Furnaces: Renting Versus Owning

| October 1, 2018 | 10 Comments

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.

 

Furnaces: Renting Versus Owning

Gas Furnace

 

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.

 

Furnaces: Renting Versus Owning

Furnaces: Renting Versus Owning

 

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.

 

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Category: Home & Garden, Living, Tips, Weekly Themes

About the Author ()

Lyne is happily married and has two amazing teenagers. She is a Certified Infant Massage Instructor (CIMI), Certified Professional Wedding Consultant, and an Event Planner. It has always been her dream to create a website dedicated just for Moms since her children were young. Thus, after 10 years, she finally accomplished it, and the Ottawa Mommy Club was born in May 2011. She loves all things Disney and is an avid chocoholic. She was also the Queen B of the BConnected Conference, Canada's Digital Influencer and social media Conference in Ottawa and Toronto. She coordinated the Annual Infant Information Day/Early Years Expo for the City of Ottawa for 8 years. She was also the co-chair of the Navan for Kraft Hockeyville 2009-2011 committee that organized five community events within 6 months, and helped Navan reach the top 10 finalists in Canada. In April 2011, she received the City of Ottawa Mayor's City Builder Award.

Comments (10)

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  1. Lynda Cook says:

    I have been in my home since 97 and own my furnace, we only had to call someone in twice to fix the ignitor it had dust and spider web on it and burned out, but if you look after the furnace and change the filters often it will last a very long time with low maintenance

  2. Calvin says:

    Never knew about renting furnaces, I guess it is good if you want to newest models and don’t have to worry about having to get rid of the old one

  3. kathy downey says:

    Renting a furnace,now that’s interesting.We bought ours when we build out home in the early 90’s and it still working well!

  4. Debbie White-Beattie says:

    We’ve always owned our furnace, even though it was expensive to replace but when we compared renting vs. owning it worked out cheaper to own.

  5. Rosie says:

    I’m considering buying a house next year, and I didn’t realize you could rent a furnace. I can see why people want to build a home, you can get what you want instead of settling for what is there, if it isn’t old enough to replace. Good information!

  6. I never knew you could rent a furnace. Good to know just in case.

  7. Kristi says:

    I had not known that some companies were offering renting to own as an option but it’s nice to have that option for some people who might want it.

  8. Amber Y says:

    We are in the process of buying the house we’ve been renting and when we had the home inspection done we found out the furnace is 24 years old!! It will be one of the first things we replace and i’m glad there are options because that is one big cost right off the hop that I was worrying about.

  9. Erin N says:

    I did not know you could rent a furnace! I had to replace my furnace at my old house and it was an expensive ordeal. Thank you for this info!

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