Rent To Own Furniture versus Buying Furniture : Why Renting Furniture is Not Good Economics
Renting furniture seems like a viable option in a bad economy that is suffering from a credit crisis. In fact renting home furnishings is usually a losing investment in most circumstances and not an answer to no or bad credit. Investing in high end, solidly built heirloom quality furniture, if only a piece at a time, is a more stable financial decision. In some short term cases renting furniture instead of investing in permanent goods may make sense. Keep in mind this is renting with the intention of it being short term and not rent-to-own. For instance, your company has moved you to a job for a year. Even renting for home staging to sell or events can be financially sound. Instead of buying furniture that expensive movers will haul away in a few months, it very well might make more sense to rent. Mass produced furniture depreciates, while moving, packing and storage expenses keep going up. These situations are not common but do exist so here are a few tips to help educate you on renting vs. owning.
QUALITY VS. AFFORDABLE –
Even in temporary situations you don’t want to buy anything that falls apart. Rental centers are not apt to carry a handcrafted heavy duty finely built maple dining room set but are sure to have press board with photo-finish. Test out the furniture before you rent it. If it feels weak or uncomfortable in the store it will in your home.
BE A SMART CONSUMER -
When renting furniture you are entering in to a contract that is binding. Quite simply, you need to read it and understand it BEFORE you sign it. The details can haunt you and your check book for many months. How much do they require down? What is the agreed upon conditions of returning the furniture? Is there a hidden delivery fee? What is normal wear and tear? Are the items you are receiving pre-rented or new?
Even at a rental store you should be asking what the country of origin the furniture maker is located. Also ask for guarantees and return policies.
WHAT IS THE ACTUAL COSTS? –
Doe sit make more sense to buy used furniture for your short term use than to invest in renting? How many months are you staying in this situation? How much to buy a couch or dining room set? Divide it by the months you are staying and if renting is more then buy. This of course is under the condition that you can pay cash and not have to finance furniture, adding on interest. Consider even buying one good investment piece and supplementing with rental items. You will have something that is yours that makes you feel like your home.
Whatever you decide, whether it is to go all rental, all used or to supplement with one or two pieces of quality furnishings like the Amish create, stay away from rent-to-own centers. The interest rates are exorbitant but are hidden in months of payments that cause the final price to be triple its value. By the time you are done paying these mass produced items are no longer in existence. Also, if you are an apartment or house renter remember that you will be spending a great deal of income on a home and its furnishings that will not be yours. Renting may not be the answer to credit when it comes to furniture
Tags: Amish, Buying Furniture, Furniture, heirloom quality furniture, poor economy, Renting furniture, The Amish
