To unravel this quandary, here are five reasons why renting may be the much smarter solution according to Ontario Green Savings, a leading Smart Home Rental Program provider in Ontario that delivers energy saving and smart home automation solutions to thousands of customers across the province.
- You will avoid steep up-front costs.
New energy efficient and feature-rich appliances such as washers, dryers, refrigerators, stoves, HVAC systems are amazing — but expensive. Renting eliminates this steep up-front cost. For a fraction of the selling price, you can start using and enjoying the new appliances you need right now.
“Renting also dramatically increases the range of products that people can choose from,” commented a spokesperson from Ontario Green Savings, which offers a home improvement rental program that allows customers to choose the energy-efficient items and appliances they wish, and then pay a low monthly rental fee instead of a significant up-front purchase fee. “For example, they do not need to be able to afford a brand new state-of-the-art washer and dryer combo in order to have one in their home.”
2. You will avoid repair or replacement costs.
Most home appliances these days come with a one-year manufacturer’s warranty, meaning your are liable for the cost of repairs when this time limit is up. When you rent appliances, however, you are not exposed to this potentially steep financial risk. If you run into a problem, you simply contact the rental company and they will send someone out to take a look and fix the issue.
“Rental companies are very motivated to make sure that any repairs are done properly and quickly, because they are the ones who own the asset,” commented a spokesperson from Ontario Green Savings. “As such, people who rent never have to be worried that someone unqualified will work on the appliances in their home, or that they will have to wait an excessively long time to get repair work done. In many cases, service technicians are dispatched the same day or the next day, because it is in everyone’s best interest to make things right as soon as possible.”
3. You can go short-term or long-term.
When renting appliances, you can choose the duration that makes the most sense to you, your lifestyle, and your budget. For example, if it is unlikely that you will be moving anytime in the near future, you can focus on a longer-term rental duration that will further reduce your monthly payments. Or, if you think there is a good chance that you may be changing addresses in the next few month or within a couple of years, you can go with a shorter-term rental duration and have the freedom and flexibility you need.
“Some people prefer shorter-term rental durations even if they do not plan on moving, simply because they want to enjoy using new appliances every couple of years or so,” commented a spokesperson from Ontario Green Savings. “It is similar to how some people prefer short-term leases on vehicles. When the lease term is up, they simply lease a brand new car that fits their preferences and needs at that time.”
4. You can transfer the agreement.
If you own your home and sell it during the life of your rental agreement, then in most cases you will be able to simply and easily transfer the appliance rental agreement to the new owners. They will then assume the monthly payments. Transferable rental agreements can make it much easier to sell or lease a home, because it means that buyers don’t have to spend time or significant amounts of money purchasing and installing various appliances.
5. You can purchase your appliances anytime.
In most rental agreements, you will have the option to outright purchase your appliances at any time and assume full ownership. For example, let’s say that you plan on moving in a couple of years, and as such renting appliances makes sense. But then down the road, your plans change and you won’t be moving after all. In that case, you can (if you wish) simply buy your appliances. Your monthly rental payments will stop, and full ownership will be transferred from the rental company to you.
“People who choose to switch from renting to owning their appliances can also sell them if they wish, or give them to a family member or friend,” commented a spokesperson from Ontario Green Savings. “Since they own the appliances, they are completely free and empowered to do whatever they wish. There are no strings or limitations.”