Owning a rental property is a significant investment. Not only do you have to worry about finding and screening tenants, but you also have to maintain the property and handle any repairs that come up.
The benefits of a home warranty include taking some of the stress out of being a landlord by protecting your property against unexpected repairs.
Here are 8 benefits of a home warranty for your rental property.
Protection Against Unexpected Repairs
One of the most stressful things about being a homeowner is dealing with unexpected repairs. A broken furnace in the middle of winter can easily cost hundreds of dollars to fix, and a leaking roof can quickly do thousands of dollars worth of damage.
For many people, these unexpected repairs can be difficult to afford, leading to financial stress. Fortunately, home warranties can help to protect homeowners against these unexpected costs. By paying a monthly or annual fee, homeowners can have peace of mind knowing that they will be covered in the event of an emergency.
In addition, home warranty companies often have relationships with local contractors, making it easy to find someone to do the repairs. As a result, having a home warranty can save you both time and money.
Coverage for Major Appliances
Most home warranties will cover major appliances like your oven, refrigerator, dishwasher, and washer/dryer. This can be a big relief if one of your appliances breaks down and needs to be replaced.
In addition, many home warranties will also cover mechanical systems like your furnace, air conditioner, plumbing, and electrical system. If you’re considering purchasing a home warranty, be sure to shop around to find the plan that best fits your needs.
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24/7 Emergency Assistance
As a landlord, you are responsible for maintaining your rental property and ensuring that it is safe for your tenants. You also need to be available to address any emergencies that may arise.
However, life happens and there are times when you can’t be available 24/7. That’s where home warranty companies come in. These companies provide 24/7 emergency assistance, so if something goes wrong at your rental property outside of normal business hours, you can rest assured knowing that there is someone you can call for help.
This peace of mind is worth the cost of the warranty, and it can help you avoid potential liability issues.
Flexible Coverage Options
Home warranties are an important way to protect your home and budget. These companies offer different coverage options so you can choose the plan that best fits your needs.
For example, some home warranty companies have a combo package that includes both HVAC and appliances, while others allow you to mix and match coverage depending on what’s important to you.
Again, home warranty companies often offer different levels of coverage, so you can choose a plan that provides the right amount of protection for your home.
When it comes time to choose a home warranty company, be sure to compare coverage options and levels of protection to find the best fit for your needs.
Convenience
Home ownership comes with a lot of responsibilities- from paying the mortgage to maintaining the property. And, when something goes wrong, it can be expensive and time-consuming to find and hire a qualified contractor to make the repairs.
That’s where having a home warranty can be a lifesaver. So, if your fridge breaks down or your water heater springs a leak, you can simply call the home warranty company and they will send out a qualified technician to take care of the problem.
Home warranty is the most convenient way to save you time, money, and hassle- making it one of the best investments you can make as a homeowner.
Discounts on Future Repairs
Many companies offer discounts on future repairs if you use their services again in the future, making them an attractive option for homeowners.
However, it is important to research different companies carefully before selecting one, as not all companies offer the same coverage or discounts.
In addition, be sure to read the fine print carefully to understand what is and is not covered under the policy. By taking the time to do your research, you can find a home warranty company that best meets your needs and budget.
Peace of Mind
As a landlord, there are a lot of things to keep track of – from making sure the rent gets paid on time to scheduling repairs. Add in the fact that unexpected repairs can pop up at any time, and it’s no wonder that many landlords feel overwhelmed.
A home warranty can help take some of the stress out of being a landlord by providing coverage for unexpected repairs. That way, if something goes wrong with the plumbing or the furnace, you don’t have to worry about footing the bill.
Instead, you can focus on what’s really important – taking care of your tenants. Granted, there are some things that a home warranty won’t cover, but it’s still valuable protection against the unknown. So if you’re looking for a little peace of mind, be sure to get a home warranty.
Boosts Resale Value
When it comes to selling a rental property, there are a number of factors that can affect its resale value. One of the most important is the condition of the home itself.
If the property is in need of major repairs, it will likely sell for less than a comparable property that is in better condition. This is where a home warranty can come in handy.
By covering the cost of repair and replacement for major systems and appliances, a home warranty can help to keep your property in top condition. In turn, this can help to boost its resale value and make it more attractive to potential buyers.
Finally on the Benefits of a Home Warranty for Your Rental Property
A home warranty is an important consideration for any landlord looking to protect their investment and provide their tenants with peace of mind.
There are many benefits that come with having a home warranty, from protection against unexpected repairs to increased resale value down the line.
When choosing a home warranty company, be sure to compare different coverage options and read reviews before making your decision.
Author Bio:
Amelia Brown has over 2 years of experience as a content creator. Amelia loves creating content revolving around real estate and currently working as a content creator for ezLandlordForms.
Photo by okchomeseller 