Avoiding Unexpected Property Expenses
Oliver Overton-Morgan with Morgan Property Solutions is a property manager in Orlando that is used to dealing with property expenses 24/7. Learn how some property owners manage those costs.
It’s common for sellers to consider offering and buyers might find it an incentive, but a growing number of homeowners are purchasing the home warranties themselves to limit the unexpected expenses of repairs and replacements.
A home warranty protection plan is a renewable service contract that covers the repair or replacement of many of the components in a home. Some homeowners especially like the convenience that it organizes a qualified service provider as well as the cost of the items.
There are a variety of companies that offer home warranties and the coverage may differ but the majority of things will include heating, air conditioning most built-in and some free-standing appliances, as well as other specific items. Additional specific coverage may be available for other things like pool and spa equipment. We have found over the years that American Home Shield and Old Republic Home Protection are the easiest and most stable companies to work with.
Some investors are even placing this coverage on their rental properties to limit the amount of maintenance repairs during the year. It is a viable alternative to managing the financial risk and the stress dealing with unexpected expenses.