There is no denying that as Americans, we tend to acquire lots of “things.” If you're having a hard time finding space to house your tools, equipment, and toys, a shed is an excellent way to keep things under wraps. Unlike renting a storage unit, you can have all that you need onsite while still hidden nicely away. It is possible to rent a storage shed — but is it budget-friendly? Or is it smarter to purchase one outright? Instead of looking at rent to own sheds in Charleston, SC, these are the advantages and disadvantages to both.
Buying Avoids Interest
Sure, buying a storage shed might set you back upfront, but in the end, you own something that will add equity and value to your home. Renting to own means that you are just kicking the financial can down the road. Paying for one out of pocket means that you can avoid high finance charges. If you have the budget, or you can shop around for the best financing rate, it makes more sense to buy!
Not Everyone Can Afford to Buy With Cash
Unfortunately not everyone can afford to buy a shed outright. Financing offers a great way to buy a shed, but it typically involves a good credit rating. When you rent to own a shed, you don’t have to go through the credit application. Renting to own from Portable Buildings of Ravenel allows you to make payments along the way to ownership without the need for good credit.
Buying Means That You Own it
When you pay for your building upfront, you own it completely. You don’t run the risk of losing your investment if at some point you aren’t able to make payments. And when, or if, you want to trade it in for something newer, you have something to show for it. When you rent to own, you don’t officially own it until you make the very last payment. If something goes wrong before that time, you will forfeit your investment.
No Credit Check When you Rent to Own
If you don’t have the cash upfront, then you have two options, financing it or renting to own. Financing also might not be an option if you have a poor credit rating. Rent to own, however, is about the same as financing, you just use your investment in the shed via monthly payments, as collateral. Therefore, if you can’t finance, rent to own is an excellent alternative!
If you find that you are outgrowing your current storage space, you might be considering a storage shed to house your things. Look for a company that is willing to rent to own sheds in Charleston, SC, or, bite the bullet and purchase one. Both options just make more “cents.” At Ravenel Buildings, we work closely with our customers to find a shed that will accommodate their individual needs, while still staying within their budget. Reach out today to discuss buying your new shed.