Owning a home is one of the most sought-after achievements for many and a type of yardstick to measure success. For a good reason, it is also a fundamental human need. Purchasing a home is a financial investment that you should protect to retain its durability, aesthetics, and value. Some people argue that owning a home is easy, and the difficult part comes further down the line. Home maintenance is perhaps the most under-reported area of home ownership, as the focus lies solely on acquiring, with little to no attention paid to the upkeep.
Keeping a home at optimal functionality requires regular replacement of damaged or old home appliances and constant home repairs. The financial burdens this incurs cannot be overemphasized, and that is where home warranties step into the light. Home warranty plans are services that protect the appliances and systems in a home. According to home warranty companies in Maryland, “most of the damage to home appliances is a result of wear and tear”. A home warranty covers the cost of fixing damages, replacement, or repairs of major home appliances that occurs due to natural use over time.
The last decade has seen an exponential rise in the use of home warranties, primarily due to the recent exposure it has gotten and the great benefits that come with it. If you are a homeowner and wondering if purchasing a home warranty plan is the right way to go, here are some points to guide your decision.
It Reduces the Financial Burden of Home Maintenance
Damages to household appliances are often considered unforeseen circumstances, which means that you have to pay large sums for repairs in a short period. One of the advantages of a home warranty is that it removes the financial burden that maintaining a home incurs. Having a home warranty guarantees about a 50% reduction in expenditure on home appliances.
A Home warranty takes this headache away. With a home warranty plan, the cost of repairs is taken care of for you when the need arises.
It Provides Versatility of Plans
A wide range of home warranty plans is available. This allows homeowners to pick their preferred options. Home warranty plans range from general coverage to highlighting specific systems or gadgets. Most home warranty plans will cover major components of large home systems, such as your HVAC, water heaters, electrical and plumbing repairs. Some plans cover appliances such as washers, dryers, refrigerators and stoves. There is always a plan that meets the needs presented.
Homeowners also get to pick payment plans that work best for them, monthly, quarterly, or even yearly, as the case may be. Most importantly, owners can choose how long the warranty contract lasts, ranging from one to multiple years.
It Provides a Warranty for Older Appliances
Most warranties on appliances typically last between 1-2 Years. However, with home warranties, coverage lasts as long as you want and for the duration your warranty covers. So technically, a product whose warranty lasts only a year could end up being covered by your home warranty for over ten years.
It Increases the Home Value
Many factors determine the value of a home, one of which includes a home warranty. Many appraisers value a home with an existing home warranty higher, as buyers prefer them. It gives potential buyers added assurance and security that their appliances are covered from damage. In addition, research has shown that having a home warranty plan can increase the value of your home and can provide over 500% ROI.
It Provides Convenient and Quick Services
Sometimes, the money is not the problem, but getting reliable and professional repair or replacement services could be difficult. With home warranties, the stress is eliminated. Home warranty services include a pre-arranged network of technicians and contractors ready to show up at a moment’s notice. This removes the issue of looking for professional services, which might take time, energy, and resources.
It Gives you Peace of Mind
Perhaps the most underrated of all the advantages is the peace of mind that comes with owning a home warranty. Like looking after a child or a pet, a home requires adequate attention. You could go to bed knowing that all your appliances are covered in the case of unforeseen circumstances. Especially for those with tighter budgets, the assuredness of not being burdened by the unknown is another reason to sleep better at night.
A home warranty gives numerous benefits to homeowners, providing convenience, ease of access, and peace of mind. It helps homeowners to be able to divert energy that would otherwise be used to worry about the maintenance of home appliances into other productive ventures and most importantly, save money while doing so.