Even though your furnace should last between 16 and 20 years on average, making the decision to repair or replace it completely can be difficult. A brand-new furnace can cost you upwards of $5000, so you want to make sure that it's worth it if you decide to replace it, instead of just simply performing basic furnace repair.
Unfortunately, looking online at certain blogs and tutorials isn't always helpful. Industry jargon and overly complex technical words can get in the way of answering the most basic questions that homeowners have. Below are a few of these; if you work through them in order, you'll be better equipped to make this tough decision.
How Old Is Your Unit?
The most basic question you need to ask yourself is whether or not it's worth it to keep repairing your existing furnace. The best way to determine this is by looking at the expected lifespan of the unit; if it's past the decade mark, then the repairs are going to become more frequent and more expensive. It actually makes more financial sense to put in a brand-new furnace than to keep doing basic furnace repairs, especially when you consider you'll get a brand-new warranty to go along with your new furnace that will give you significant peace of mind.
How Expensive Are the Repairs?
Basic furnace maintenance should take care of most of your issues and should help mitigate most major furnace repairs that may happen in the future. Still, if you find that your bills are totaling up to more than half the cost of a brand-new furnace installation, it makes more financial sense to simply replace the unit altogether. Another aspect of this to consider is the frequency of these repairs. Ideally, you should only hire out a furnace repair job once every few years, if at that. If you're calling the technician more often, your furnace needs to be replaced.
Do You Want to Upgrade?
It may be hard to believe, but furnace technology has come a long way in the last few decades. Newer units are more efficient at heating your home, and they can also do it in ways that save energy and save on utility bills. If you're looking to sell your home in the near future, a furnace installation may be a good investment now, since a home inspection will most likely flag any issues that it comes across.