There are two things that perhaps all homeowners can agree on…
- Owning a home is one of the most expensive things you’ll ever do
- Owning a home is one of the best learning experiences you’ll ever have
When you own a home, you’ll never stop learning (and spending money!) whether it’s about taxes, flood insurance, landscaping, HOAs, renovations, HVAC units, furnaces…you name it!
If your furnace recently went out, you may think the only option is to buy one outright. And while that is a route you can go, you also have the choice of renting a new unit. Here are the benefits of renting a furnace instead of buying one.
- Renting eliminates upfront costs
A furnace can cost $3,000 at minimum (including installation). However, most homeowners in Canada will pay somewhere between $3,500 and $5,500+ when having theirs replaced.
If you have a tight budget, you might not be able to afford a furnace and installation outright. A rental unit can help solve this problem. There’s no down payment for a rental unit, and free installation makes it an even more affordable option. Monthly payments for a rental furnace typically range from $49.99 to $89.99 depending on the rental term.
- Renting removes the burden of maintenance
Homeowners are on the hook for anything that goes wrong. When the fridge, air conditioner, or furnace goes out, it’s up to them to repair or replace it. The constant maintenance (and the money it requires) can be exhausting.
If you’re ready to remove this unknown from homeownership, renting a furnace is a simple and easy way to do so. During your rental term, all you have to do is call your provider if something goes wrong. They’ll provide prompt repair services or even replace the unit if necessary. No more paying out of pocket at a moment’s notice!
Just make sure you read what’s included in the quality rental agreement. Typically, installation, maintenance, repairs, replacement filters, and the option to renew with perks are fairly standard.
- Renting helps you save money on the cost of operation
Renting a unit comes with one big perk. You’re often renting a top-of-the-line unit that’s highly efficient. This efficiency can allow you to save big over the cost of the rental season.
For example, say you spend $150 on heating and cooling. Your previous furnace was 80% efficient. However, you decide to rent a high-efficiency furnace that’s 95% efficient. This translates to about $22.50 a month in savings when using your furnace.
That’s pretty good! The overall savings will depend on how much you’re spending each month to rent the furnace as well as how many months per year that it’s in use.
- Renting simplifies the process
Furnaces are often included with the purchase of a house. This means that most homeowners don’t have experience buying or renting a furnace. So, if you need a new furnace as soon as possible, it can be an overwhelming process. Where do you start? What do you do first? Especially if you don’t have the financial resources!
One of the best parts about renting a furnace is how simple it is. You don’t have to go through complex financing processes. You don’t have to scrape together cash. You don’t have to do extensive research to find the best unit you can afford or compromise on the unit you want because you can’t afford it.
Instead, work with a trusted HVAC rental company to walk through the process of furnace rental — they can make sure you get a high-quality, efficient furnace in your house as quickly as possible.
- Renting can become owning
The right HVAC rental company may offer a buyout process through a rent-to-own furnace program. This allows you to eventually own your furnace without having to utilize traditional financing options or undergo a credit check. Owning your unit can simplify your situation if you decide to sell your home in the future. However, if you can’t own outright, then a transparent rent-to-own or buyout option can be a financially sound choice.
If you go this route, you’ll still get affordable monthly payments, term length choices, furnace rent-to-own options, top-of-the-line brand picks, and no hidden fees.
Final Thoughts
At AirPoint, we know everyone’s situation is different. That’s why we offer the option to rent furnaces with transparent contracts and an easy buyout process. Visit here to learn more if you’re in the Vaughan area.
