 | Water heater? Worth buying if you currently rent? |
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Question: I'm in a now 1 year old house with 3.5 bathrooms, one with a jaccuzi tub. When we bought the place the builder suggested renting a heater from the local energy supplier and that the 'big' one would be best since we had the tub. So i believe we have a 50 gallon natural gas powervent which costs us $20 (canadian) a month. We knew nothing about water heaters when we bought the house. Since we plan on staying in the house for a long time to come we're trying to decide how best to save money. So there is the question of the water heater. Continue to rent, buy it out from our energy supplier, or buy one ourselves from homedepot and pay all the miscelaneous installation and removal costs. One would assume that buying will be cheaper than renting in the long run but after reading enough online information i'm not totally sure. A couple repair calls and you've spent a large chunk of money on something that would have been covered under rental. We do have a water softener so we're not as worried about mineral buildup damage which seems to be one of the main reasons to rent. How does one decide wether or not to buy a heater over renting?
Answer: The basic rule for all appliances is that you buy, never rent. Even if you have to pay installation charges, which are usually rediculous, you are far ahead buying compared to renting. If you do the installation yourself you save big money. Washer, dry, refrigerator, and freezers are simple. Dish washers are a bit more difficult as you usually have to move a water pipe. Water heaters require more connections but are usually fairly easy to get to. All appliances can be expected to last at least 10 years with no problems, but often last for 15-20 years. You are talking about a 60 gallon gas powered water heater, right? Go to HD or electrical supplier and see what they cost. I just looked not long ago but I can't remember if they have a 60 gallon model. A 50 gallon model will cost lest than $300 (I think that's an 8 year guarantee, but expect at least 12 years no problem). Compare that to buying what you have $20/month for 42 months more month = $840. You're worried about the other costs, right? Removal- should be $0 as that is the owner will remove. If he doesn't remove it, then keep using at no cost. Replacement, is easy and costs practially nothing if you do it yourself. You have three flexible water connectors (hot, cold, overflow/safety) and you have 1 flexible gas pipe connector. There is no special magic in making the connections. You buy new connectors at $6-10 each and just connect them with regular wrenches; turn on the water, turn on the gas, and light the pilot. (or if you have an electrical start you have to connect the electricity to it and just turn it on). Oh, one other thing, you may have to buy and add and extension to the gas exhaust flue.
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