HVAC Leasing Vs. Buying – What’s Best For Me
If you need a new furnace or air conditioner, you have a few options. Before choosing your Sterling HVAC system, it’s vital that you know about the differences between leasing and buying a system. Find out which option is better for you and your budget.
All About HVAC LeasingWhen it comes to Sterling heating and air conditioning, some people don’t realize that renting a system is a possibility. Leasing isn’t ideal for everyone, and there are only a handful of people who could benefit from renting. To determine the best choice, you must understand how the leasing differs from owning. Renting an HVAC system is like renting a car. When you lease a unit, you pay a monthly rental fee.
Sometimes, those fees include everything from the equipment to repairs. But at other times, it only covers the equipment.
Once your rental agreement expires, you’ll need to find a new HVAC system. You can either buy one or renew your contract.
Who Should Rent a Sterling HVAC System?If you don’t plan on staying in your home for an extended period of time, renting a system might seem like a good option. A new HVAC system is a significant investment, and you may want to save money. But renting a system is costly and could still come with repair expenses.
Individuals who simply can’t afford a new system might consider renting one. Usually, it’s not a planned or expected purchase. But a new system isn’t as unaffordable as you think. Most companies offer financing agreements that only require a small amount of money as a down payment.
To meet your Sterling heating and cooling needs immediately, you should think twice about renting a system. Renting tends to be just as costly as buying, but doesn’t come with as many perks. You could still be on the hook for maintenance and repair costs, in addition to paying premiums for renting versus buying.
What Factors Should You Consider When Renting a System?If you do decide to rent your system, you need to do so with care. The disadvantages of renting a system become even more apparent when you rent from the wrong company.
First, you need to consider the reputation of the rental company. Typically, the rentals don’t come from HVAC companies. Instead, they come from rental companies that don’t have your best interest at heart. You may struggle to find a reputable rental company.
Secondly, you should understand the terms of your rental agreement. What does your monthly rental fee include? Are you responsible for repairs? Many rental agreements leave the renter responsible for unreasonable terms.
Finally, you should find out what happens if you need to end your contract early. There may be early termination fees, and those fees could have a significant impact on your finances.
All About HVAC Buying
In most situations, buying a Sterling HVAC system could be the best option. It’s an expensive purchase that comes with a serious commitment, but it does have several advantages.
When you buy a system, you own it outright. There are no monthly equipment charges, and the equipment is yours to keep. If you own your home, the new system will go to the new owners and it will raise the value of your property.
Although you can pay for your new system all at once, most companies offer financing plans for those who qualify. The terms of these plans tend to be shorter than the terms of a rental agreement.
Who Should Buy an HVAC System?If you’re a homeowner, buying an HVAC system is likely to be the most financially sound decision. Your purchase is an investment that increases the value of your home. You’ll save money by not having rental premiums and potential late fees.
You should also buy your system if you want more say on who services it. Typically, rental companies make you use their Sterling heating and air conditioning technicians. But when you own the system, you make the decision. This freedom can save you money in repairs and keep your system in good hands.
What Factors Should You Consider When Buying a System?Much like leasing, buying makes sense only if you choose your system with care. When searching for a system, you should consult with a reputable HVAC company. They can advise you on finding the best fit for your home.
Before you commit to a purchase, find out about the warranty. Most new systems come with some type of warranty, but the terms vary. Read the fine print, and don’t be afraid to ask someone to explain how the warranty works.
You should also consider the maintenance of your system. Every system requires maintenance, and without it, your heating and cooling will fail. Find out how frequently your new system will need upkeep and what that will cost you. If you fail to keep up with the support, your warranty might be voided.
Finally, you should think about the quality of your new HVAC system. It’s important to remember that cheaper isn’t always better. Read product reviews and ask plenty of questions about the quality of the system. If you make the right decision, the system will last longer and be more efficient than some other systems.
What’s The Better Decision?There’s one clear winner when it comes to leasing versus buying an HVAC system. Homeowners and long-term home renters often benefit more from owning a system and can save thousands of dollars by doing so.
Before you make the decision, consider the facts and crunch the numbers. Figure out how much it would cost to rent a system and how much it would cost to own a system. As you do the math, look at your bank account. A new system with financing is likely to be cheaper than renting a system. It’s better for your budget and should be looked at as an investment.
If you need a new Sterling HVAC system, contact us at Cardinal Plumbing. We’re ready to help you find the best system for your home.