“Hi Gary. I’ve never bought a home before and I’m a little nervous. Do you get some kind of warranty when you buy a home?”
New homes offer some coverage by the builder against defects for the first ten years.
If you buy a resale home, you can get a “Home Protection Plan” or “Home Warranty.” Basic plans run you only about $265 for one year. Most homesellers are willing to pay for them if you ask.
Home Warranties cover certain things that can go wrong with the basic systems of the home: plumbing, heating, electrical, and built-in appliances. For an extra $50 or so for each item, you can get additional coverage for pools, spas, roof, refrigerators, and other items.