When it comes to renting vs buying a furnace, the decision can be challenging. There are pros and cons to both options. How much you use your furnace along with your financial preferences can play a role in which option is best for you. So, let’s go over the pros and cons of both renting and buying a furnace.
Renting a Furnace
In many circumstances, you might rent a furnace if your old furnace broke down. Sometimes, renting a furnace is more affordable when you do not have the finances to buy a new one. Furnace rentals tend to be month-to-month contracts and can sometimes include regular maintenance and free repairs. This is a definite pro. The major and obvious con of renting a furnace is that it is not yours. So, if you ever decide to sell your home, arrangements must be made for the buyer to assume the furnace rental. This can decrease the value of your home.
Buying a Furnace
One of the cons to buying a furnace is the upfront and costs. You have to buy it and deal with any maintenance or repairs that could occur. However, in the long run, it is an asset and you could invest in a furnace maintenance program to avoid any unexpected repair bills.
You can also ask yourself about the cost over time. If you won’t need a furnace for a long period of time, then it may be worth renting as opposed to buying. But, if you are staying in a home for a long period of time it is best to invest in a good furnace.
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