Is It Better To Buy or Rent My Furnace?
When the time comes to replace your old home comfort system, there are lots of decisions to make. One very important decision will be whether to buy or rent your furnace. Important factors to consider include affordability, the cost of future repairs, and the likelihood that you’ll be selling your home in the near future.
If you’re asking, “Is it better to buy or rent my furnace?”, let’s take a look at the pros and cons of buying vs renting.
Not everyone has the funds available to pay for a new system. This makes rental payments an attractive option that can make the purchase easier to manage in the short-term.
Most reputable contractors will offer financing and, overall, financing payments tend to be lower than rental payments. Financing payments are also fixed for the term of the loan, where most rental payments increase annually.
Even the best equipment on the market may require a repair at some point and, once your warranty ends, you’ll have to pay the repair costs out of pocket (although you may opt for an extended warranty that will cover this cost).
On the other hand, if you’re renting your system, the cost of any repairs will be covered. Read your contract carefully as some rental contracts may have exclusions.
Selling Your Home
Purchasing your HVAC system will give you the flexibility to sell your home without the added complications of transferring a rental contract. In some cases, potential buyers may be turned off from purchasing a home with a rented system. Buying out or transferring a rental contract during the first few years has proven to be extremely costly, and in some cases, impossible.
Take the time to read all the fine print of any rental or finance contract before signing, and make sure your contractor has a good reputation no matter whether you rent or buy.
If you would like to learn more about purchasing or renting a home comfort system, the helpful team at Cross Heating & Air Conditioning in Waterloo and Listowel would be happy to help you every step of the way. Contact us to start the conversation.