Is Rent-to-Own right for you? Let's look at the pros and cons.
I'll start with the cons: Rent-to-Own is more expensive than paying cash or bank loan financing. That's true. RTO is about as expensive as putting your building on a Building Supply Store credit card (Google the two major names in Building Supply and check their Credit Card APR). As with any other item you buy, if you can afford to pay cash, you should. The pros: The Rent-to-Own gives you an advantage over a traditional storage facility because the rent payments are applying the majority of the payment to the principle; which means, after you've rented the unit for the set amount of time, you own it. Plus, while you are paying the RTO, your stuff is conveniently stored on your property and not across town. The RTO option also means that you are under no obligation to keep the building. The rental agreement is renewed when you make your rent payment each month. So, if you move, or if you simply decide you no longer want/need the building, no problem, we will pick the building up with NO HASSLE. THE BOTTOM LINE: If you are able to pay cash, the cash option is best when purchasing a building. If however, you are going to rent, why wouldn't you Rent-to-Own?
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