Owning VS Renting a Furnace

Created: January 30, 2020

OWN vs RENT - Furnaces Regina

Is furnace rental really worth it? Below we'll show you the facts to help you make the decision.

Purchasing a furnace can be a costly investment and usually happens at a time when you haven't been budgeting for it. Living in Saskatchewan, furnaces are a requirement for your home; we can't live without one. When your furnace comes due for replacement, people are opting to rent instead of buying. This may be a good idea in the short term, but is it your best investment long term?

'I was livid': Single mom hit with $32,000 bill to break furnace, air conditioner rental contract [source: cbc.ca]

Should You Buy a Furnace?

The main benefit of purchasing a Furnace in Regina is the overall cost. Rental fees are constant, but purchasing expenses will end if you choose to buy. Buying a furnace means that all the money you spend is ultimately going towards something you own, making it a more solid investment.

Owning your furnace can increase the value of your home. If you're looking to sell your residence shortly, selling your home with owned appliances such as a Furnace or Water Heater can be beneficial. Passing along a rental agreement to the purchaser could deter them from purchasing or even looking at your home.

Ontario man says he's out $20K after nightmare deal with water heater, furnace company [source: cbc.ca]

Should You Rent a Furnace?

The rental company will often provide maintenance and repairs on the appliance for the duration of the rental agreement. This means zero out of pocket surprise repair expenses for you, the homeowner.

Renting a furnace is also cheaper initially with low monthly payments over the term of the agreement. The contract can be 7 to 12 years leaving you with an expensive buy-out option to get out of the contract. These payments never disappear, with companies requiring regular rent. When you buy a furnace, the costs have an end and result in a new asset.

Do Your Homework Before Buying or Renting a Furnace in Regina

Figure out which furnaces will work best for the climate in Regina. Ask what warranty comes with the appliance and what labour costs are covered under the warranty.

When buying a furnace, an extended warranty could cover you longer than a rental agreement will with a much lower end cost. Velocity Mechanical AirEase furnaces offer an additional 10-year warranty on labour, leaving you with a piece of mind.

Generally, it's a better long term investment to buy a furnace rather than renting one. If money is tight, you may find rentals to be a good fit for your budget.

Stuck with $37K bill he can't read, Winnipeg man says door-to-door furnace sales should be banned [source: cbc.ca]

We're Here to Help

Request a Quote today and see how we can make your Furnace Replacement fit into your budget!

Don't have the cash right now to purchase a new furnace? No problem, we have Financing Options to give you a hand.

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