With thanksgiving around the corner, Happy Thanksgiving to you and yours and may your heart of Gratitude be evergreen!
Delightfully and Joyfully gather to share food, create memories and if there is a hot water tank in the house please share this blogpost.
The purpose and intent for sharing is to educate ourselves better on the “minor details” we all really just need to stop and re-evaluate from time to time.
As a realtor , I am opportune to view and see properties of all sizes, prices and features but ONE feature I always pay attention to is “Hot water tanks “.
Hot water tanks are a permanent fixture in all of our homes in Canada, and for a long time (
I don’t even know how long) , new home builders have subscribed to leasing hot water tanks from Companies like Direct Energy, Enbridge, Reliance ….. and passing these leased hot water tanks with accompanying rental agreements to the home owners. Its become part and parcel of every new home purchase and in all cases, the lease agreement is transferable, so its present in resale transactions as well.
Here are 3 reasons re-evaluating hot water tank rentals?
– The actual cost of an outright purchase of a hot water tank is < ( less than) the aggregate cost of renting it regardless of the time horizon ( short term or long term).
– If you purchase a resale home with values in the range of 500k or into the millions with all the “bells and whistles”, unbelievable interior/exterior appeal of a Beverley hills or Martha’s Vineyard home or the home has been featured in architectural digest or some magazine , pls stop and ask the owner/ owner’s agent ” but why is the hot water tank still a rental” ?
– For 5 minutes, indulge your inner excel or calculator loving ninja and do a payback timeline for a hot water thank purchased and installed for approx. $1800( low end) or $5000 (high end) and compare that with the hot water tank rental costs based on how long you have owned or plan to own your home. Which is shorter?
If you agree its time to stop contributing to the “RRSP” program of a hot water tank owned by a HUGE corporation who typically offer atrocious buyback figures, then get a dedicated piggy bank and start putting money away to buying and owning your own Hot Water tank.
With a grateful heart,