How To Sidestep Buying Expensive Home Warranties
- 3 years ago
The average homeowner spends anywhere from 1% to 4% of their home's purchase price on maintenance every year.
That can make home warranties appealing. But a home warranty's fine print can translate into it not always coming through when you need it to.
So when Business Insider contributor Choncé Maddox got burned by her home warranty company skating out of some pricey repairs, she turned the tables.
Instead of paying for another warranty, she put the same $500 she would have spent on it into a high-yield savings account for home maintenance.
If a new air conditioner costs $2,000 to $3,000, she can come up with the money a lot quicker without paying for a warranty!
Also, she and her husband took it upon themselves to learn how to take care of the valuable systems in their home. Hooray for YouTube!
That can make home warranties appealing. But a home warranty's fine print can translate into it not always coming through when you need it to.
So when Business Insider contributor Choncé Maddox got burned by her home warranty company skating out of some pricey repairs, she turned the tables.
Instead of paying for another warranty, she put the same $500 she would have spent on it into a high-yield savings account for home maintenance.
If a new air conditioner costs $2,000 to $3,000, she can come up with the money a lot quicker without paying for a warranty!
Also, she and her husband took it upon themselves to learn how to take care of the valuable systems in their home. Hooray for YouTube!