We are now in the middle of the winter season, and I hope that you had your furnace serviced! However, please be careful choosing who you hire! I'm saddened and disappointed by the number of my clients and friends who have been taken advantage of by heating and air conditioning contractors who see an opportunity to scam, yes SCAM, homeowners into expensive “rental” or “rent to own” contracts. These leases can be 10 years in duration, and made attractive with no payments for 6 months and all kinds of bonuses to "sign now". Do not fall for these gimmicks!
We just recently came across a contract where the buyout was a whopping $18,000 for a Furnace and Air Conditioning unit. This was after 12 months of lease payments and another 9 years remaining.
There are so many options and so many great contractors who offer reasonable pricing and payment plans. If you own a home, you have the option of borrowing from the equity in your home or asking your bank for a loan. This also falls under home improvement.
I urge you to look at your options and please know what you are signing – and don’t sign on the spot.
These companies will convince you that it's a great, stress free option, which comes with a free service contract and the next buyer will love it. Well guess what? The next buyer doesn't want to rent your furnace or your air conditioner. The lease is a LIEN against your property and it must be fully paid out when you sell your home - unless the new buyer assumes it.
I, personally, would never allow my buyer to take over a lease agreement unless they are fully compensated for it in the purchase price.
If you need any recommendations on reputable contractors and loan options, please contact me and I would be pleased to guide you.
Don't get snowed this season!