Is a Portland Home Warranty Worth the Cost?
A home warranty is an insurance policy for a buyer who purchases a home that has some older features that may break down in the first year. It is also a great idea for Portland home purchases where the buyer does not know the age of the items in the home. According to AHS 60% of homeowners that get a home warranty with their purchase use the warranty during the first year. What that says is, things break down and a home warranty can be great peace of mind.
A typical home warranty plan will probably cover:
- air conditioning
- heating with ductwork
- electrical systems
- washers and dryers
- ranges and ovens
- water heaters
When is a home warranty a good deal? It may be a good idea if:
- The appliances are near the end of their life expectancy
- You do not know the purchase date or age of the appliances
When is a home warranty not a good idea?
- If you are purchasing a new home, the builder most likely provides a warranty. Check into that, as a separate warranty might not be needed.
- If you have a repair company you absolutely must use, their work may not be covered by the warranty.
If the Portland home you are purchasing comes with a home warranty, research the warranty before signing it. Some warranties are transferable; some are not. Some warranties limit you to hiring a particular company; others will not cover everything.
If you’d like other useful information about buying or selling a Portland home please visit the Portland Real Estate Blog.