The Truth About Hot Water Tank Warranties
Reading Time: 3 minutes When you purchase a hot water tank they’re going to give you options of 6, 10, 12 years, typically at 6 or 10, and the price incremental isn’t that big, $100 or maybe $250 most, but it is something to consider. A lot of our landlords go, “Wow, if I can get an additional…
When you purchase a hot water tank they’re going to give you options of 6, 10, 12 years, typically at 6 or 10, and the price incremental isn’t that big, $100 or maybe $250 most, but it is something to consider. A lot of our landlords go, “Wow, if I can get an additional 4 years from a hot water tank for maybe $100 and $250 dollars more, I’m going to take that bet,” and that’s great!
We are always supportive of you, but you should know the truth about it. Even at year 6, 7, 8, 9, it’s not like you get a brand new hot water tank. They see how much time is left on your warranty and then they’re going to give you a prorated amount to be able to go back. We are just going to use basic, safe numbers here and use $1,000 for a hot water tank.
Let’s talk about the warranty
If that hot water tank has a 10 year warranty and you’re in your 9th year, how much money will they actually give you? $100. You’re not like you’re getting an entire brand new tank for nothing at year nine, you actually have to pay that portion of another $900.
This is really something to consider. A lot of my landlords get in because they’re like, “I thought I was covered?”, “I thought it was under warranty”?, “I don’t have to pay for it!”
It does not pay for labor, the plumber actually still has to go take that tank, return it, go get a new one, and that’s if they’re willing to. Not all plumbing companies will actually go to home depot or what not to be able to return that for you and go get a new one.
How will GOPM help you
It is better to have something rather than nothing when it comes to a warranty, and maybe there are hot water tank companies out there that will guarantee full value of it. We’ll have to look into that, and we continue to search for ways as a proactive property manager to help protect you and save you money, but at this current time, our founder Jarrett Lau, found himself many times unless it’s at the very beginning of that, not to be able to get a full one but rather just a prorated aspect to be able to make a return.
You might not want to deal with the headaches and it’s an amazing way that companies will make it a little bit nicer to be able to extend longer because you’re paying for it and then somehow magically at year 6 or 10 that thing breaks down. We’ve seen hot water tanks last a long time. You do want to be proactive about it especially if they’re on higher floors. When a hot water tank goes it will actually flood the entire unit with 40 gallons or 50 gallons of water can come down and flood the rest of it. If it’s in a basement that might not be as important.
If you or anyone else, you know, is looking for a proactive property manager that helps guide you through purchasing hot water tanks, saving money and understanding warranties, please think of Green Ocean Property Management where you get more than a property manager, you get peace of mind.
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