Every time you make a big-ish purchase — like a TV, home appliance, furnace, new windows, roof, sump pump etc, — you’re offered an extended warranty on the product you have purchased. The extended warranty covers repair beyond the manufacturer’s warranty expiration date, usually by a couple years, but it requires an additional fee. Most of us turn it down, unless a past experience reminds us that we ‘wish we would have purchased one’ when our dryer died on month 13.
If you’re moving into a house with existing appliances or newer systems, make sure you or your buyers agent looks into the warranties that the seller believes are set in place. Recently, my buyers were under contract on a home that had a sump pump installed by Terra Firma. The seller understood her warranty on the system to be 10 years from the time she had it installed, an added ‘perk’ to the sale that “clearly should add value to her home”. Unfortunately, when I called the company to get the paperwork on the unit and read the entire contract (two pages of small type), the unit was under warranty for ONE year (which is normal). The seller would have had to have paid an additional $3000 for a 10 year warranty. Something she opted not to do (but didn’t remember). As such it is important to have the contacts of repair shops where you can approach people to repair your dishwasher, fridge, pumps and everything in between. It is important to be independent in such matters because sellers cannot always be believed.
Had we not caught that fine detail, my clients would have purchased a home with only one month left of coverage on a unit that pumps water from a basement and we were heading into fall rain. There is nothing like feeling like a sucker if something goes on the fritz right after you move in.. Besides, you have plenty of other expenses when buying a new home. The last thing you need is to replace an appliance you thought was in good working condition.
We negotiated a 10 year warranty.
Now I can sleep better.
Check the paper work and warranties that you are offered. And if there is NO paperwork, then call the companies that did the install.
