The Right Choice Renting vs. Buying?

Homes come in many variations, from modern to traditional and everything in between. Bungalows, split-level, and multi-level designs are often found as part of a single neighbourhood.

Aside from the down payment, mortgage, and routine maintenance, homeowners can expect major expenses from necessary upgrades and even unexpected emergency repairs. If you own a home, you already know there is always something you could be fixing, maintaining, or updating.

A new furnace, air conditioner, or hot water heater is a major decision and a major expense. They are vital to the comfort of your home, so when it comes to major repairs or replacements it’s worth looking at the pros and cons of buying or renting these essential items and deciding which makes more sense for you.

OWN

• IT’S ALL ON YOU. When you own you are responsible for costly service and maintenance, and associated headaches.
• EQUIPMENT DEGRADATION. Without regular, professional maintenance, your equipment will not operate at peak efficiency, costing you more on your utility bills.
• HIGHER ENERGY COSTS. Old and inefficient equipment uses more energy and costs more money to operate and maintain.

It’s important to know that either option is ok, neither is right or wrong, it just depends on your individual situation, finances, and willingness to take on the responsibilities that come with each option.

One of the key factors when considering which would be best for you, besides the cost, is the time that you are willing or able to allocate to home maintenance. In today’s busy world, time is precious, and many people given the option, would rather spend their time with family, friends, or enjoying leisure activities.

When you purchase these major items, you will be responsible for cost of the unit, as well as the cost of installation upfront. It’s also critical that you are vetting the warranty to ensure it offers the most comprehensive coverage possible; most will cover parts and/or replacement for a set timeframe but rarely the labour to repair or replace it. You will also be responsible for the cost and time to maintain the equipment such as annual cleaning and filter replacement to ensure that the warranty conditions are upheld. There are also emergency repairs which can come at a premium cost, especially during weekends, holidays, and after “normal” business hours, when it seems these emergencies so often happen!

A cost-effective, hassle-free option that has been growing in popularity, is to rent furnaces, hot water heaters, and even central air conditioners. This option can provide zero up-front costs, and includes all maintenance, and emergency service. Many rental agreements, such as with Brawn Bros., cover the cost of state-of-the art, high-efficiency equipment, repair or replacement cost of equipment including labour, preventative maintenance, filter replacements, cleaning, and 24/7/365 emergency service, providing piece of mind for a manageable monthly payment with no hidden costs. For many new homeowners, those whose budget simply can’t stretch to cover major purchases or emergencies, or those who no longer want the hassle of dealing with maintenance or repair, renting is a great option.

Replacement of older, inefficient equipment is a sound financial decision; the energy savings alone by installing high-efficiency equipment can offset the cost of a monthly rental.  Of course, the positive impact that this decision will have on the environment will benefit you and your family for generations to come.

Brawn Bros.
833.545.4533
info@brawnbros.ca