These days there seems to be growing questions about which is better, renting furnace services or purchasing furnace systems? A lot of homeowners become more and more curious as furnace companies are putting a huge amount on advertising and sending sales agents in different districts to promote their products and services. Since furnaces are commonly used, companies are putting a lot of effort on marketing them. However, up to now, many homeowners are still wondering about whether it is better to rent or buy furnace systems.
For a couple of years, the rental furnace has been a common practice has been a common practice in many households. There are a lot of companies involved in rental businesses that are pushing to acquire more furnace rentals by homeowners and at the same time offering them a cheap with maintenance contracts to help them keep their furnace running at high-efficiency especially during winter. Every homeowner wishes to have a high-efficiency furnace to be warm and comfortable through the cold season. In addition, having a high-efficiency furnace can help a homeowner save time and money. But homeowners are eager to know which option will help them save more time and money, is it renting a furnace or buying one?
It is an important decision to choose the right heating equipment since one will benefit from it for the upcoming years and to determine the best option that will help them save more time and money is essential as well. To find out which option is better, below are the pros and cons of renting and buying a furnace:
Pros of renting a furnace:
- No upfront costs. The cost of a furnace is about $3500-$4000 which most people are not prepared to pay that’s why some homeowners prefer renting.
- No repairs cost. All repairs may be included along with yearly maintenance and inspection. You can check your contract to see what is covered. Some companies even offer free lifetime maintenance.
- Breakdown replacement. This applies to a straight rental agreement. If it is a “rent to own” furnace, you are responsible for replacing the equipment.
- Free in-home consultation and installation. A consultation will help you determine which is the best heating system that suits your need.
- Get government rebates. You can get up to $650 in rebates depending on your contracts.
- The furnace company secures all required permits.
Cons of renting a furnace:
- Sealed into a contract. Contracts can last up to 10 to 15 years. You will need to pay out the full amount if you want to end your contract.
- Monthly payments. You will always need to pay monthly payments as long as you have a rental equipment in your home.
- Devalues your home. The price of your home is based on your furnace and air conditioning you own. If you have a rental equipment, the resale value of your home will decrease
Pros of buying a furnace:
- Saves money. A new energy-efficient furnace reduces heating expenses and fuel waste.
- Increase comfort. It is much quieter and safer to use a new furnace which has a power-efficient system.
- Increases the value of your home.
- It is an investment.
Cons of buying a furnace:
- Low SEER. A high SEER (seasonal energy efficiency ratio) means the furnace is the most efficient unit to use. If you ignore the unit’s SEER, you will be spending more money each month on heating your home as furnace’s with low SEER increases energy bills.
- Miss rebate opportunities. A lot of furnace companies offer rebates. Some even offer as much as $1500 in rebates.
To determine whether renting a furnace is better or buying one depends on different factors. It is a big decision for a homeowner to choose the best furnace. You should weigh your options so you could make the right decision to have the best furnace for your home.