A lot of Las Vegas landlords ask us about home warranties, and whether they really need one. Today, we’re talking about whether they are worth the money you spend on them.
Las Vegas Home Warranties and Maintenance
If you think that the home warranty will be the sole solution to all the potential maintenance problems on your house, you need to rethink that. When you buy insurance on your car, it doesn’t cover brakes or oil changes. It doesn’t cover anything consumable. Similarly, your home warranty company won’t be interested in doing any preventative maintenance on your house.
Ease of Use
Understand ease of use if you decide to get a home warranty on your Las Vegas rental property. How long will it take to file a claim and how many claims get approved? What are the associated costs? The biggest maintenance cost for Las Vegas home owners is the air conditioning. If your air conditioning goes out and you need six pounds of Freon but the warranty company is only going to cover two pounds, you need to know how much Freon costs because it might not be the best deal.
If your air conditioning breaks down and cannot be repaired, are they going to replace the system, or will they be slow to address the problem? It could put you at risk for losing a tenant. Las Vegas tenants are not going to wait around for the air to be fixed by a home warranty company. They’ll want to go to a hotel, and you’ll have to pay for that because in our market, tenants can acquire the services they need that you are not providing because you’re being slow with repairs.
Weigh the pros and cons when you’re deciding about a home warranty, and talk to a Las Vegas property manager if you’re not sure what to do. It’s probably better to have a preventative maintenance plan to look at equipment before it breaks down. You want to fix small things before they become big problems.
If you have any questions about this topic or anything pertaining to Las Vegas property management, please contact us at Blackbird Realty.