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“Renting” vs. Buying an HVAC System (The Answer Might Surprise You)

Sep 07, 2016

Air Conditioning
Lennox Photo

OVERVIEW

A new furnace or air conditioner is a major decision: they can be expensive, they are vital to the comfort of your home, and they may need to be replaced on short notice. When this happens, you may be given the choice of buying the system outright or renting it from a company or third-party. It can be intimidating, but don’t be left in the cold– Romaniuk is here with a handy guide to whether you should buy or rent your next HVAC system. Read on for more!

RENTING

Rental plans are usually long-term contracts with high-interest rates based on the length of the deal. The following is a summary of some advantages to renting a new HVAC system:

  • Manageable payments spread out over time;
  • Free or discounted labor and repair costs;
  • Makes expensive HVAC systems attainable;
  • Many rent-to-own plans available;
  • The contract is transferrable.

BUYING

Buying an HVAC system can be a big commitment, but it also offers advantages if you can afford the purchase. Check out the benefits of buying below:

  • One payment avoids interest charges or rental premiums;
  • Financing plans have shorter terms than rental plans;
  • Adds value if you ever sell the property;
  • Allows you to choose who services your system;

AND THE WINNER IS…

Buy! For most property owners, purchasing an HVAC system outright is the best choice. Still– if you can’t afford to buy or you need flexibility– renting is more than adequate. The best advice we can give is to pick the option that suits your lifestyle. If you do opt for a rental: always read the fine print! Beware premium increases in long-term contracts as well as “buy-out” options that can cost more than buying in the first place.

Buying or renting new HVAC equipment is no small decision. Take your time, read reviews and then contact Romaniuk Heating & Air Conditioning. Our experts are standing by to answer any of your questions or concerns.

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