Charlie:
There’s Nicholas from Spring Valley is our first one on the spit this morning. He says, “I wonder if there’s a home warranty service you’d recommend because I want to cover my electrical, plumbing, etccetera, etc cetera.”
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Tom:
No. There’s not a home warranty service I recommend, by any means. I recommend that if you take the monthly fees you pay all your warranties and put them in your own bank account, you’ll have your own warranty. It’ll be a bank account that’s your own money and you use it when you need to use it.
You’ll notice when a house is brand new, you use very little money. But if you take 2% of the value of that house and put it in a bank account, you’ll always have enough money, that’s your money, to take care of the home. After about eight years, the maintenance and repair work goes way up. About every eight year period, if you take care of a house, it can get a little expensive. Besides that, usually, you should control your own money, not give it to somebody else.