Guide and tips

Water heater in a condo – the benefits of renting

When you live in a condo, having a fully functional water heater is incredibly important. That’s because water leaks could cause major damage to other units and other floors. If a water leak does occur, you can expect your insurance premiums to go up. You might also have to deal with long repair times caused by the labour shortage. Not to mention some negative reactions from other co-owners.

One of the most common reasons people use to justify waiting to replace their water heater is the cost, which can be off-putting for co-owners. That’s why HydroSolution provides them with the option to either purchase or rent their water heater. In fact, there are myriad benefits to renting a water heater.

Renting a water heater at a low monthly cost allows co-owners to have the best water heater at an accessible price. It’s the same principle as leasing a vehicle or paying for online streaming services. Renting a water heater is easy and stress-free.

On average, condo owners sell their unit after only 5 years, which is much shorter than the lifespan of a water heater. So why pay the full price when renting a water heater allows you to only pay for the months you use it? Moreover, when you move, you can simply transfer the rental agreement to the new owner.

How does renting a water heater work?

You will have a lease agreement that comes with a warranty for parts and labour for the entire duration of the lease. Peace of mind guaranteed! If a problem should occur during the term of the agreement, HydroSolution’s experts will travel to your home to carry out repairs at no extra cost to you.

Furthermore, with the Rental PLUS option specifically designed for condo buildings, your water heater will be automatically replaced for free after its 10-year lifespan. You’ll never have to think about the date your water heater is due to be replaced. HydroSolution will take care of it for you.

If you do sell your unit, you’ll only have to list the rental agreement in the declaration of the seller. The buyer will be able to take over the lease or make a new arrangement with HydroSolution. They can keep the rental agreement, purchase the water heater at its residual value, or another option depending on the agreement.

What are the benefits of renting a water heater?

If you rent out your condo, you can pass on the cost of rental to your tenant. In case of a problem, they can contact our Customer Centre any time of day for support. Keep in mind that rental fees for a water heater are deductible expenses for your rental property.

If water damage occurs, as the owner of the water heater, HydroSolution will take part in the claims process to minimize the impacts on your building and the syndicate’s deductible.

If you are a co-owner and are about to rent out your unit for the first time, you can also purchase the water heater at its residual value a few years after having signed the rental agreement. There are many reasons why someone chooses to purchase their water heater at a residual value but if they do, they will lose out on the benefits that come with renting their water heater.

Want to talk to one of our experts and enjoy savings for group replacements? Contact our team dedicated to co-ownerships at [email protected] or by phone at 1 877 326-0606, ext. 4228.

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