When something important breaks down in the home, it can be incredibly frustrating. This is particularly true if it is 20 degrees outside and your gas furnace has decided to stop working and heating your home. Although you need a quick solution, you need to consider three things before you make the final decision to use money for a repair or go ahead and make a big purchase for a new one.

1. The Age of Your Gas Furnace

If your furnace is near the end of its life, then a replacement may be the most cost-effective solution. However, if you've only had it a few years, a repair is most ideal. The International Association of Certified Home Inspectors says that most furnaces tend to last between 15 and 25 years.

You should be able to find the installation year somewhere on the furnace. If not, turn it off (unless it is already off) and allow it to cool down. Find a metal plate that is located on the chamber door of the unit and write down the serial and model numbers. Then, you can call the manufacturer and provide them with these numbers to find out the year that the unit was made.

2. The Cost of Repair vs. Replacement

Next, you need to request multiple estimates for both repairing and replacing the gas furnace. Don't forget to see if your warranty is still valid, as this could save a substantial amount of money on any repairs. To determine replacement costs, consider the size of furnace that is require for your home, the efficiency level (measured in AFUE) you desire and any other important variables, such as whether you want a single- or two-stage furnace.

To help you determine whether to repair or replace in terms of cost, consider the best long-term option. If your furnace is roughly two-thirds into its life and repair costs are going to be one-third or less than a new furnace, you could go ahead and opt for the repair. However, if your furnace has only a couple of years left and the cost of repair is more than one-third of the cost of a new furnace, your best bet is likely going to be to go ahead and replace it.

3. Your Individual Situation

Everyone is different, which means your individual needs should be carefully considered in this important decision. For starters, if you can't afford a new furnace or can't find financing for a new one, then you may not have a choice other than to repair it if repairs are more inexpensive. However, if your home is never comfortable or your energy bills are out of the roof, it may be time to replace the furnace so you can get an incredibly energy-efficient furnace to reduce heating costs.

With all of this in mind, contact an HVAC expert in your area for cost estimates for repair and replacement of your furnace. They may be able to also help you evaluate the condition of your unit and determine if a repair or replacement is the most ideal. For more information, contact Absolute Air or a similar company.