Which home can you live in?
The real estate market is in a frenzy, and many buyers and sellers are looking to make an informed decision when buying.
But can you really afford to live in a home with an air-conditioning unit?
The short answer: No.
The long answer: Yes, you can.
That’s because there’s a significant chance that the value of a home will increase in the near future.
In fact, if you buy a house with a 30-year warranty, you’re in for a significant increase in your home’s value.
This year, the median home value in the US is $350,000, according to Zillow, which has been tracking the price of homes for more than a decade.
So if you’ve been sitting on a house you’re not sure you’ll ever get a chance to buy, this may be your best time to get involved.
Here’s what you need to know about how to buy a home.
What does a 30 year warranty mean?
The standard for a 30 years warranty is five years, but it varies depending on the state and the type of warranty.
In most states, you only need five years of coverage.
In California, however, homeowners can get five years.
If you buy from a non-profit or government-run mortgage, you’ll need a 30 day notice to complete the appraisal.
You can also have a second appraisal completed before you sign the agreement.
But if you’re selling to a seller, you may need to wait at least a year to file a claim.
If the home you’re looking to buy is less than 30 years old, the 30 year contract might cover the entire cost of the property, not just the appraised value.
For example, a home purchased in 2017 that’s less than 60 years old will need at least two years of warranty coverage.
That includes the cost of repairs, insurance, and any other maintenance you need.
The longer you have to pay the full purchase price, the more expensive the home will be.
For more information on how to find a home in your area, check out the Zillows guide to buying a home for 30 years or more.
Can you live without an air conditioner?
Some states require homeowners to purchase a warranty for air-con units, and this can be a bit of a catch-22.
In order to get a 30 month or longer warranty, homeowners have to buy the unit outright.
If you live outside of the warranty period, you might be better off purchasing a unit that’s in a more expensive market.
But, if the unit has a 30% price premium, you’d better take the plunge.
The average cost of a 30yr air-conduction home is around $2,000 per month.
That means that you’d need to spend $6,500 on a 30 yr warranty to get the same price as a standard air-vent home.
That extra money could go towards repairs, renovations, or any other upkeep you might need to get done.
For a complete list of 30- and 30-yr warranty requirements, check this Zillower article .
For more information about air conditioning, read this Zellow article