Home Warranty and Repair Costs

When buying a home we are often consumed with what the immediate costs are to close on the home and what the decorating and furnishing costs may be as we are getting ready to move in. A lot of times when buying a home we don't consider what costs may arise down the road, and if buying a resale home there is no guarantee how soon "down the road" might occur. As a Realtor when buying a resale, I always suggest to my clients to make sure the ask the seller to provide a home warranty. If this is not possible, I suggest they pay for a home warranty when they purchase the home. This pre-purchase gives the buyer the piece of mind that within the first year they own the home their repair costs will be minimal (initial cost of the home warranty and a service fee associated with any repair item). Some home warranty companies will offer paid extensions after the first year. There are also home warranty companies that will provide home warranties to owners in existing homes, not ones just recently purchased. Without a warranty you may incur larger costs. Here is a quick guide to find out how much you may spend on the following repairs. This may help you budget and or create a separate bank account you can put money into in order to save for these repair needs down the road. HouseMaster, a home inspection company with 300 franchises nationwide, said that based on a study that evaluated 2,000 inspection reports, the typical costs of major repairs are: •Roofing: $1,500 to $5,000 •Electrical systems: $20 to $1,500 •Plumbing systems: $300 to $5,000 •Central cooling: $800 to $2,500 •Central heating: $1,500 to $3,000 •Insulation: $800 to $1,500 •Structural systems: $3,000 to $1,500 •Water seepage: $600 to $5,000 If you are interested in more information on Home Warranties please feel free to call or email me and I would be happy to give you more information on the companies available.