A Rent To Own contract is essentially a legal transaction where certain property/goods are leased in exchange for routine payments with the option to purchase at some point during the agreement. It can to apply to man products and industries, but rent to own is very common in the portable storage building market. There are many variables to take into account when it comes to rent to own programs and they need to be carefully analyzed around your personal wants and needs.
When should you use Rent To Own?
Give it a test drive
If you are unsure if you want to purchase something, like a storage building, then going with a rent to own program is a good way to test it out and see if it is going to be a good fit for you in the long run. This eliminates the burden of a bigger commitment like taking out a loan because you can return the storage building back to the dealer. Test driving your storage building can prevent buyers remorse and gives you the option of trying out multiple buildings to see what exactly is the best fit.
If you have had problems with your credit in the past, depending on your contract, rent to own may be a better purchasing option . Identity theft is a growing concern in today’s connected world and many people have had their credit damaged because of it. If you have been a victim of identity theft and your credit report doesn’t show an accurate picture of your repayment ability, then rent to own is another avenue to look in to. You may not qualify for a loan if your credit history isn’t up to par, so rent to own may be an option in this case as well. Going with a rent to own program may also provide you with a good credit reference if you are looking to establish your credit (depending on the contract). [Contact your local authorities if you think you have been a victim of identity theft to find out the necessary steps to take.]
With a rent to own contract, the buyer has more of an ownership feeling as compared to just renting out space. The buyer has the right, but is not obligated, to make the purchase, which eases the mind. Since the buyer has more of this, “I may own this out-right in the near future” feeling, they typically take better care of the storage building which is beneficial for both the buyer and the seller. Both parties are content because the building maintains it’s quality, and the buyer can opt to purchase the building completely or have it returned after it’s used.
Rent to own is simply another option to choose how you would like to pay for a storage building. Everyone’s circumstances are different and your purchasing option needs to be evaluated based on those circumstances.
If you have any questions or concerns feel free to contact Solomon Buildings so we can satisfy your portable storage building solutions. Don’f forget to use our Rent To Own calculator on the left hand side to find a monthly payment that fits your budget!