To Buy a Furnace or to Rent a Furnace?

A technician comes to your house and gives you the news no homeowner ever wants to hear: the furnace is on its last legs, or even worse, broken.  Once the shock sets in, you ponder that replacing that older furnace could be in your near future.  With the fall and winter weather here, you clearly have a decision to make.

If you are tired of furnace breakdowns and ongoing repair bills, read on to learn some reasons why furnace ownership is better than furnace rental—for your budget and peace of mind.

• Owning a furnace from Peel Heating means costs are spread out, so you do not have to worry about upfront charges when it comes to choosing your new furnace.  For example, we currently offer no interest, no payment on select HVAC equipment
• Furnace ownership means you own the furnace, and once it is paid off, you will not continue to pay for it, like with a rental furnace.  If you do the math, you will see that you could end up paying thousands of dollars extra for a rental furnace (calculate 12 to 15 years of monthly payments, multiplied by the monthly rental rate, which can increase over time)
• Purchasing a furnace outright means that you will not have a monthly furnace rental fee to contend with on each and every one of your bills…for possibly a decade or more
• Owning a furnace gives you a choice of service providers, which is not the case if you have a rental.  Should you rent and need maintenance or repairs, you may have to wait a lengthy period of time to secure a service appointment.  It is a disadvantage to be locked into only one service provider
• Buying a furnace allows you to purchase an HVAC Protection and Maintenance Plan, or not.  It is your choice to shoulder that extra cost
• Outright ownership of your furnace means no increasing rental fees, or lengthy rental contracts
• Buying a furnace avoids a “rent-to-own” situation, in which at the end of the furnace rental contract, the monthly fee does not really go towards paying off the furnace.  You must pay an additional buyout fee to actually “rent-to-own” a rental furnace, which could be quite old and used by that time
• An owned furnace is an asset that makes it easier to sell your home, as it adds value to your property.  In contrast, a rental furnace and rental agreement are liabilities to a potential buyer.  Some realtors instruct buyers to decline the existing furnace rental agreement when making a purchase offer.  Should this happen, you, the seller will have to buy out the rental contract as a condition of the sale
• Purchasing a furnace increases the value of your home, as opposed to a rental furnace that can affect home equity.  Did you know that a furnace rental contract can register a lien against your home, in order to protect the rental company’s interests?
• Once you own a furnace in full, you will never be paying to rent it in the summer months, when the furnace is not in use.  Although shocking to behold, renters are invoiced even in the hottest of weather, when most others at the time are thinking of air conditioning services!

As you can see, there are many advantages to owning a furnace outright, instead of renting one.  From having no upfront charges and payments, to not overpaying thousands of dollars in a rental contract, to having an asset—instead of a liability—when the time comes to sell your home.

Are you interested in purchasing a furnace?  Contact the experts at Peel Heating today, who will be happy to make you make furnace ownership a reality.