Buying Vs. Renting Your Hot Water Tank: The Pros and Cons

Though most homeowners choose to outright buy all of their home appliances, hot water tanks in Vancouver are sometimes rented as well. There are unique pros and cons of buying versus renting a hot water tank that you should be aware of before making a decision. The North Vancouver and area plumbers at Hillcrest Plumbing & Heating have put together a quick guide to help you decide between the two by considering the short-term costs, the long-term costs, and tank maintenance and service.

Short-Term Financial Considerations 

Renting a water heater in Vancouver, though relatively uncommon, can be a good option if you plan on staying in your home for only a few years. In that case, you will have no upfront costs and your total monthly payments may add up to less than the cost of a new tank. When you do eventually move out of your home, you will have the option to transfer the contract to the new homeowner. It is important to note, however, that a potential homebuyer may not want to take over your rental contract and may make that a condition of the sale.

Long-Term Financial Considerations

While renting may be cheaper on the outset, you will actually be spending a significant amount more if you continue paying for a rental tank for the duration of its useful life than if you buy a new one outright. After five to seven years of renting, you will have paid the equivalent of the cost of a new tank. Any operational years beyond that is money out of your pocket. As hot water tanks in Vancouver can last for up to 15 years, you may end up paying double or triple more than you would have by just buying your tank.

Maintenance Costs and Service

One of the main reasons why people choose to rent a hot water tank even if they plan on staying in their home for a long time is that the monthly rental cost covers all necessary maintenance to the tank. While this can be convenient, it still likely won't save you money over the long term when compared to buying a tank. Additionally, you won't get to choose your own Vancouver or Burnaby plumber, even if you're unhappy with the service provided. Finding a plumber you can trust has its perks, including the ability to schedule maintenance and services for multiple appliances during the same call.

Professional Vancouver Water Heater Installation and Repair

Buying a hot water tank is generally the best way to go for homeowners who plan to live in their home for a long time and who want the security and freedom that comes with ownership. If you choose this route for yourself, then you can count on Hillcrest Plumbing & Heating for all your Vancouver water heater needs. We provide installation, replacements, and repairs for hot water tanks in Vancouver, North Vancouver, Burnaby, and the surrounding area.

To get a free quote or to schedule a service call, just contact Hillcrest Plumbing & Heating today.