home warranties

lisalip3July 4, 2012

We are about to move to a new home and have tenant moving into our old home in a couple of months. It was suggested by our realtor to get a home warranty for that house. Anyone have experience with this? Any opinions appreciated.

Thanks!

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cearbhaill

You'll get both ends of the spectrum in the way of replies.
Some folks have been saved by them, others were made an inclined plane wrapped helically around an axis.

Me, I was the latter and am currently part of an enormous class action lawsuit.

    Bookmark   July 4, 2012 at 8:36PM
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nancylouise_gw

Home warranties are not worth the paper they are written on. NancyLouise

    Bookmark   July 5, 2012 at 12:20PM
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Billl

There is no way I would EVER pay for one for myself. I would GLADLY pay for one to close a deal though.

    Bookmark   July 5, 2012 at 1:41PM
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tishtoshnm Zone 6/NM

My in-laws have one which they renew every year and they love it. They prefer to to make the monthly payment and in their case, it is probably wise as they do not save any money so if any thing breaks, it is a crisis. They have used it for several repairs and have been happy.

I prefer to save the money and when something happens, deal with it. If it is something we cannot figure out on our own, I would prefer to find our own repairman.

Whether or not it makes sense for you depends on your cash flow. What are going to do if something breaks in the rental? Do you have enough cash to cover the things that will go wrong or can you and your spouse make the time to do the repairs?

    Bookmark   July 5, 2012 at 4:54PM
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adellabedella_usa

I'm with Bill. One was thrown in with the purchase of our last home. There were too any exclusions for it to actually be useful. Then we had an unusual problem that was caused by the previous owner. We tried to use the warrenty on the newly installed air conditioner'heating unit that was blowing hot and cold air at the same time. The company that came in told us that since the unit was under warrenty from the installer, we needed to get the installer back and get the problem fixed for free. The installer came back and said well you have the wrong thermostat. Apparently, the installer wasn't the problem, the previous owner had cheaped out and didn't have the proper thermostat installed. The problem didn't show up until we tried to use the heater. What would have cost less than $100 to fix ended up costing us more. We ate the cost even though the former owner was at fault.

    Bookmark   July 5, 2012 at 6:36PM
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TLC1970

I worked for a leading home warranty company for many years and I can tell you as an ex employee....i STILL Firmly believe in home warranties!
Tips...
Read your warranty contract and understand if. If you have question on warranty contract, call the home warranty company, do not rely on your real estate agent to be the expert on home warranty.
Once you have the warranty in place and if you should in counter a problem that you feel,was not resolved to your satisfaction, ask your realtor to give you the phone number of the local rep for that home warranty company.
I have my moms house listed right now and it does have seller/buyer home warranty coverage....that should speak volumes on my belief of home warranties.

    Bookmark   July 7, 2012 at 8:54AM
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sparksals

We have had a home warranty on every single home we have had and we renew it each year. We have had ZERO problems and even got a brand new stove out of them. They originally offered a buy out, but I told them I wanted the oven repaired. When the part was no longer available, they had to replace it. They offered a certain brand and model. After researching, it did not have the same specifications as the stove on the way out. I let them know, they told me to shop, and then I gave them several models that had what my old one did. I now have a new GE Profile stove.

They have repaired our AC, washer, dryer, fridge, water heater and electrical. Never a problem.

We are with AHS. Well worth the money in saved trip charges alone.

    Bookmark   July 7, 2012 at 1:55PM
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davemartin88

We sold our last house a year ago in May and had purchased a home warranty for the new owner. We talk with them and they used it on at least 3 problems that were repaired without an issue. They were a first time home buyer and have thanked us a few times for purchasing this warranty. We purchased this when the house went on the market so it was part of the listing/purchase for the buyer.

I know others have had big issues with these types of warranties but worked well in this case.

    Bookmark   July 7, 2012 at 2:16PM
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Billl

Just mathematically, no insurance is a "good deal." Insurance just doesn't work that way. The company changes premiums and has to pay out LESS than those premiums or they will go out of business. Even 100% legit and honest insurers charge you more than then they think they will pay you in claims.

So.... only pay insurance on the stuff you can't afford to take the hit on. eg insure your house but not your TV.

    Bookmark   July 7, 2012 at 8:10PM
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kirkhall

You are asking for a house that you will have a TENANT in, right? You will still own the home? And, you will have renters?

Are you going to be near the house to make repairs? Find repairmen? Manage issues?

If not, it might be worth it. Everyone above has commented as if it were a house *Sale*, and that is not your question. Right?

    Bookmark   July 7, 2012 at 9:01PM
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