How Rent-to-Own Sheds Work: Are They Right For You?
If you’re like most homeowners, you probably don’t have a lot of extra storage space in your house. That’s why renting a shed can be a great solution.
But what if you don’t want to commit to a long-term lease? Or what if you’re on a budget? That’s where rent-to-own sheds come in. Here’s what you need to know about how they work.
WHAT ARE RENT-TO-OWN SHEDS?
For those unfamiliar with the concept, rent-to-own sheds are exactly what they sound like: shed rental agreements that give the renter the option to purchase the shed at the end of the rental period.
There are a few ways that rent-to-own shed companies operate, but typically there is an initial rental fee and then monthly payments until the total purchase price is reached. At that point, the renter owns the shed outright.
Rent-to-own sheds can be an excellent option for those who need temporary storage, but don’t want to commit to a long-term purchase. It’s also a good option for people who may not have the budget for a paid-in-full purchase right away, but know they want to own the shed in the future.
Whatever your reason for considering a rent-to-own shed, do your research and compare different companies before signing any contracts.
BENEFITS OF RENT-TO-OWN SHEDS
Most notably, a rent-to-own shed program can be more affordable than purchasing a shed outright. This is because you can spread the cost of the shed over time, making it more manageable every month. Additionally, many rent-to-own programs do not require a down payment, reducing the upfront cost.
A rent-to-own program can also be a good option if you are unsure whether you will want or need a shed long-term. This is because you can typically cancel the agreement without penalty. This flexibility can be helpful if your needs change or if you decide that you no longer want a shed after all.
HOW DOES A RENT-TO-OWN SHED AFFECT YOUR CREDIT SCORE?
Rent-to-own storage sheds have many benefits. One of the main benefits is that they don’t require a credit check. This is great for people who have bad credit or no credit.
There’s no easy answer when it comes to whether or not a rent-to-own shed can affect your credit score. Unfortunately, it’s not possible to give a definitive yes or no answer since many variables are at play.
One factor that could potentially impact your credit score is if the rent-to-own company reports your payments to the credit bureaus. If they do report payments, it’s possible this could positively impact your credit score.
Another factor to consider is whether or not you make timely payments on your shed rental. If you consistently make late payments, this could negatively impact your credit score.
Ultimately, the best way to determine how a rent-to-own shed will affect your credit score is to speak with a financial professional. They’ll be able to advise you on the best course of action based on your unique circumstances.
IS A RENT-TO-OWN SHED RIGHT FOR YOU?
A rent-to-own shed is a storage shed you can lease for a set period — typically 3-5 years. At the end of the lease, you have the option to purchase the shed for a predetermined price.
Rent-to-own sheds are a good option for people who need extra storage space but don’t have the budget to buy a shed outright. They’re also a good option if you’re not sure how long you’ll need the shed or if you might want to move it to a different location in the future.
However, there are some things to keep in mind before signing a lease for a rent-to-own shed:
- First, make sure you understand all the lease terms, including the monthly payment amount and the purchase price at the end of the lease.
- Second, be aware that most rent-to-own leases require you to maintain insurance on the shed.
- And finally, consider whether you’ll want to purchase the shed at the end of the lease – if not, you may be better off renting or leasing something else.
If you’re in the market for a new shed, check out your local rent-to-own options. You may be surprised at how affordable they are and how much easier they make getting a quality shed without having to go through all the hassles associated with financing one.
For the perfect storage shed addition to your Maine backyard, check out our great selection of rent-to-own sheds!