Is a Home Warranty Plan Right for Your Home?

By Aimee Adams

Learn how to determine whether or not a home warranty plan is the right decision for your home.

All homeowners want some sort of protection for their home in case something breaks. Some get this protection through a home warranty company.

Home warranty companies offer a variety of plans to cover repairs and replacements for many parts of your home. Most homeowners choose these plans due to their price and factor of convenience.

If you’re considering purchasing a home warranty plan, make sure you do your research first. Look into some of the best home warranty plans in Oregon, read reviews, and choose the plan that works best for you and your home.

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Home warranty plans, while often helpful, still may not be right for every home. Depending on the type of home and homeowner, home warranties may do more harm than good. To learn more about whether a home warranty plan is the best choice for you, read our tips below.

Older homes

If you’re living in an older home, a home warranty plan may be a good decision for you. Unrenovated older homes have older appliances that are more prone to breaking. As things break more frequently and need more replacements, costs can build up.

By having a home warranty plan, you won’t have to deal with paying for frequent repairs and replacements. The point of home warranty plans is that you call whenever something is broken. Once you submit a request for repairs, the home warranty plan will quickly respond and send a contractor out to you. You won’t have to worry about having the same contractor come to your house multiple times.

The only downside —  which can be somewhat considered an upside — is that there are usually service fees accompanied with a request for repair. But, chances are, the price you pay for frequent home warranty repairs will be much lower than that of an independent contractor.

New houses

If you live in a newer house, a home warranty plan may not be worth it. Depending on when the home was built, appliances are probably at the beginning of their life span, making them less prone to break. This is especially true of houses that are less than 5 years old.

If nothing breaks in your house during the span of your contract, you’re essentially paying for nothing. If you only expect one or two things to break in your new home, it’ll probably be cheaper to pay for those repairs or replacements upfront than to pay a monthly home warranty plan fee.

Renovated houses

If you live in an older home that is renovated, home warranty plans may fall into a grey area. If this condition applies to you, you’ll need to determine whether or not a home warranty plan is the right choice. While the appliances and systems of your home may be newer, they could still be old enough to need occasional repairs.

To determine if a home warranty plan is right for your renovated home, try to figure out how old each of your appliances and systems are. Based on that information, you may be able to predict when things will start breaking and when a home warranty plan may end up saving you money.

In the end, purchasing a home warranty plan isn’t limited to old homes, new homes, or any home for that matter. If you feel that a home warranty plan is the right decision for you, it’ll be worth it. Whether or not you save money on the plan, you’ll still have peace of mind knowing your plan has you covered in case something breaks. After all, it is your home.

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