Buying a home in today’s competitive market can be a daunting prospect. When the sale finally closes, it can be a relief, as well as a little intimidating, especially if you’re a first-time home buyer. You’ve budgeted for your new mortgage—but do you have a game plan for tackling home repairs? Not only do you have to find someone to take care of repairing or replacing home systems and appliances when they break down, but you’ve also got to pay the bills.
Have Help Ready When Things Break
When it comes to common reasons behind buyer’s remorse, some of the top regrets people have about buying a home include expensive home maintenance and repair costs, and losing the convenience of simply calling the landlord to get things fixed. Even when you love your new home, it can be hard not to feel frustrated with the headache and expense of dealing with everything from a leaky faucet to a failing dishwasher or a suddenly broken HVAC system.
“I wish I could call the landlord when something breaks.”
It’s natural when owning a home to have at least a few moments of wondering: “Did I make the right choice?” However, you don’t want those concerns to turn into full-blown buyer’s remorse. This is where a home warranty plan for home buyers can help. Unlike homeowners insurance that covers damages or losses caused by peril (such as fire, theft, or storm damage), home warranties cover many of your new home’s major appliances and systems. When they inevitably fail due to normal wear and tear, your home warranty coverage can help protect your budget from costly repairs and replacements.
(Learn more about the differences between homeowners insurance and a home warranty, and why you need both.)
How Coverage Works
With our home warranty coverage, getting something fixed is about as easy as contacting your landlord. When a covered home appliance or system breaks, you contact us. We’ll assign a service provider to diagnose and either repair or replace the covered item. Here's how it works:
Sign in to your online account or call us to place your service request.
Schedule an Appointment
A qualified service provider from our prescreened network will contact you to schedule a mutually convenient appointment.
Repair or Replace
The service provider will confirm coverage, then diagnose the problem and either repair or replace your covered item.
If it’s a simple repair, it can typically be fixed at the first appointment. If parts or equipment need to be ordered, or the repair is more complex, additional visits may be needed to complete the repair or replacement.
What Home Repairs Can Cost Without a Home Warranty
Last year, First American Home Warranty spent over $219 million* to repair or replace home appliances and systems for homeowners like you. Here are some of the average costs we paid to fix covered items.**
|Air Conditioner||Heating System||Plumbing||Electrical System||Oven/Range||Water Heater||Refrigerator|
Whether you’re a first-time home buyer or a seasoned homeowner when your budget is stretched and savings are exhausted from buying a home, trying to put aside even more money can be challenging. Most new home buyers simply don’t have extra money to save each month, so a costly repair or replacement bill can often trigger a case of buyer’s remorse. Even if you buy a newer house or a home with newer appliances and systems, things can break unexpectedly, often when you least expect or can afford it.
What a Home Warranty Can Cover
Here are some of the home appliances and systems that a home warranty can protect:
- Kitchen refrigerator
- Washer & dryer
- Oven, range & cooktop
- Built-in microwave
- Garbage disposal
- Trash compactor
- Central air conditioning
- Heating system
- Leaks and breaks
- Water heaters
- Toilet tanks & bowls
- Sump pump
- Electrical system
- Central vacuum
- Ceiling, attic & exhaust fans
- Garage door openers
- Pool & spa equipment
- Well pump
Other Ways to Avoid Buyer’s Remorse
Find a Good Agent
A savvy real estate agent who has your best interests at heart can make all the difference in the home-buying process. These days, buying a home within your budget will likely involve trade-offs. A good agent can help you navigate the process and establish and focus on your priorities.
Make a List, and Check It Twice
Use a checklist to help identify what you need and want as you search for and visit homes. It can help you stay focused as you evaluate each house. Here is a comprehensive home viewing checklist you can use to track important details and what you liked (and didn’t like) about each house you visit.
Remember: Location, Location, Location (and Layout)
To prevent buyer’s remorse, it’s important to focus on the important things that aren’t easy to change: location and layout. You can change many things about a house after it becomes yours, but the location isn’t one. If a quiet neighborhood or short commute are high priorities for you, don’t lose sight of these. Similarly, it’s usually difficult and expensive (or sometimes impossible) to change a home’s layout.
Pay Attention to Your Home Inspection
When buying a home, your inspection report can help you better understand your home’s physical structure and components. It should detail the age and condition of your home’s systems and appliances and point out needed maintenance and possible repairs you should plan for. See how long home systems and appliances last.
In a competitive market, it can be tempting to forgo inspections to make your offer more attractive, but unless you are prepared for the unexpected and have a financial cushion, it can be a risky move. Let your real estate agent guide you.
Include a Home Warranty When You Buy a House
A great way to minimize risk, maximize budget protection, and prevent buyer's remorse is to purchase a home warranty when you buy your new home. You get special pricing and coverage for home buyers, plus all these valuable home warranty benefits from First American:
- Budget protection from costly repair and replacement of covered items
- An easy, time-saving way to schedule service providers when covered items break
- The security and convenience of unlimited service requests via phone or online 24/7
- Coverage that lasts for a year or more after closing
Just bought a home? You can add a real estate home warranty up to 60 days after your closing. Contact your real estate agent or get a home buyer’s warranty quote.
Already own a home? We also have home warranty plans for homeowners.
*Paid invoices net of service fees in 2021, prior to deductions and/or rebates.
**Based on actual invoices paid by First American Home Warranty in 2021 prior to service fees, deductions, and/or rebates; costs may vary in your geographic region. Items listed may be optional or not available on some plans.