If you’re like most homeowners in Woodbridge and the rest of the GTA, you rent your water tank.
It’s what your parents did, so it’s what you do (funny how we pick up these unconscious habits). It’s what many of your colleagues do, too.
But it’s not the only option. It’s not even the most affordable option. So why does everybody still do it?
Mostly it’s a simple lack of knowledge. The large rental companies find themselves in a sweet spot where most homeowners don’t even know there’s another option.
If you and your neighbours knew about the perks of buying, you’d be on it in a flash.
The best part of the buying vs. renting discussion is you can immediately verify it. You can get a quote from us and weigh that against the long term outline of your current rental contract.
But before you do that, take a look at the argument for buying as it stands today.
Payments with an end in sight.
Your rental contract probably includes annual rental cost increases, somewhere between 3.5% and 3.8% (standard for the industry).
Your rental contract also probably runs 15 years (a typical rental contract term).
If you start with a $25 monthly rental fee, calculated over the 15 year term with an annual increase of 3.8%, you’ve paid more than $5,900 for that old water heater, and you just continue paying when the contract renews.
Let’s say you buy a water tank for $3,525. By the end of your payment term, you’ve paid $3,525 for it.
You might enter a monthly payment plan for $25. The plan will last 12 years. You’ll still be paying $300 a year on your ownership plan when you would be paying more than $450 a year on your rental.
And if you keep up with maintenance, you’ll have several years of hot water without ANY payments (except the small maintenance payments).
But my rental company repairs the water tank for free.
Your rental company takes care of repairs and you call them any time the tank breaks down, which is at least once a year. So every year your family has to deal with a lack of hot water for a day or two, depending on how your schedule lines up with the rental technician.
When you buy, your payments include the annual maintenance required to keep your tank working perfectly for the full duration of your payments. That means we’ll schedule your annual maintenance based on your install date, and we’ll call you every year to make sure there’s a convenient time to come perform the maintenance.
You already paid for it, so it’s worth doing!
It’s better to do things preventatively, so your family is never stuck without hot water.
Is there anything worse than a cold shower on a winter morning? Yes, lots of things. But it’s still pretty bad.
So buying your water tank is more affordable and includes better coverage than your rental contract.
Call us for a quote today and then weigh our quote against your rental contract. Remember – when you buy, your payments will eventually stop and you’ll still have a water tank that works perfectly for another decade.