Chances are you’ve been misled concerning Rent to Own. You’ve been told it’s a poor financial decision, that you’re throwing away your money. Or even worse, you’ve been told that you actually pay DOUBLE.
That’s just not true. And I speak from experience, having used Rent to Own in my own time of need.
My Personal Story
After the housing market crashed, we were forced into bankruptcy and needed a place to store our belongings. We didn’t have the funds, nor credit, to buy a shed outright. We had lived with our stuff in storage before and didn’t want to have to travel miles from home to grab something when we needed it.
Rent to Own became our savior. We were able to rent a beautiful storage barn, in a color that matched our home, for less than it would have cost us for the same amount of storage offsite. And when we needed our tools, Christmas decorations, or winter clothes, we could just walk outside and grab them.
Since there is so much misinformation about Rent to Own circulating around the Internet, I thought I’d debunk some myths.
Myth #1: You pay too much interest with Rent to Own.
Fact: You pay no interest with Rent to own. There’s no credit check. And it’s not a loan at all. It’s actually renting. The Rent to Own company purchases the shed (steel building, playset, dog kennel, or chicken coop) and takes all the risk by renting it back to the customer. If the customer makes all the payments, at the end of the contract, the ownership of the building is transferred to the customer.
Myth #2: Rent to own is a scam.
Fact: Rent to Own companies are carefully regulated by the state in which they operate. If you enter into a contract with a Rent to Own company, you are protected by state laws. The Rent to Own company is also protected by state laws.
Myth #3: Rent to own costs more.
Fact: Rent to own does not cost more. In the long run, it usually costs less. For example, if you were to rent a 10X12 storage unit at Public Storage, it would cost $104 per month. Plus you’d have the inconvenience and extra cost of driving to the location to get what you need when you need it. With Rent to Own, the same size building could cost $95 a month – with the added convenience of having your belongings a few steps away.
Myth #4: Rent to Own is a rip off.
Fact: Rent to Own is the opposite of a rip off. If you rent from an offsite storage facility, you pay more each month as mentioned above. But after paying 2-5 years of storage fees – you’ll never own the building. You have to continue paying rent for as long as the unit is needed. With Rent to Own, once your contract has ended successfully, you’ll never have to pay another penny.
Myth #5: Rent to Own is an unwise financial choice.
Fact: Rent to Own is a perfect financial choice for those in need. Many people have less than stellar credit scores, yet still need to store their belongings. Rent to Own fills in the gap, helping people become storage shed owners rather than life-long storage facility renters. Working toward ownership is good stewardship. It demonstrates wisdom in planning for the future. In fact, it can be a better choice than financing. Why? Because if your situation changes in 6 months, you can call the Rent to Own company and they’ll come pick up the shed. And if you are current on your contract and cared well for your shed, you’ll never have to pay another penny – and it won’t negatively affect your credit score.
Myth #6: With Rent to Own you pay double.
Fact: With Rent to Own, in 10 years, you’ll pay half. At Public Storage, if you paid on your storage unit for 10 years, you’d pay $12,480 to store your belongings. You won’t even pay half that amount in ten years with Rent to Own. After five years (or less), your storage shed is paid in full and ownership is transferred to you. And you never have to make another payment. With Public Storage, you’ll keep on paying month after month, year after year. And if you get weary of making those payments, they will auction off your contents and you’ll be left with nothing. If you want to protect your belongings, Rent to Own.
Visit Me in Boiling Springs
If you’re considering Rent to Own, don’t believe the myths. Use the facts. And if you’re looking for the convenience of storing your stuff on your property, come and see Mischelle at Hometown Sheds in Boiling Springs, SC. We have some beautifully crafted sheds for your every need. Give me a call today at (864) 707-5311.