When it comes time to get a new furnace, you may wonder whether you should rent or buy one. There are advantages and disadvantages to both paths, including differences in cost, longevity, and hassle. If you feel like you can’t buy a furnace outright, remember that you can try to get financing. Most people can choose between renting and buying—so which should you choose? We’ll break down the pros and cons here.
Costs of Renting versus Buying
For many people, their first concern when choosing a new furnace is cost. Furnaces, especially quality ones, are costly. If you are unable to purchase a furnace upfront, you can try financing, but renting may be a more convenient option. With renting, there is typically no upfront cost at all. You make monthly payments, and that is it.
However, renting does incur a much larger cost over the long term. By paying upfront for your furnace, you save money, sometimes a very significant amount, depending on the terms.
That said, renting is a more reliable cost. You won’t have to pay for sudden repair expenses. And, as you will have those repairs cared for, you may be able to justify buying a poorer quality furnace, which could save you money.
The Convenience of Renting versus Buying
Renting may be considered more convenient than buying, depending on what matters to you. When you rent, your HVAC technicians will handle all of the maintenance and repairs. You won’t have to worry about who to call, or the cost of the repairs.
However, others may consider buying to be more convenient. Once you’re purchased your furnace, you won’t have to worry about monthly payments or contract terms.
Choice and Flexibility
Furnace rental agreements tend to be very long term. Once you sign your contract, you will no longer have a choice about who services your furnace. If you’re unhappy with their customer service, or their workmanship, your options to appeal to the company may be very limited. While some companies will work hard to keep you happy, others may not. Renting is thus less flexible and offers you less choice.
If you want the flexibility to sell your house over the next few years, you might choose to buy a furnace outright. Buyers may be concerned about a furnace rental. They may not have the cash to buy a furnace outright themselves and transferring your rental agreement to them may not be to their liking either. Also, some furnace rental agreements are non-transferable.
CLARITY by ClimateCare
At Link ClimateCare we have an option that allows you the affordability of renting with the flexibility of owning your equipment. CLARITY by ClimateCare allows you to pay a monthly subscription fee that will result in you owning your equipment at the end of your term. With our CLARITY subscription you will also enjoy hassle-free repairs and regularly scheduled maintenance so you can rest easy knowing your equipment will last. If you want to learn more about CLARITY and how it can benefit your family visit our CLARITY page, we have more information about furnaces, air conditioners, water heaters and water softeners.
Do you want a professional to weigh in on whether buying or renting is best in your specific situation? Reach out to Link Climate Care to get advice that you can trust.