Renting home equipment, appliances and furniture has become increasingly popular. Rentals allow homeowners to decorate or furnish their home with essential pieces, decorative items and appliances that keep the home safe. It’s also possible to rent a furnace for the home, and there are a few reasons why this could be the best option for your heating system.
Furnace rental can be a suitable short-term solution for making sure you have a quality heating solution in your home. If you’ve purchased a home but don’t plan on being there for long or are renting your home while considering whether or not to buy it, renting a furnace may be the best solution. However, most furnace contracts last for about 15 years. So even if you move from your current residence, you could still be obligated to pay for the furnace rental until the terms of your contract are complete. If you decide to enter a rental agreement, you can expect to pay about $100 a month for the duration of the time you use your furnace. If you buy a furnace for your home, the cost could be about $4000 and you’ll have to pay the price upfront. While it is more convenient to pay the lower price per month to rent the furnace, keep in mind that the interest rates are higher. So, by the time you’re finished paying according to the terms in your contract, you could be paying about $18,000!
Furnace rental can be convenient, but the rental could decrease your home value. The prices of homes are based on the air conditioning and heating system being owned. This means that if you rent the equipment, the resale value of your property will go down. When you sell your home, you’ll be asked to payout your contract. This is because the new owner won’t want to take on your monthly payments. The payout is often much more than the equipment is worth, and there are even instances where you’ll have to pay double the cost of the furnace.
With all this in mind, there are several questions you’ll need to ask yourself when it comes to renting a furnace. First, you’ll need to be very clear on the length of the contract. When you know how long your contract is, you can organize your budget accordingly. You should also know if your furnace agreement is for rental only or rent to own. The furnace rental should match your home rental. For instance, if you’re renting your home, it makes sense to rent your furnace. However, if you’re living in your home on a rent-to-own agreement, you should have the same terms for your furnace. Make sure you know who will take care of the cost of service. Some contracts state that the furnace company will pay for the furnace if it becomes broken or damaged. There are other contracts that require you to pay for minor repairs. You should also know how much the cost would be if you buy out of your contract so you won’t be obligated to stay in your home to offset furnace costs.