Replacing a furnace can be an overwhelming process for a lot of homeowners because they want to get a unit that will last and get the most for their hard-earned money. We often get asked if renting or buying a furnace is best, so we’ve broken down the facts behind each of these financing options.

Renting
Upon first glance, renting a furnace may seem like the more affordable option, but the truth is it’s going to cost you far more money in the long run. Here’s everything you should know about renting a furnace before you make your decision.

• There’s no down payment option, and you’ll pay a fixed inflated monthly fee.
• Some contracts can last for up to 17 years, which results in a significantly higher total cost.
• Service calls will be covered, but you likely won’t have a choice who your provider is.
• Most agreements are long-term, and the only option to get out is an expensive buyout.
• It decreases the value of your home because the rental agreement has to be transferred.

Owning
Although it seems like a lot of money upfront, you’re much better off purchasing a furnace rather than renting. If you can’t afford the lump sum payment, that’s okay, there are a number of financing options available, and you’ll still reap all the benefits you would if you purchased a unit outright. If you decide to purchase a new furnace, this is what you can expect.

• You’ll have to make a payment upfront, but you’ll receive a warranty.
  • Most warranties last for up to ten years and cover parts, labour, and sometimes replacement in extreme cases.
• You’ll pay more initially, but as we mentioned, financing is an option.
• The total cost will be less than renting, and you’ll have no long-term agreement tying you down
• No agreements need to be transferred if you sell your home, which increases the value of your home.
• You get to decide who services your furnace because it belongs to you.

When you look at all the information, it’s clear to see why we encourage homeowners to purchase their furnaces instead of renting. That being said, we fully understand that not everyone has the finances to do that, but financing your furnace is an excellent alternative option.

If you have any questions about replacing your furnace,
contact the home comfort specialists at Fahrhall for more information or for a free quote.

The home comfort specialists at Fahrhall have been servicing the HVAC needs of the Windsor-Essex and Chatham-Kent regions for over 50 years. Our team of licensed professionals is committed to providing our customers with exemplary service and equipment.

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