There are benefits and drawbacks to owning a home. One of the challenges is that if something breaks, it’s up to you to fix it—whether you do it yourself or hire someone to do it for you. It’s no different if you own a condo. Like a home, you are responsible for the upkeep and any improvements you need and want to make to your condo. If items start to give you problems, and you need to make repairs or replacements, you could face some serious financial hardships, especially if multiple appliances or systems start to break down all at once or without warning. Luckily, you can purchase a Choice home warranty to protect your budget. As you learn more about a home warranty, you can see how it can benefit you by safeguarding your household budget.
Items to Pay Attention To
To keep your condo comfortable, safe, and meeting your needs, you should stay on top of maintenance and regular care. Doing so will minimize the chances of appliances and systems failing and will extend their lifespan. You should keep a close eye on particular items in your condo, including kitchen appliances, the water heater, HVAC system, plumbing, and electrical system. Having a professional inspect these each year will help to maintain their efficiency.
How a Home Warranty Works
As a condo owner, you have homeowners insurance. Your policy will cover damages and losses to parts of your condo if there is a catastrophe, disaster, theft, or vandalism. The policy will cover problems that arise from fires, wind, hail, falling debris, and water damage due to sudden pipe bursts. A home warranty plan has some similarities but is different too. Your plan is an agreement between you and a service company. You pay an annual or monthly fee in exchange for guaranteed service from a contracted technician. This warranty is voluntary and lasts for one year, though you can renew it. It covers appliances and home systems, as well as the roof and sprinkling system if you have one.
More Details About a Home Warranty
If you build a new condo and move in, the builder will offer a one-year warranty on the structure and various components inside. If you are buying an existing condo, you can buy a warranty for the same one-year protection. A home warranty typically costs around $500. If something breaks down unexpectedly or due to normal wear and tear, you can rely on the warranty to cover any repair costs or the cost to replace the item. You’ll only have to pay a service call fee, which is usually between $50 and $150. Be aware that a warranty won’t cover damage you deliberately caused or that occurred because you failed to properly use or maintain the item. Many plans also have limits on how much they will cover per item and incident.
Condo Repair Costs
At first glance, the thought of spending $500 a year on a warranty may not be appealing. But if you stop and consider how much it costs to repair appliances and systems, you will see how it makes sense to buy a warranty. Even minor repairs on a dishwasher, washer and dryer, fridge, or water heater can cost $100 or more. Replacing some appliances can run you several hundred dollars, even into the thousands. If you have trouble with the plumbing or HVAC, you could easily spend several thousand dollars or even more than $10,000. As you add up these costs, you can understand how less than $50 a month for a warranty can save you a considerable amount of money.
When It Might Not Make Sense
A home warranty may not be right for every condo owner. If you are a handy person and enjoy fixing appliances and systems, you may not need to spend the money on a warranty. Also, if your condo and everything inside are new, these items will almost certainly not break down anytime soon. It might not be worth it to purchase a warranty just yet.
If your condo does not have a home warranty currently, it may be time to take action and get some protection. A home warranty can keep money in your pocket and spare you a lot of stress and grief. Repairs can be expensive and be trying for any budget. A warranty can give you peace of mind and assurance that you will not be in financial ruin when dire circumstances arise.
If you’re interested in buying a home warranty for your condo, start researching your options now. Choose a plan that offers the protection you need. You will no longer have to worry about something in your condo breaking down, leaving you in a bad position. This protection, along with your attention to maintenance, can help ensure that the conveniences in your home continue to meet your needs.