Downtown Minneapolis Condos Real Estate Agent Discusses the Perks of Having a Home Warranty

When you own a home you can expect, sooner or later, for things to start going wrong.  It's not necessarily the result of buying a “lemon”: it just means that, like people, parts start wearing out as they age.  According to Downtown Minneapolis Condos Real Estate Agent Discusses the Perks of Having a Home Warrantyreal estate professional, having a condo warranty in place may help ease the burden when they do.

A home warranty is the same as any other warranty you may purchase.  When you buy an extended warranty on a TV you are in essence buying protection in case something major goes wrong with it.  That is the same with the home version.  It covers major components of the home, such as heating and air, roof, etc., for a period of one year from the date of closing.  After that time, it can be renewed in one year increments for as long as you like.

There are many different companies that offer these protection programs and they are basically the same in structure.  Each company may have different guidelines for what they cover and to what extent, but as a whole they are common in characteristics.  The plans are paid for in advance and have fees associated with exercising your option to file a claim for coverage.  These fees are generally low and each one is based on the applicable item that it covers.  Paying the fee in addition to the plan itself may seem unreasonable, but if you ever have to file a claim you will see that you are still saving a substantial amount of money versus not having coverage.

For instance, if your air conditioning unit goes out you may be required to pay a fee for sending out a repairman.  This fee may be in the range of $100-150.  At first, you may think this is absurd until you see that the total bill for the unit could easily be $2000.   Now you can see your savings.

These plans are not in any way related to homeowners insurance.  Just like car insurance, insuring your home is mandatory.  A home warranty is a separate form of insurance, but one that you may want to consider, especially if you purchase an older home. 

There is a lot of free information available to you about buying, selling or investing in  Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos.  Contact Mike Weiland & Elke Stephan of The Weiland Group of Keller Williams with any of your real estate or mortgage related questions by filling out the form below.

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