Own, rent or finance? What’s the best course of action for homeowners when it comes to HVAC systems?
Upfront payments for major purchases like a new furnace or central air can be prohibitive; on the other hand, entering into a long-term rental contract for a furnace can wind up costing you way more than the initial purchase price would have been.
The right answer is to ensure you fully understand the cost implications as well as the importance of proactive maintenance when it comes to your furnace and related HVAC elements.
That’s according to Jennifer Dunsmoor of family-owned and operated, Oosterveld Heating and Air Conditioning, who says buying your HVAC system is definitely the better option.
“Owning does make a lot more sense,” said Dunsmoor. “You can imagine if you’re buying a home you’re hoping to own for 30 or 40 years, that’s a long time to be tied into a rental contract. Your home is an investment. Buying a furnace is also an investment. If you don’t maintain it, your furnace is going to break down on the coldest day of the year. It’s Murphy’s Law.”
“If you don’t maintain it, your furnace is going to break down on the coldest day of the year. It’s Murphy’s Law.”
While rental contracts can eliminate large upfront purchase costs, the fact is, renting can actually reduce the value of your home. When you’re ready to sell, the asking price will be influenced by the furnace and air conditioning being fixtures not rentals.
Also, in some instances, the leasing agent may put a lien on your property.
Recognizing the benefits of owning your HVAC system and the upfront costs associated with home comfort solutions, Dunsmoor says that financing is a good option for homeowners. “Low interest financing is great for clients who don’t have the means to pay for equipment outright, especially when the cost is unexpected, or for those who just want a different avenue to pay for their system.”
Protecting your investment and your wallet
To protect yourself from costly repairs, Dunsmoor says Oosterveld offers a unique planned service program that ensures all fully-purchased or financed HVAC elements are properly maintained.
“First of all, paying monthly for an annual maintenance program is budget-friendly,” said Dunsmoor, who says a typical service package with Oosterveld runs anywhere from $12 to $20 per month depending on the services. “You’re not going to run into unexpected costs you can’t really afford, and it makes more sense because you’re taking care of your investment. Whether you have a $10 million home or $200,000 home, a furnace upgrade is an investment. And anything that has parts and a heat source has to be maintained. A maintenance program reduces long-term costs and offers peace of mind.”
Furnaces and air conditioners are rarely top of mind for homeowners. Dunsmoor says people always assume they’re just going to get up in the morning and turn on the furnace and it’s going to work. Taking proactive steps to ensure your furnace and air conditioner is up to the task is a smart move for any homeowner buying an HVAC system.
To learn more about protecting your HVAC system, click here.