When it comes to heating equipment for your home in Ontario, making an informed decision can make a lot of difference. This article will discuss the two decisions that are particularly difficult to choose from: renting a furnace and buying one. After you get to know the process of each option, this article will discuss the factors that affect your decision, helping you make a decision that suits you. This comprehensive guide is provided for you by the premier HVAC company in the Tri-Cities area, Aire One Heating & Cooling KW.
Understanding the Process: Buying vs. Renting a Furnace
For starters, let’s explore the process of both options:
Renting a Furnace
The process of renting a furnace usually consists of the following steps:
Finding a Good HVAC Contractor
First, you will need to make a decision between the different HVAC contractors. A simple search like “HVAC company near me” will show you a list of options that you can choose from.
Ensure you get quotes from different HVAC contractors and compare prices and quality. Reading past customers’ reviews always helps a lot when selecting a good company.
Signing the Rental Agreement
A rental agreement typically involves a monthly fee. This fee will cover the furnace, its installation, and its maintenance. Normally, the company will have a sample contract ready for you to sign, which includes regular maintenance and potential updates. A standard furnace rental agreement will span 12 to 15 years, although this is negotiable.
Selecting a Furnace Model
Next, you should see what furnace models the company offers. A reputable HVAC rental company will have a variety of models available, and offer you the best deal with a model that fits your property. Your property and the particular requirements that it has plays a major role in making the decision between different furnace models.
Scheduling Installation
Finally, you will schedule a time with the HVAC contractor that suits you. The installation process usually takes less than a day for a typical property.
However, for projects where there is the need for complex ductwork and modifications to the existing systems, the installation process potentially takes a day or more.
Buying a Furnace
Buying a furnace is different from renting a furnace. It usually includes the following process:
Researching Furnace Models
For starters, it’s recommended that you start with researching different furnace models and their efficiency ratings. There are many models that you can choose from based on the specific needs of your property. It is essential that you also choose a model with high energy efficiency since doing so will lead to tremendous cost savings in the coming years.
Obtaining Quotes
Next, you will contact your local HVAC contractors to obtain quotes. You can now see which HVAC companies near you are selling it, and which one gives you the best quote for installation. Read the past customers’ reviews and pay a lot of attention to those mentioning the company’s installation process and their technicians’ expertise.
Purchasing and Scheduling Installation
Finally, you will need to purchase your furnace of choice and schedule its professional installation. Since installing a furnace needs experience and knowledge, it is best left to HVAC contractors. This installation process typically takes less than a day, although complex cases that require more ductwork will take up to a day or more.
Pros and Cons
Let’s dive into the pros and cons of each option:
Renting a Furnace Pros and Cons
Pros
- Upfront costs are much less, which makes it more accessible for homeowners who don’t have substantial savings.
- Monthly costs are predictable, which makes it easy to budget.
- Maintenance and Repairs are typically included in the rental agreement.
- Upgrading to new models is easier during or at the end of the rental period.
Cons
- Costs are higher in the long term compared to purchasing outright.
- Long-term contracts can be restrictive.
- Complications are possible if you want to sell the house before the end of the rental agreement.
Buying a Furnace Pros and Cons
Pros
- You will save a lot of money in the long term by paying upfront.
- The furnace will increase your property’s value since it’s considered an asset.
- You will be free to choose your maintenance and repair service providers.
Cons
- Upfront costs are high and may not suit all homeowners.
- You will be responsible for all maintenance and repair costs post-warranty.
- There will be unexpected expenses if the furnace requires significant repair.
How to Make an Informed Decision
Here are some factors to consider before you make a decision:
Financial Situation
Assess your savings and how your budget might constrain your choice. If you don’t want to break the bank, you can consider financing options or renting.
Duration of Homeownership
If you are planning to stay in your property for a long time, buying offers better value and cost savings. For short-term residents, however, renting might provide more flexibility.
Impact on Home Sale
Owning the furnace can be a selling point, while a rental agreement might deter potential buyers.
Energy Efficiency and Technology
Evaluate the importance of having the latest furnace technology. Renting may offer opportunities for upgrades while buying means committing to a specific model for a more extended period.
Maintenance Preferences
You may prefer buying if you are comfortable with handling and arranging maintenance. If you want a hassle-free solution, you might lean towards renting.
Top-Tier HVAC Contractor and Furnace Rental in Kitchener-Waterloo, ON
If you live in the Tri-Cities area, Ontario, Aire One Heating & Cooling KW is your trusted HVAC contractor. We offer installation, maintenance, and rental services for furnaces, as well as free quotes! With our quality products and easy rentals, your process of installing a new furnace for your home will be easier than you think. Our HVAC experts and technicians are only one call away.
Call us now!
Frequently Asked Questions
Are any tax incentives or rebates available for purchasing a furnace in Ontario?
Yes, homeowners in Ontario may be eligible for various rebates and incentives when purchasing energy-efficient furnaces. Programs such as the Home Efficiency Rebate Plus (HER+) offer financial incentives for upgrading to high-efficiency heating systems. It’s advisable to consult with local utility providers or government agencies to determine current eligibility criteria and available programs.
How does furnace ownership impact home resale value?
Owning a furnace can enhance your home’s resale value, as it is considered an asset. Potential buyers often view an owned, well-maintained furnace as a positive feature, eliminating concerns about assuming rental agreements or ongoing monthly payments. Conversely, a rented furnace may complicate the selling process, as new owners might be reluctant to take over the rental contract.
What are the typical terms and conditions of furnace rental agreements?
Furnace rental agreements in Ontario usually span 12 to 15 years and involve fixed monthly payments. These contracts often include provisions for regular maintenance and repairs. However, reviewing the terms carefully is crucial, as some agreements may have exclusions or stipulations regarding service response times and responsibilities.
Can I switch service providers if I’m dissatisfied with my furnace rental company?
When renting a furnace, your choice of service provider is typically tied to the rental company. If you’re dissatisfied with their services, switching providers can be challenging and may involve penalties or buyout fees. In contrast, owning your furnace allows you the flexibility to choose and change service providers as needed.
Are there financing options available for purchasing a furnace?
Yes, many HVAC companies offer financing options to help homeowners manage the upfront costs of purchasing a furnace. Financing can make ownership more accessible by spreading the cost over a set period, often with fixed interest rates. It’s essential to compare financing terms and interest rates to ensure they align with your financial situation.