If your furnace is getting up in age (20 years +), you may want to consider upgrading to a new high efficient model before it kicks the bucket when it’s -40 degrees outside! Here are some signs that you may need to replace your old furnace.
- age (20+ years)
- if you have made multiple repairs
- rust build-up or it’s making strange noises
- noticeable increase in your utility bills
- home always feels dusty or dry
Should you buy or rent a furnace?
High efficient furnaces run anywhere from $3000-$5500 and can be a costly expense when you don’t have the cash. Many plumbing and heating companies right here in Regina are actually renting out units similar to how water heaters are rented out but make sure you aware of what you are getting into.
We have seen companies provide the option to rent out furnaces for as low as $50/month – $175/month if you include an a/c unit as well. It often comes with free installation, yearly maintenance, furnace filters, and you are not stuck with the expense of any repairs. Some companies will let you purchase that unit at any time with additional fees. This is definitely a more costly way of upgrading over time, but it may be your only option if you don’t have the rainy day savings fund to tap into if you need it immediately. But there is often a catch.
But please beware... there are many fly-by-night companies selling this service door-to-door that is targeted at vulnerable seniors and cost way more money and make it incredibly difficult to get out of.
What happens when I go to sell the home with a rented furnace?
First, you must disclose to the purchaser about the rental and see if they want to continue with your rental agreement. Make sure before you sign on the dotted line with that rental company that the unit is transferable to new owners or be prepared to pay out that contract. There may be other fees included to transfer it or remove it out of the home entirely.
Financially, it does make sense to purchase a furnace vs. renting one. A furnace should last you between 15-20 years so if you do the math, it’s the best option. It’s also way less headache when you go and sell. And if you act now, SK Energy also has a Residential Furnace Replacement Program where they may provide up to a $650 rebate to replace your old furnace and up to $325 for a secondary unit if applicable. Something definitely worth looking into to help offset the costs.