The furnace, air conditioner, water heater, plumbing and electrical panel rarely get much attention during a showing. Yet they're among the most expensive parts of a home to repair or replace, and they tend to fail at inconvenient moments, like the first cold snap of winter.

Start by finding out how old each system is. Your inspection report, the seller's disclosures or a label on the equipment itself can often tell you. Write down the ages, the last service dates and the contact information for anyone who has worked on them. Knowing what's near the end of its typical life helps you plan instead of scramble.

Some new owners also look into a home warranty, which is a service contract that may cover repairs or replacement of certain systems and appliances for a fee each time you request service. Coverage, limits and exclusions vary a lot between plans, and pre-existing problems are often excluded, so read the contract carefully and compare it with simply saving a repair fund.