When it comes to buying a new home, one of the biggest financial decisions you'll make is whether to purchase or lease. But what happens when your new house starts to break down? It's not just about fixing leaky faucets and patching holes in walls – it's also about understanding who pays for a home warranty. In this article, we'll dive into the mystery of who covers the expense of a home warranty in a house purchase.
Typically, the cost of a home warranty is split among the homeowner and/or tenants if they are renting out a property or have one being paid by an employer.
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However, if you're purchasing a property, there are different scenarios to consider. In some cases, it may be your responsibility as a homeowner to cover the cost of repairs and maintenance. But in other cases, your mortgage lender or seller may have agreed to pay for these costs.
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It's worth noting that home warranties are not mandatory, and you can choose to purchase one without committing to it. However, having some form of protection in place can provide peace of mind and financial security.