Need a new heating system and wondering whether it’s better to rent or buy a furnace? Renting a furnace is definitely cheaper initially but is not the right option for every household.
If you rent a furnace, you will pay a monthly fee and the HVAC dealer will be responsible for maintenance and repairs. However, there are some drawbacks. It is likely that over time you will pay at least double what the furnace is worth. And, because you do not own the heating system, it does not add to the value of your home.
If you can afford to buy a new furnace this is the best option. By buying the furnace outright, you won’t pay any interest and may also be able to benefit from manufacturer or government rebates. Owning the furnace will also add to the value of your home.