We often have several questions when it comes to water heaters.\u00a0 Which is better buying\u00a0VS renting? This weeks blog posting we had a guest blogger, Chris Bruer from Priority <\/b>Mechanical Services Ltd.\u00a0\u00a0 He came up with great valid tips and points to help you decide what the best decision is for you. <\/b><\/p>\n
Water Heaters – Rent vs Own (the pros and cons)<\/span><\/b><\/p>\n When it comes to water heaters, home owners often ask us the question, \u201cwhich is better, rent or own?\u201d.\u00a0 This question is tough to answer definitively as there are valid arguments on both sides. However, as we install and service both, we can outline the pros and cons to help prospective buyers make their decision.<\/p>\n First, let\u2019s look at renting.<\/p>\n The main reason most people go with a rental unit is to avoid paying the entire cost of the water heater and install up front. Instead, the cost gets spread out over years. The second reason people rent is because if there are issues with the unit, in most cases there are no charges for service calls.<\/p>\n However, many home owners have had very bad experiences with other<\/i> water heater rental companies for some of the following reasons. Firstly, and most commonly, many people do not like being locked in to the \u201clifetime\u201d contract that requires monthly payments that increase 6-8%\/year. These contracts can be difficult to get out of, and if you do, the price is often so high that it makes more sense to stay with the rental. Although recent actions by Canada’s Competition Bureau may have changed some of these companies\u2019 practices, their history of making it difficult to exit contracts has included:<\/p>\n Add to this that purchasing a home with a rented water heater assumes the new home owner has agreed to the contract upon payment of the first bill, and, overseas call centres, and you have some unhappy customers.<\/p>\n On average, the cost of renting a water heater over its\u2019 lifetime is 33% more than owning.<\/p>\n Now let\u2019s look at owning.<\/p>\n The cost of purchasing and installing a new water heater with a licensed professional, ranges from approximately $1,000 (electric) through $2,500 (high-efficiency, power-vented gas), to $3,500 (high-efficiency tankless). The home owner has the option to shop around for the lowest unit and install price.<\/p>\n In many cases, the break-even point, in comparison with rental units, is around 6 years. Assuming there are no issues during this time, the purchase and install cost would equal what would have been paid for a rental unit. Since the average lifespan of a water heater is around 10 years (though they can sometimes last as long as 20), at this point home owners could consider themselves \u201chome free\u201d.<\/p>\n The down side, of course, is that on top of the unit and install cost, should anything go wrong with the water heater, the home owner is now responsible for paying to fix it. In general, most water heaters have a six-year limited warranty that covers parts. This does not, however, cover the $100-$300 (min.) labour that the average service call costs.<\/p>\n The bottom line is that there will always be people who prefer one method over the other. Either way, be sure you have done your due diligence and researched your options fully. Whichever way you decide to go, Rent, Own, Tank, Tankless, Gas, Electric, you can be sure that Priority Mechanical Services will be there to help you.<\/p>\n Water Heaters – Rent vs Own (Pros\/Cons)<\/span><\/b><\/p>\n When it comes to water heaters, home owners often ask us the question, \u201cwhich is better, rent or own?\u201d.\u00a0 This question is tough to answer definitively as there are valid arguments on both sides. However, as we install and service both, we can outline the pros and cons to help prospective buyers make their decision.<\/p>\n Renting<\/span><\/b><\/p>\n Pros<\/b><\/p>\n Cons<\/b><\/p>\n Owning<\/span><\/b><\/p>\n Pros<\/b><\/p>\n Cons<\/b><\/p>\n The bottom line is that there will always be people who prefer one method over the other. Either way, be sure you have done your due diligence and researched your options fully. Whichever way you decide to go, Rent, Own, Tank, Tankless, Gas, Electric, you can be sure that Priority Mechanical Services will be there to help you.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" We often have several questions when it comes to water heaters.\u00a0 Which is better buying\u00a0VS renting? This weeks blog posting we had a guest blogger, Chris Bruer from Priority Mechanical Services Ltd.\u00a0\u00a0 He came up with great valid tips and … Continue reading \n
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