There are valid arguments on both sides of the renting vs. owning debate. Both sides claim 
the other is a waste of money – buying means you may incur expensive repairs while renting is a never ending cycle of monthly payments and price increases. Either way, it is money out of your pocket. While renting does offer certain conveniences – low monthly payments, no repair bills or maintenance costs; it definitely has its negative aspects too – cancellation fees, property liens, annual payment increases, complicated contracts, and more!
While renting does offer certain conveniences – low monthly payments, no repair bills or maintenance costs; it definitely has its negative aspects too – cancellation fees, property liens, annual payment increases, complicated contracts, and more! There are circumstances where renting makes more sense to the homeowner, business owner or landlord than buying a unit outright.
- Rental property, where you don’t want to worry about repairs or breakdowns
- It could potentially be a write off for you (check with your accountant on that first)
- You’re a business just starting out and don’t have the upfront capital
- You don’t want to make a large upfront payment or can’t afford it at time of install
- You have hard water or iron that is very hard on your water treatment and water heater, requiring frequent service or replacement
- You’re considering selling (make sure you check that they allow transfer of ownership with property sales, or it could end up costing a lot more)
There are also circumstances where buying may be in your best interest:
- You have the skill set to make small repairs
- You prefer to pay for everything up front and don’t like monthly payments
- You’re home is for sale and it is a requirement of the sale
- You can control who works on your unit
Either option can work for you, but it has to be right for your personal situation. You should be skeptical of any company that pushes just one option. Always read the fine print in contracts and ask about rental cancellation or buyout fees. The salesperson should be able to explain them to you with little hesitation.