Thanks to our famously frigid winters, an efficient, working furnace is a necessity for Canadian homeowners. If you don’t already have one, you have two options to get one: buy it or rent it.

Which should you choose? It’s hard to say. Read over the pros and cons of each option below to help you decide.

1. Renting Your Furnace

Pros

• There are no up-front costs when renting a furnace. You owe nothing except your usual monthly payments, and those only begin after the furnace has been installed and is available for use.
• 24/7 service is available when you need it. Rented furnace repairs are the provider’s responsibility. If your rented furnace breaks down or needs maintenance, you can call your rental provider to have the necessary work done ASAP at no additional cost to you. This coverage includes evenings, weekends, holidays, and adverse weather conditions, so you can feel confident that your family will always enjoy a warm and comfortable home.
• If you ever do change your mind and decide that you want to own your furnace, you can buy it from the company you’re renting from. Most major furnace companies offer renters the chance to purchase their furnace during their rental period if they choose to do so.

Cons

• The cost of renting your furnace adds up fast. You will have to pay rental fees for as long as you have that furnace in your home, even after the total costs have surpassed what you would have paid if you chose to purchase the unit instead. Since you do receive maintenance and emergency response services as well, this isn’t a total loss, but this arrangement still leaves you paying more on average than an owner would.

2. Owning Your Furnace

Pros

• Owning your own furnace adds to your property value. Any buyers you sell to in the future will look at that furnace as an asset that will save them money on their heating bills.
• You can take advantage of rebates, tax incentives, and retailer promotions when buying your furnace. These financial perks can easily add up to hundreds of dollars in discounts – sometimes even thousands. This makes furnace ownership a much more affordable prospect for many people.
• You can purchase an additional protection plan to help you with emergency service and repairs. Owning your furnace means that you are on your own for repairs, but a protection plan gives you access to the same type of service that renters get.

Cons

• You’ll have to put out a lot of money up-front. Furnaces cost thousands of dollars, and that’s not including the cost of installation. You can save a little money by buying a used furnace from another homeowner, but the total expense will still be significant.
• If you don’t get a protection plan, repairs can be expensive and inconvenient. Furnaces can break down at any time, even when you need them most. No one wants to spend hundreds of dollars calling a service technician out to their home for emergency repairs when the heat suddenly fails during the year’s most intense blizzard. Unfortunately, extreme temperatures may mean you have little choice in the matter if you want to keep your family warm and safe.

Buy or Rent: the Choice is Yours

There are pros and cons to both buying and renting your home’s furnace, and neither option is ultimately better than the other. Choose the option that best suits your family’s needs and budget and you are sure to happy with your decision.

Ready to start shopping? Syles Mechanical offers top-of-the-line furnaces from top Canadian providers like Armstrong Air. Contact us at 519-979-2090 to discuss pricing, learn more our maintenance and repair services, or ask our expert staff any questions you have about your home heating needs.