Rent or Buy a Water Heater in Cornwall?
When you own your water heater, you pay approximately $2,500 upfront for purchase and professional installation. After that, your cost doesn’t increase over time (excluding routine maintenance).
When you rent, the average cost is about $40 per month — which may seem affordable at first, but adds up significantly:
- 1 year: Approx.$480
- 10 years: Approx.$4,800
- 15 years: Approx.$7,200
Over the lifespan of a typical water heater, renting can cost two to three times more than buying. While renting a water heater saves you the initial upfront price, it significantly costs more over a prolonged perspective of thousands of dollars over the life of the unit
Also to Consider:
- Rental contracts can complicate home sales and even impact the value of your home.
- Many rental agreements allow some maintenance and repair. Ensure these benefits really offset the total rental cost.