Here’s the situation: your furnace, air conditioner or water heater is on its last legs and you’re actively considering a new one. However, the most important and far-reaching decision you make may have nothing to do with the system’s size or power or efficiency.
The most pressing question you may need to answer is: Should I rent or buy it outright?
While it may seem to many homeowners that a one-time purchase versus extended rental payments for months or years is the better way to go, when you actually compare all the extra value you get from renting (you can use market reports like this one from ABODO, for example, to understand your rental market), the truth may be quite the opposite.
Here are 3 big reasons why.
- Buying can be a budget squeeze: If you purchase equipment, you may have to scrounge up thousands of dollars from your savings or charge your credit card and potentially deal with high interest rates.
When you rent, you simply have one low monthly payment –a lot easier for most home expense budgeting.
- Buying means you pay for repairs: When you purchase equipment and once the warranty expires, you’re on the hook for future repairs or replacement – something you never have to worry about when you rent. Also, warranties don’t necessarily cover all issues.
In fact, by renting, you’ll have peace of mind knowing that, anytime your furnace, air conditioner or water heater needs maintenance or repairs, you’re covered.
- Buying means investing in a depreciating asset: If you ever sell your home, you walk away from the unused portion of your equipment investment.
However, when you rent, monthly payments can be transferred to the new home owner – meaning you’ll have only paid for what you used.
And here’s what homeowner Ethan Smith recently had to say about his decision to rent:
“My rented water heater died so I called Reliance. They were very friendly on the phone. The next morning, first call, Andy stopped by my house to fix my water heater. It was a $600 piece of hardware he had to replace so it was a good thing I was renting. Andy was friendly and professional. Being that it was winter he had nice little boot covers to avoid getting my flooring dirty or wet. He fixed the problem quickly and efficiently, I have hot water again and it didn’t cost me an extra cent!”
Click here to learn more about a Reliance™ rental program or call us today!