There are plenty of reasons to consider renting your furniture or electronics instead of buying them outright. In a down economy, many people are renting an apartment and don’t have the cash on hand or a reliable enough job to purchase their furniture or electronics. Furthermore, a lot of people are in transient situations where buying these goods can actually bring more headaches than you would think. For example, why should a college student whose moving next semester buy all of their furniture? If you are temporarily stationed in a different location for your job, should you be buying all of your electronics and appliances? Here are some of the reasons why renting furniture and electronics may or may not be the right move for you.
Reasons Why Renting is a Good Idea
Wondering if renting your electronics and furniture is what you should do? Let’s look at some of the pros of renting.
If you are switching jobs, in college, or just move often, you probably want to rent your furniture and electronics. It’s especially good for people spending short stays in apartments. When you rent furniture, rental companies bring the heavy furniture up the stairs and they take it down when you move out—no hassle.
2. No partially-furnished rooms
When you rent, you don’t have to worry about not having enough money to buy the whole set. Most apartments offer deals on fully furnished apartments, and rental companies give similar packages. That means your furniture, appliances, and electronics will all be readily available for you.
3. Switching is easier
If you need to switch out an appliance or piece of furniture, renting makes that easy. If you had bought the furniture, you would have to sell it to another person or back to the dealer at a discounted price. But if you rent, rental companies tend to offer comparable switches for the life of your contract.
4. The option of renting to own
Renting to own isn’t for everybody, and there are plenty of shoddy companies who provide bad deals and high interest rates. But there are some rent to own companies that are legit, and having the flexibility of renting with the possibility of owning your furniture and electronics is a nice option.
Reasons Why Renting Might Not Make Sense
1. High Interest Rates
Renting furniture and appliances can often be more costly than you think. Some living room sofas are priced at around $24 a week, which doesn’t sound too bad. But a comparable sofa might be listed at around $1,500 to buy outright. On a two year lease, you will end up paying around $2,800, which is almost two times the value of the sofa in the first place. When renting, you have to keep a careful eye on interest rates and be mindful of how long you plan on renting the furniture.
2. Renting to Own
While the flexibility of renting to own can be a positive, the concept can also be a negative. Many rent to own companies are under scrutiny with the Better Business Bureau and are less than honest with their contract information. High interest rates and hidden fees are not unusual. If you are interested in renting to own, you must make sure that you have an upstanding company that has honest business practices.
In short, understand the period of time you will need furnishings to help you better weigh the pros and cons of moving expenses, renting, renting to own, or just buying outright. Before you rent, check the Better Business Bureau and look on Yelp for customer feedback. You are sure to be prepared for the outcome, whatever you decide.