Last Updated on March 19, 2025 by pm_author_91ksj
If you’re trying to buy a home in several parts of the country at the moment, you may find that it’s a seller’s market. That means there’s a lot of buyers looking for homes and limited properties that fit their needs. It often drives up the cost of home prices.
However, it also makes it possible that you’ll have to put a bid in on a home without getting an inspector to look at it. That’s not ideal, but it’s what the market might dictate. If you do that, and you buy the home, then you won’t know the condition of the furnace till after you move in.
You need a working furnace as a homeowner. If you move in, and you find that the furnace has some issues that make it inoperable, you might require furnace replacement, Highlands Ranch, CO residents.
A new furnace will cost several thousand dollars, at least. How can you pay for it? Let’s talk about that in detail right now.
Do You Have Money in Savings?
First, you will need to have an HVAC company come take a look at the furnace. Maybe you can just swap out some parts instead of getting an entirely new one. If the HVAC company looks at the furnace and says that it’s more cost-effective to replace it instead of doing some repairs, then you may have little choice but to move forward.
First, you will probably want to think about whether you have any money in savings. Maybe you have a nest egg that you built up specifically for unexpected expenses like this one.
If so, then now, you can use that money. Even if you don’t have enough in savings to cover the whole cost of the new furnace, then hopefully, you can at least pay for most of it. The HVAC company that does the installation will probably be more amenable toward you paying for the rest of the purchase via installments if you can pay for most of it upfront.
Can You Ask a Relative for Help?
If you don’t have any money in savings, or very little, then maybe you can borrow some money from a relative. Only do this, though, if you get along with that relative and you know that they have enough money to lend to you.
You can always ask a friend for financial help as well, but that’s a slippery slope. Often, friends don’t like to lend each other money, as that can sour the relationship.
Can You Set Up a Payment Plan with the Installer?
If you can’t ask a friend or relative for financial help, and you have little money in savings, then you might talk to the HVAC company next. You can ask them if you need to put any money down for the new furnace at the time of purchase.
If they say they don’t require any money upfront, then you might still move forward with the installation. Remember, though, that you will need to pay off this cost. Until such as time as you do, it will hang over you.
If you have a steady job and you know how much money you have coming in every week or month, then you might feel better about taking this option. As long as you keep that same job, you can eventually pay off the cost of the furnace.
Can You Get a Home Improvement Loan?
You might also look into getting a loan. You can always approach a credit union or a bank and ask them what kind of an interest rate they might give you on a home improvement loan.
This tends to work better if you have at least a decent credit score. If you have a less-than-great score, the lending entity might still give you a loan. They probably won’t give you as favorable of an interest rate, though.
Watch Out for Unscrupulous Lenders if You Get a Loan
Getting a loan often becomes an attractive option if you need something vital for your home, like a furnace, but you have very little money in savings. Keep in mind, though, that some lending entities engage in unfair or predatory practices.
If you go through a credit union or a bank for your home, then you’ll know you’re dealing with a credible entity. If you go through another entity for that money, make sure you look into it carefully to see if it’s reputable.
