Some people rent, some people buy. When it comes to your water heater, both options have their pros and cons. If you have been contemplating which option is right for you, keep in mind the points below.
Purchasing your water heater requires a larger upfront expense for the actual purchase, plus you will need to pay installation charges and labour. However, purchasing a new, more efficient model can lower your costs in the long-term. What’s more, you will receive a warranty for service, although once it expires, you will be responsible for paying for any issues. But you have choices; when you own your water heater, you can contact the business that installed it, or you can select the contractor of your choice. Also remember that you should get your water heater inspected on a regular basis, and at some point, you will need to replace it.
On the other hand, renting your water heater only requires small, regular payments. If it needs repairs, the water heater business is responsible for servicing your model, and in some cases, you may even get same day service. However, you have to contact the rental company for service – you cannot shop around. But as your rented heater ages, it won’t become as efficient, and your monthly payments can gradually increase. Also, if you want to exit your contract early, you may be required to pay costly fees. Make sure you understand the cancellation fees as per your contract.
Additionally, the better option for you also depends on your home situation. How long do you plan on living in your home? If you plan on staying only a few years, renting might better. If you are planning on staying longer than five years, you can finance a hot water heater, making your payments similar to your rental cost, but your bill could be paid for in less than 7 years, freeing up cash for other expenses.
Regardless of whether you rent or buy, always perform your due diligence. Read your contracts carefully, and ask questions from a trusted professional. Take the time to compare details to ensure you get the best deal for you budget and situation.