Hamilton Mill - Gotta Have a Home Warranty
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hiOne of the questions I am repeatedly asked when I am working with Buyers of resale homes in Hamilton Mill is “Why are you asking for a home warranty in our offer. If this house is as nice as we think why do we need a warranty for it?”
The reasons are simple: Because you need and want it!
As I sit here writing this post, it is 59 degrees in my home because the main level heating system is not working and yes, I too have a warranty on my home. I called the warranty company last night at around 10pm, and expect have someone to the house today to fix it.
In May of 2006, we bought our second home here in Hamilton Mill (The 1st home had a warranty as well) After one year in that house, I calculated that I saved over $6000 dollars in repair costs by having my home warranty. This is the first phone call I have had to make to Old Republic Home Warranty this time around and am curious to find out how much I saved. The original cost of the first warranty I was able to get the seller to pay for, and this years, the cost was on me. $425. Warranties are renewable and I would urge you to seriously consider purchasing a second or third year warranty as well.
Warranty companies typically charge a $50-$100 “Trip Fee” that covers part of the cost but I can tell you it is peanuts in comparison to what the overall cost of one or two repairs would normally have been charged.
Our home was built in 1998 and we had an inspection done prior to purchase but some times things happen to homes the age of mine. Here is a brief rundown of the items that have been covered thus far.
1. Recirculating Hot Water Issue - Savings $800 (First week we were in the home)
2. Lower level AC unit needed replacement - Savings $2100
3. Main level AC exterior unit replaced - Savings $1900
4. Refrigerator Compressor replaced - $500
5. Automatic Garage door thingy replaced - Savings $350
6. Leak from a upstairs bathroom - Savings $250
I will update the savings this time around once we get the heat back on and I can feel my toes.
PS: We also strongly urge our new listings to have a warranty as well once a home is listed for sale. The cost is nothing prior to the sale of the home and many items are covered while you currently are marketing your property.
