Furnaces: Renting Versus Owning
When you own a home, a furnace is a must. It would be unimaginable to have a home without one, especially in colder climates—heating your home in winter months goes far beyond simple comfort. The big question surrounding furnaces lately, however, may surprise you: recently, more and more homeowners are trying to decide between renting and owning their furnaces.
Regardless of whether you plan to rent or buy a furnace there are plenty of factors to consider either way. While renting a furnace may not be an option that you’re familiar with, it is becoming a more popular and accessible choice. Both options have advantages and disadvantages, but the best option is different for each unique situation.
Here’s our guide to the ins and outs of renting versus buying a furnace:
Renting A Furnace
When it comes time to replace or install a furnace, some service providers have started offering the option of long-term rentals, or renting to own. The biggest appeal of renting a furnace relates to maintenance. If you choose to rent a furnace, you’re not on the hook for repairs or replacement if issues with the furnace should arise, which is a major benefit. Your provider will take care of all necessary fixes, and should your furnace kick the bucket, your provider will typically replace it without charging you an enormous amount of money—whereas if you owned the furnace, you would be out of luck.
Renting also reduces the up-front cost of furnace purchasing. Instead of paying for the entire cost of the furnace at once, you instead pay affordable monthly installments. For many consumers, this allows them to access a newer and more efficient furnace, because they don’t have to shoulder the whole cost up front.
Of course, renting is not without its cons: the total cost of renting tends to be higher, because you pay a little every month over contracts that can last several years. Also, although service and maintenance are included, you do not get a choice of your service provider, as it will be serviced by whomever holds your contract. If you are thinking about renting, make sure that you go with a service provider you trust from the beginning.
Buying A Furnace
Buying a furnace is first and foremost an investment—not just in your own comfort, but also in the value of your home. Having a permanent, fully-owned furnace is something that can have a significant impact on property value. Renting does not have the same positive ramifications, although thankfully furnace rental contracts are easy to transfer to a new homeowner should the need arise. And while buying a furnace is a savvy investment, it is inherently riskier, as repairs and maintenance will not automatically be covered by the provider from whom you purchased your unit. The most sensible way to mitigate that risk is to choose a provider who offers protection plans or warranties that will keep your investment safe in the event of an unforeseen breakdown.
If you’re planning on staying in a home long-term, renting may be the more attractive option for its security and convenience. If you’re not sure how long you’ll be in a home, purchasing may provide better property value. Any homeowner who wants to know more about furnaces should speak to a trusted service provider—as experts, they will be able to help you make a choice that you’re comfortable with and that will benefit both you and your home over the long-term.