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Ask anyone who owns a home about the costs of home ownership and they will likely tell you one thing: Owning a home is expensive!
The real costs of owning a home are more than just your mortgage payment, insurance and taxes - they include "hidden" costs that often surprise homeowners like AC & appliance breakdowns - often things that break exactly at the wrong time (e.g. water heater breaking mid-winter).
How Much Are Home Repairs?
According to US News & World Report¹, the average homeowner will spend between 1 to 4 percent of a home's value annually on maintenance and repairs and it tends to increase over time as the house ages.
For a $200,000 home, that is between $2,000 and $8,000 each year in repair costs.
What Is The Solution To Expensive Home Repairs?
The rising cost of home repairs is only one reason more and more people are relying on a home warranty. A home warranty can save you money - you never know for certain when a covered major system or appliance in your home will break down. The only certain thing is that over time, everything wears out and nothing lasts forever.
When you purchase a home warranty, when a covered system in your home breaks down, simply call the claims hotline and the home warranty company will dispatch a licensed technician to service your claim. It's that easy!
What You Need to Know About Home Repair and Home Warranties
● Home warranty use is rising with housing trends nationwide. ²
● 9 critical appliances and home systems have an average life expectancy of 13 years. Failure of one of these systems in any given year is 68% likely. ³
● 8 out of 10 home buyers prefer homes with an existing home warranty. ⁴
● Homes with an existing home warranty will sell for an average of $2,300 more and up to 11 days faster than homes without home warranties. ⁵
Can You Benefit From a Home Warranty?
The short answer is yes, you do need a home warranty. In every home, systems and appliances wear out, even with perfect maintenance. Home appliances typically have a life expectancy between 10 to 19 years, but many just don't make it that long. And as they become older, they require more repairs along the way. Your system or appliance will break down eventually, and when it does, it can mean a cost of ⁶:
● Air conditioner unit repair: $75-$905
● Air conditioner unit replacement: $1,848-$10,000
● Water heater repair: $100-$1,200
● Water heater replacement: $320-$6,000
● Electrical wiring or panel installation: $125-$4,000
Get Your Home Warranty Today and Save Big
The time to buy a home warranty is before you have a problem. Click below to find the best price for your area!
Here's How You Do It:
● Step 1: Simply tap your property type below & enter your zip code on the next page.
● Step 2: Fill out some basic information in order to review quotes from top companies.
