Is Renting Your Home Comfort Equipment the Best Idea?

Although home comfort equipment, including furnaces and water heaters, may seem like a costly expense item for many homeowners, it can actually be a tactical investment.

You probably think you’re saving money by renting your home comfort equipment, but you probably pay more to rent than you would to own. If you’re homeowner who has considered renting your home comfort equipment, read this before you sign anything.

At ClimateCare Toronto, we are often asked whether it’s better for a homeowner to rent or buy equipment. We believe that in most situations renting is not the best option. To us, the benefits of owning are far greater. Here are some things to consider when making this very important decision.

1. Terms and conditions of the contract

Tankless water heaterIf you decide to rent your equipment, be sure to read the contract thoroughly before making a commitment. These contracts have terms and conditions that can be onerous to most homeowners.

Do not hesitate to ask pointed questions to the sales person who is trying to rent you a product. It is your money and you want to make sure you have a full understanding of how it’s being spent and whether your payments will ever go up.

2. You may be paying more than you should

Some sales people might be persuasive enough to rent you a piece of equipment that shouldn’t be anywhere near your home.  The deal may not be what it seems. The number of payments you must make and the inherent interest rates can lead to a hefty price to pay.

Here is an example of someone who was mislead into renting a furnace.  While this homeowner was able to back out of the corner and find something more appropriate, the lesson to be learned is the importance in being cautious and assertive when something doesn’t seem right.

3. You may decide not to keep the piece of home comfort equipment

Although you can always return the piece of home comfort equipment you are renting, you will not get your money back. In fact, you may have to pay a hefty penalty. Home comfort equipment is a necessity among homeowners. Even if you’re dissatisfied with your rental product, you will eventually have to invest again to have that product installed.

While it may seem appealing on the surface to rent your home comfort equipment, you should think twice. Home comfort plays a big part in making your house a home. When you take the right steps to invest wisely, you and your family can be happy in your home all year round! If you’d like to learn more about home comfort equipment ownership, feel free to contact a member of our team today.