If you’re a single mom and a homeowner, I don’t have to tell you that life likes to throw curveballs. And apparently, mine came in the form of a dead furnace in October.
Just my luck.
It’s almost as fun as when my air conditioner died at the beginning of the summer. At least in that case, a local handyman was able to breathe some life in it to get me through the season.
Don’t Miss
- Want to retire with an extra $1.3M? See how Dave Ramsey’s viral 7-step plan helps millions kill debt and build wealth — and how you can too
- The Canadian economy shrank in Q2 2025 — protect your wallet with these 6 essential money moves (most of which you can complete in just minutes)
- Boomers are out of luck: Robert Kiyosaki warns that the ‘biggest crash in history is coming’ — here’s his strategy to get rich before things get worse
But my furnace, which was 27 years old, could not be revived. My 16-year-old even joked, “You could save the money and not buy the furnace. I love wearing my Oodie in the house anyway.”
Thanks, kid.
I had two actual options: Buy a brand-new furnace and air conditioner (which I might as well deal with at the same time so I don’t end up in a 100 degree house again next summer) for about $10,000. Or, I could rent them both for $125 a month, which includes a modern, top-of-the-line thermostat, A/C cover, unlimited service and yearly maintenance including filter changes.
Without an emergency fund (I know, I should have one ), the rental option felt like a lifeline. Predictable payments, no surprise repairs and no scrambling to cover a $10,000 bill immediately? Sign me up!
Why renting made sense for me
Needless to say, a hit to my monthly budget isn’t something I was super jazzed about but, financially, the fact that renting spreads out costs and removes the stress of unexpected repairs was a draw for this single-income, single-mother household. According to the Canadian Mortgage and Housing Corporation (CMHC), homeowners often underestimate ongoing maintenance costs for major systems like furnaces (1). Renting shifts responsibility for repairs and servicing to the rental company, which is a huge relief.
I have enough on my plate and appreciate the added peace of mind renting the units will provide. Also, a rental contract means I don’t have to worry about the furnace breaking again in the middle of winter.
Renting a furnace provides predictable monthly costs, which means I’ll never get stuck with a nasty bill in the dead of winter after I’ve spent my easily accessible income on my wonderful children for the holidays. That stability is worth something, especially when juggling a household alone.
If you’re lucky, there may even be discounts available to you if you are replacing more than just one major component of your HVAC system. My A/C is over 20 years old and on life support, so I was able to access a promotion that lowered my monthly bill for the furnace and what I’d pay for the A/C replacement alone, if I replaced both at the same time. Every little bit helps when your budget is already stretched.
It’s also worth noting that, if you’re replacing old units, you will reap the benefits of improved energy efficiency and thus, lower energy bills when you replace one or both units. Those savings will help reduce the impact of the change in your monthly cash flow from taking on the rental fee.
Read more: Are you drowning in debt? Here are 3 simple strategies to help crush your balance to $0 in no time
Things to think about if you’re in the same boat
If you’re facing the same dilemma, here’s what I considered and what experts recommend:
- Compare long-term costs – Renting may feel easier now, but over 10 or 15 years, total payments could exceed the cost of buying.
- Check what’s included – Make sure your rental covers maintenance, repairs and replacements. Not all contracts are equal.
- Consider moving plans – Understand if the rentals are attached to your name or your house and confirm what happens to the contract if you move.
- Budget for the unexpected – Even with a rental, plan for utility costs and other household expenses so nothing sneaks up on you.
- Bank on lower energy bills – Replacing old, low-efficiency models with new, high-efficiency units will save you money on your energy bills.
- Home equity matters – Owning a furnace can slightly increase your home’s value. Rentals typically do not.
- Prioritize safety – Never delay replacing a broken furnace. Cold homes can lead to frozen pipes, and older systems can pose other risks.
- Ask for expert advice – HVAC professionals can explain lifespan, maintenance needs and pros and cons of renting versus buying.
Making the choice for me
For my household, renting won. It’s easier on my budget, removes the risk of surprise repair costs and keeps my home comfortable this winter. Plus, I can finally stop panicking every time the furnace kicks on and waiting for its last breath — which, as Murphy’s Law would have it, would come on the coldest day of the year. My daughter is still wearing her Oodie, but it’s by choice, and I’m warm and I don’t have to sell a kidney to pay for it.
At the end of the day, every situation is different. But for single-parent homeowners like me, the combination of predictable costs, worry-free maintenance and potential discounts for replacing my old A/C and furnace and switching to high-efficiency units made the rental option the clear winner. It might not be the cheapest choice in the long run, but it keeps my family warm, my stress levels in check and my bank account from taking a serious hit — which, as any single mom knows, is exactly where it would hurt the most.
What To Read Next
- Here are 5 expenses that Canadians (almost) always overpay for — and very quickly regret. How many are hurting you?
- Ray Dalio just raised a red flag for Americans who ‘care’ about their money — here’s why Canadians should limit their exposure to U.S. investments
- I’m almost 50 and don’t have enough retirement savings. What should I do? Don’t panic. Here are 6 solid ways you can catch up
- Here are the top 7 habits of ‘quietly wealthy’ Canadians. How many do you follow?
Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
Canadian Mortgage Housing Corporation (1);
This article originally appeared on Money.ca under the title: $10,000 or $125/month: How I handled a dead furnace as a single-mom homeowner
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.