Buying a home is a long, exhausting process which is often overwhelming. If you are a first-time homeowner, the process can be especially trying, as you have no idea what to expect. Part of this process includes having a home inspection completed (usually required for financing), and deciding if the home you've chosen is a suitable option. It is a common misconception that a home inspection alone will protect you against the loss of funds should components of your new home need replacement. This isn't true. Read on to discover the difference between a home inspection and a home warranty.
What is a Home Inspection?
Often required by mortgage companies, a home inspection acts as a snapshot of the home you'd like to buy on THAT day. The average inspection costs around $400, and is based upon the square footage of the home being inspected. Included in your closing costs when financing, this expense is often unavoidable.
The main purpose of the inspection is to allow the buyer to make an educated decision on the property in question. The process is not as detailed as one would imagine, and the vast majority of home inspectors do not guarantee their findings. The inspector offers a visual assessment of the primary components of the home to determine if major defects exist.
However, inspectors will not test or view things in off weather. That means if you buy your home during a snowy December, the air conditioner will not be turned on for inspection, neither will a frozen or snow-covered roof be inspected. If something breaks or malfunctions, your home inspectors will not cover the cost to repair or replace that item, even if they declared the broken item fine.
The home inspection is a way of ensuring you are making a solid investment, that major components of your home are in working order, and there are no considerable safety issues.
What is a Home Warranty?
A home warranty, on the other hand, acts as a safeguard for your investment... picking up the slack your homeowner's insurance will not cover. Protection against everyday life, your home warranty will cover the items that receive constant wear and tear. So, if your dishwasher self-destructs in a soapy mess, without a home warranty, you would have to repair or replace your dishwasher out of pocket. A home warranty should be a fundamental part of the home buying experience. It's a yearly expense that can save you thousands in the long run.
Add Up the Savings
Home ownership is not for the faint of heart; it can be expensive and aggravating. Preparing for the inevitable can save you time, money, and headaches in the long term. If you have trouble justifying the cost of a home warranty, consider what you can afford to fix without one. A new heater or air conditioner averages just under $2,000, if they break at the same time could be a $4,000 expenditure.
Depending on the time of year either/both break, you could have to replace them immediately with no planning. Homeowners without a hefty emergency fund could be forced to rely upon credit cards or a loan to cover such a large expense. Whatever the home warranty cost it is a purchase that will improve your life as a homeowner, and make the experience a great deal more enjoyable.
Choose the Right Plan
The best home warranty will work with your budget and fulfill your needs; this means that doing your research on what systems and appliances are covered under a plan is an integral step in the shopping process. Whether you are a first-time buyer or a seasoned homeowner, there is a home warranty plan crafted to suit your needs.
About Home Service Club
The Home Service Club is one of the leading home warranty providers in the United States. They offer a variety of plans and coverage in 49 states while providing prompt, effective repairs and maintenance to keep your home running smoothly. Access your account with ease via mobile and online management, and enjoy the ability to file a claim 24/7 online.
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