Updated about 8 years ago on . Most recent reply
Home Warranty: Yea or Nay?
Hello BP Community,
My family and I are fairly new to investing, nearing the one year mark on our first rental property and are evaluating our expenses and such. Currently, we have a home warranty that cost us around $575 this year, but only saved us $225. Wondering about the communities thoughts on having a home warranty on a rental? Searching the forums I only found one other post that was a year old, so hoping to get some fresh viewpoints. Thanks so much!!
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- Real Estate Broker
- Tulsa- OKC Oklahoma
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Nay. We have worked with warranty companies in the past on rentals and it has very seldom paid off. Many times by the time they do cover it has been weeks and we had to spend money making the tenant happy or putting them in a hotel bc the AC was out and it was 100 degrees. They don't want to hear about a specific repair man that has to come and cannot get out for 5 days then has to order equipment. Much easier to have a reliable group of contractors working for reasonable rates and save the "insurance" money for repairs.