A furnace can cost several thousand dollars, which can be challenging for many people to pay for all at once, especially when it is an unplanned expense. In many cases, it’s better to put aside money little by little and watch the savings grow before the appliance breaks down. Planning now to pay for a future furnace replacement can help you be prepared for when the time comes.
Why Should I Budget in Advance?
It’s often much easier for homeowners to put aside money in small increments toward a major purchase, like a furnace, rather than having to pay several thousand dollars at once when it wasn’t anticipated. The latter may lead to significant financial hardship.
Once the temperatures drop, it’s dangerous to be without a properly working furnace. If their current furnace breaks, many people are then put into a position of deciding whether to take the risk and suffer without proper heating or pay the money to be warm but be in a tough spot financially. Depending on the severity of the situation, it might even mean falling behind on other important bills, like for their mortgage or car.
Preparing in advance also gives you ample time to research the process, allowing you to find key ways to decrease the overall cost. For example, we have a referral program that can provide you with extra money to put aside toward buying a new appliance.
How Much Do I Need for a New Furnace?
A new furnace typically doesn’t cost more than $7,000. However, the prices can range dramatically, depending on which would best suit your home.
How Far in Advance Should I Budget for a New Furnace?
The cost of a new furnace is substantial, so the sooner you start budgeting for it, the better. You have two options for how to proceed.
One is to set a date to replace your furnace and upgrade it regardless of whether it’s stopped working. This allows you to plan out how much you want to put aside during a specific time frame, such as automatically transferring a certain amount of money weekly from your bank account to a second account designated specifically for your furnace replacement. For example, if the furnace you want to get is $5,200 and you give yourself a year to come up with the money, you can transfer $100 every week from your bank account to the furnace account. Another option is to have no set date in mind and sporadically save as much as possible up until your furnace breaks down completely, then put what you saved toward the cost.
Regardless of which option you choose, it’s still important to make sure you’re maintaining your current furnace properly in the meantime. This can assist with extending its lifespan and give you more time to get the money together. Ask us about our maintenance plans, which help you properly care for your furnace and even allow you to save money on necessary furnace services.
So, how exactly do you start budgeting for a furnace when it will cost you thousands of dollars?
Learn How Much It Will Cost
This is crucial. It’s not enough to have a broad range in mind. One of our technicians can discuss with you which furnace would be ideal for your home and tell you approximately how much it will cost, so you can plan accordingly.
Plan for the Total Cost
Many homeowners plan for the price of the furnace itself but don’t consider other costs, like the corresponding labor and installation. We can give you an estimate of how much it will be for the furnace and any costs associated with it, so you can factor that into the complete amount you need to put aside.
Create a Monetary Buffer
When you’re planning for a large purchase like a furnace, it’s never a good idea to plan exactly for that amount; you should always add extra, just in case. For instance, if you believe the total cost of the furnace and everything involved with it will be about $5,000, aim to save $6,000 as a precautionary measure. This gives you a little bit of a cushion in case costs increase. It’s better to plan to have extra than to be short on what you need. If you have leftover money, you could put it aside toward future associated costs, such as for maintenance or repairs.
Consider Energy-Efficient Rebates and Incentives
Start doing your research about energy-efficient rebates and incentives. They can help significantly with offsetting the total cost of the furnace. However, it’s important to know that they can change by the time you’re ready to buy the new appliance. For example, the terms or rebate amount might be different, or they may no longer be valid. Keep the rebates and incentives in mind but do your due diligence the closer it gets to you having to buy the furnace so you can get updated details that are more relevant to your purchase.
Ask a Professional
Our commitment to providing outstanding customer service goes beyond offering high-quality furnace installation, repair, and maintenance services. We’re also here to help our clients and even potential customers in many other ways, including advising them how to care for their furnaces, save for one, and extend the lifespan of their current furnaces. We can also inform them of the rebates that may be available for their future appliance.
We have extensive experience in the industry and have worked on a wide range of furnaces throughout the area and beyond. Feel free to ask us any questions, and we’ll be happy to provide the answers you need.
Learn About Financing Options
Financing is typically available if you need a furnace. Do your research and find out which options you may qualify for even before you’re officially ready to purchase the appliance. Researching financing options can come in handy, especially if your furnace breaks down earlier than you anticipated and you don’t yet have all the money put aside for a new one.
Consider a Separate Savings Account
Having a separate savings account could end up being one of the best ways for you to save for your future furnace, especially if it offers a high interest rate. Numerous savings accounts are available, both online and at physical locations, so you have plenty to choose from to suit your needs. Consider setting up automatic transfers to occur a day or two after you get paid, so you don’t have to worry about manually putting the money into the account.
Don’t wait until your furnace is already at the very end of its lifespan to start planning for its replacement. Contact Precision Heating & Air today in Dallas, Georgia, for more information about our furnace installation, maintenance, and repair services. Emergency services are also available. Schedule an appointment online through our website or call to speak to one of our team members if you have any questions about our heating services.
