Renting a furnace can have several benefits, whether you own your home or are renting your residential property. However, there are also some drawbacks to furnace rental that you’ll need to be aware of before you arrange for the rental unit to come to your home.
One of the biggest rental benefits is that you won’t have to worry about the permits required to have a furnace in your home. This means you can avoid paperwork and the long process that is often required to ensure you can legally have a furnace on your property. You also won’t have to worry about fixing the furnace if you rent it. According to some contractors the furnace company will cover the cost of repairs, since the furnace isn’t technically your property.
It’s also important to note that furnace rental is an affordable option for many homeowners. Furnaces can cost around $4000. This price is often too high for many homeowners, especially when the entire amount is due at once. You usually won’t have to pay upfront when you rent the furnace and can pay a monthly fee for as long as you’re using the device. This makes it easier for you to afford the furnace and keep your monthly budget intact.
If you need to replace the furnace, you can get a new one if it breaks down when you’re renting the furnace. The furnace company will have to give you a new furnace or fix the unit if you have any issues with it. However, if you’re on a rent to own plan, you may be responsible for repairs depending on how long you’ve been using the device.
Furnace rental is also energy-efficient. This is especially for the newer furnaces, which are created with new technology. You’ll save on fuel costs and you’ll be doing your part to save the environment.
Even though there are plenty of benefits to renting a furnace, there are some things to keep in mind when you’re interested in furnace rental.
One of the main things you’ll need to remember is that you’ll be locked into a contract. Most furnace contracts last for about a decade, but there are some contracts that are binding for 15 years. If you decide that you no longer want the furnace or you move to a different house, you’ll have to pay the full amount of the furnace.
While the monthly payments can be a benefit, you’ll have to remember to make the payments each month on time for as long as you have the furnace. The rental furnace can also bring down the value of your home. Your property values will go up if you purchase your own heating and air conditioning system. Your home’s resale value will decrease if the furnace device is rented. There’s also a chance that you’ll be spending more on your heating bill each month if the furnace is a low SEER or seasonal energy efficiency ratio. You also won’t be able to take advantage of rebates when you rent your furnace. When you purchase the furnace, you could get up to $1500 in rebates.