Renting vs Financing

It goes without saying that furnace and air conditioner breakdowns don’t wait until you’re ready for them. They always seem to happen at the most inopportune time. Now a person could buy a fan and sweat out the summer, replacing your air conditioner in Regina is not a must. But going without a furnace is not an option. If you haven’t been saving up for it, replacing your home’s HVAC equipment can be quite a financial hardship, especially considering the employment issues everyone is facing due to Covid-19. But rest assured if you find you are without sufficient savings there are options to pay for a replacement. Renting and financing being the two major choices. But which one is the better way to go? It’s a very debatable question, with each option having both pros and cons. The following post provides a quick  breakdown of both renting and financing equipment. 

  With renting equipment, essentially the homeowner signs a multi year contract with a fixed price.

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Pros

  Renting provides a homeowner with an affordable reoccurring payment that can be easily worked into a home’s monthly budget. This price does not change over the term of the contract. Renting equipment can be very attractive to landlords as maintenance and repairs are usually 100% covered under the contract. This means that if issues arise tenants need not call the building owner, just the rental provider. Technicians arrive and repair without anyone ever having to worry about what the cost will be. 

Cons

  Any benefit renting provides does not come without a cost. While the monthly payment looks manageable, eventually a homeowner will pay 2-3 times the cost they would have paid if they had purchased the equipment outright from the start. HVAC rental contracts are a lot like cell phone contracts, you will always be made to pay the remainder if you want out. This also includes expensive transfer fees at the end of the contract. 

But won’t I own it by then?”

Not according to the fine print. Rental contracts require extra fees to transfer the equipment into your name. (Or you can just sign back up and get a new furnace….sound familiar?)

You will also have an issue when it comes time to sell the home. Not every potential homebuyer wants to take on your debt. At this point you will likely either need to reduce the asking price of your home or buyout the equipment. 

Financing allows a third party to make the purchase for you and you will pay them back over time

wascana furnace 2

Pros

  Like renting, financing also allows a homeowner to replace their furnace, AC, water heater, etc but still keep their monthly budget under control. Unlike renting, financing will allow the homeowner to payout the remainder of the agreement at any time with no penalties. This works well when you may not have the total payment available at the time of purchase but know that big tax return is coming in a couple of months. You may also be offered options of delayed payments. Additionally, financing often allows the homeowner to dictate certain terms of the contract (interest rate, length of contract, etc) to help fit their needs. Financing also means you will eventually own the equipment, making it an asset and helps to increase the value of your home.

Cons

  HVAC contractors will use a third party when offering financing. This means homeowners have an additional contact they need to go through, which to some is a hassle. The contract you receive is also based off your credit. The worse the credit, the higher the interest rate may be. If your credit is really bad, you may need a consignor on your loan. 

   Maintenance and repairs will also be up to you to take care of. Everything eventually breaks down and you will be on the hook for those costs.

Overview

   At this time most homeowners see renting as the easier option as nobody likes the idea of taking out a loan.  But depending on how you look at it, renting is the same as a loan but with a much higher interest rate. The biggest benefit of renting is the fact that repair costs are covered by the contractor. While Family Plumbing at this time does not offer rental contracts we do offer financing. Our installations come with options for 10 year parts AND labour warranty. This allows us to compete with rental contracts without significantly raising the cost of your installation.

  A quick Google search will bring up plenty of articles with first hand homeowner opinions of both renting and financing if you are interested in reading more. Every homeowner’s needs and financial situation are different. Wether you are considering renting or financing, I strongly recommend researching both options and double checking for any fine print clauses that might not be too favourable to you. Both payment options have their ups and downs which I hope I have explained in this post. Family Plumbing is always available to talk to if you want to discuss either option further. 

This blog will teach you why you should replace your main water valve (if you haven’t already)

Temperature drops in Regina happen often and without warning. Waterlines exposed to these temps are easily susceptible to freezing and cracking. Consider yourself lucky if you have never experienced an out-of-the-blue waterline burst. A burst 1/2” waterline can spew over 15 gallons of water a minute. The initial realization of the aquatic massacre happening within your home. Your anxiety is through the roof but you calm your nerves enough to move to your home’s main water shut off. You try and turn it, it doesn’t turn. You scramble for for a set of pliers and slowly the valve begins to close. You soon see the water stream slowly die down, thanking your lucky stars the valve fully closed. 

A situation similar to this happened to my sister. She called me frantically one afternoon, water was flowing down into the basement, “what do I do?!”. She’s in Calgary and I’m in Regina so I talked her through it on the phone. She couldn’t find the valve. What does it look like? Where would it be? She never even thought about this stuff before. When she finally found the valve it was stuck and refused to move. She had to run next door and luckily the neighbour was home to help her out before it was too late. 

buried valve
Would you want to trust your home security to a valve half buried under concrete?

I’ve always considered the main water shut off the most important plumbing fixture inside any building. Its the last line of defense when emergencies happen This valve controls the flow of water incoming from the city to your home’s waterlines. Their location can vary house to house. Often located in the basement, they may be found near the front wall of your home, or in the mechanical room. But they can also be found in closets, under cabinets, almost anywhere. If you are not sure where yours is, take a couple minutes right now to find it.

Go ahead….I’ll wait.

*author patiently waits*

You found it? Awesome, let’s continue.

Old gate valves are the worst for leaks. This was the most common used type of main water valve for decades. These valves can be prone to leaking over time due to oxidization, failed packing bonnets, etc. They may sit for years on end without ever getting turned. Then when they’re needed, can be almost nearly impossible to turn by hand. And as any plumber will tell you, the valves that refuse to turn are guaranteed to be the ones that leak. That’s why we replace them with much simpler 1/4 turn ball valves. They are much more durable than their gate style counterparts. 

replaced valve
Out with the old, in with the new.

Circling back to our opening scenario, how would it make you feel watching your basement flood before your eyes. Carpet soaked, valuables destroyed, it can be very depressing. That’s why I always urge homeowners to proactively replace their main water valve on their terms, not the valve’s. 

When you add up the time and expenses that go into an insurance claim and the headache that can come with re-finishing a previously finished basement it’s a much more cost effective strategy to both you and your home’s well being to replace the valve ASAP. 

Water heater pans and why homeowners don’t have them.

Give a water heater enough time and it will spring a leak. 9 times out of 10 the leak will be from the bottom of the tank. Hopefully it’s a slow leak and you frequent your mechanical room enough to notice it before it’s too late. A leaking water heater, gone unnoticed, can cause significant damage to flooring or important items stored on mechanical room floors. The perfect solution to combat this aquatic crisis is installing a drain pan beneath your water heater. These pans catch the leaking water and are piped directly to a sanitary drain keeping your floor dry and property safe.

  But some things are easier to say than to do. Generally homeowners and contractors neglect the importance of the water heater pan. Some contractors view it as an installing inconvenience in situations where the nearby floor drain may be difficult to pipe to, while some homeowners view it as a needless up-sell. This indifference has led to drain pans being found less and less in homes. Fact of the matter is the additional price for installing a drain pan is worth the cost when put into comparison the amount it will save you in repairs bills to damaged floors or belongings.

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A water heater mid-install in White City. The tank is sitting in the drain pan ready to be piped to the floor drain.

  Next time you find yourself in the market for a new water heater, speak with your contractor about options of installing a water heater drain pan. You’ll thank me later.

 

Covid-19 X Family Plumbing & Heating

Tyler and I are treating this time as business as normal, or as legally normal as we are allowed. Emergencies don’t wait for a good time to happen. Recent studies show they wait until 11 o’clock at night, the middle of a long weekend, and just after a previously large purchase. (Source: my mom every time something goes wrong.) We have clients and homeowners that turn to Family Plumbing as their go to contractor to help them through the hard times. We can’t just close the barn doors and wait for the storm to pass. Since the beginning we have kept ourselves available whenever we could. But in times of crisis we wanted to step up our game, that is why for the time being we have lowered our prices for all plumbing and HVAC services.  

Next, we’ve taken the extra precautions when entering homes to ensure we reduce the spread and flatten the curve of Covid-19. We have supplied disposable gloves and masks to all our techs and ask that if you or anyone in your home are experiencing symptoms, please let us know before entering. 

As I previously mentioned the 2020 Regina Spring Home Show was cancelled and we were quite disappointed. We understand and agree with the organizer’s decision, but we love any opportunity we get to interact with homeowners in such a laid back environment, and it means we have another excuse to expense suppers (Hello Leopolds!). We had some pretty big plans this year since we had upgraded to a larger booth but I guess they’ll have to wait until 2021. 

But that doesn’t mean we’re throwing the baby out with the bath water. We spent a lot of time on this, virus be damned if we let it all sit for a year. Family Plumbing runs 1 sale a year and guess what?! It’s that time of year. So what would have been our Spring Home Show Special is now our Covid-19 2020 Special! We’re providing special pricing on any new furnace and air conditioner installations. We’ve reduced the price on both these services, this includes labour, material, and 10 year parts and labour warranty! Just give us a call to book your free estimate.

drain cleaning, clogged drains, sewer back up, regina, sask emergency service

I’ve been through West Nile, Sars, H1N1, and have no doubt Regina will make it through Covid-19. What we all look like after is yet to be seen but Family Plumbing and Heating is going to be there through the best of it and through the worst of it. Keeping the heat on, the drains flowing, and if this isolation business makes it’s way into the summer….the air cool. We’ve made a commitment with the community and so far you guys haven’t skipped out on your end of the deal so neither will we.

Call us anytime, 306-519-3722.

-Brenden

Ask and ye shall receive…

    If you’ve worked with me on a project, especially a larger build or renovation, you would know I’m constantly asking for feedback. I firmly believe open communication between homeowner and contractor is key to success. If there are questions or concerns, I want them brought up immediately so they can be addressed. Client feedback has recently led to Family Plumbing and Heating opening up it’s newest sewer cleaning division. That’s right, as of March 2020 we have expanded our list of provided services and we now are fully capable of inspecting, cleaning, and repairing clogged or broken drains. 

  Tyler first asked me my thoughts on opening the sewer division early last year. It didn’t take me long to respond with, “Ew, gross.” My mind formed a montage of all the clumps of decade old hair I’ve pulled from drains over the years. And let’s not forget, clumps of hair are what you find on a good day. Things can get REALLY messy with drain cleaning. But call after call come in every month from new and previous clients requesting our assistance with their drain issues. What homeowners have found helpful is that if their problem is severe enough and a major repair is needed, Family Plumbing are also trained red-sealed plumbers. While there are other drain cleaning companies in the city, not all of them have the experienced staff on hand to complete these repairs. Project completion time can be cut in half when you only require one single service contractor. Tyler wrapped up his shopping spree and rounded out the final pieces of equipment we needed. We now have an inspection camera which will allow us to essentially give your home’s sewer a colonoscopy. We also bought a Rigid K60, this machine is for cutting through the heavy doody (see what I did there) clogs and tree roots. In total, we can provide the following services:

  1. Drain Cleaning: We’ve expanded from our previously limited capacity. From kitchen sinks to main sewers, it doesn’t matter the size of the pipe. We have 3 different units we can unleash to pound through almost anything.
  2. Drain Inspection: As previously mentioned we have the inspection camera now that we can send down the pipes to get a better visual of the actual condition of your drainage system. Inspection cameras work well for pinpointing exact breaks in the line, reducing the extent of repairs needed.
  3. Tree root removal: Anyone living in the older neighbourhoods of Regina knows exactly what I’m talking about. Tree roots breaking through the sewer wall causing blockages. Some homes have tree roots so bad they need this service once a year! (Which FYI, the city will reimburse you for. Even if it’s after hours!)
  4. Sewer replacement: We always offered this one. This includes both replacing the inside drainage, and/or the pipes outside your home leading to the city sewer. This is where we shine the best and our experience takes over. Replacing the sewer in a basement can become a fairly good sized renovation and success rates increase 10X when done by an experienced crew of plumbers.

  Family Plumbing isn’t satisfied until we are the premier destination for homeowners, as well as those within the industry.  Tyler was the main proponent for expanding our services as he strongly feels without providing ALL sewer services, we are falling short of our client’s expectations. Ask and ye shall receive, clog and we shall clean.

-Brenden