| because the chance of something 'going wrong' is | | | | offered to you by a home warranty is paramount |
| much less likely with a newly built home. With older | | | | and can save you quite a bit of money should |
| homes, there's always the chance that the water | | | | something major need to be replaced. |
| heater or furnace will give out and need to be | | | | When you are shopping for a home warranty, it's |
| replaced, or that the appliances will need to be | | | | best to do some research and ensure you are |
| repaired. Of course, there are major systems in the | | | | getting the best home warranty for the best price. |
| home, such as plumbing and electrical that could also | | | | Each home warranty is different - they vary from |
| need to be repaired or replaced. The costs of labor | | | | company to company and state to state. Be sure to |
| and parts for any of the major systems in your | | | | find out what your home warranty will cover and |
| home could be quite costly. These are the chief | | | | what it will not cover and any provisions on the |
| reasons why having a home warranty on an older | | | | coverage that are present in the contract. Read the |
| home is more expensive than on a new home, and | | | | contract thoroughly to be sure you understand what |
| why it is also a good idea to have a home warranty | | | | is and isn't covered and all the provisions allotted for |
| when you are purchasing an older home. | | | | in the contract. If you aren't sure on some point or |
| Purchasing an older home is often a gamble - you've | | | | another, ask the agent selling you the home |
| likely seen or heard of the movie "The Money Pit" - | | | | warranty policy. |