The 10-year math, Richmond edition
Take a 90,000 BTU two-stage furnace install in a Steveston rancher. Buying it: $7,800 install + $400/yr service contract + $1,800 average repair over 10 years (heat exchanger, blower motor, board) = $13,600.
Renting it: $109/month × 120 months = $13,080 — but everything is covered, and if a part fails in year 9 you owe nothing. Owning only wins if nothing breaks for 12+ years and you self-install service.
Richmond's flood zone changes the install
Most of Richmond sits 1 m or less above sea level, which means flood-zone venting and elevated equipment platforms are required by the City of Richmond mechanical inspector. Owners who skip this fail inspection and pay rework — renters get it built in.
When buying still wins in Richmond
If you've owned your Richmond home 15+ years already, plan to stay another 15, and have $10K available now without financing, buying outright is cheaper over a 20-year horizon — provided no major component fails in year 11–14, which is when most furnaces fail.
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