Storage sheds are a great option for families who require extra space for their home. These sheds not only provide additional storage capacity but also help you declutter your home. However, the cost of purchasing a shed might exceed your budget. In such cases, pre-built shed manufacturers often offer rent-to-own options, which allow you to pay for the shed in installments while still being able to use it from day one. With rent-to-own, you can get the storage space you need without having to worry about the upfront cost.
What Are Rent To Own Sheds?
Renting to own a shed is similar to renting furniture with the ultimate goal of owning it. You pay rent on someone else’s property each month, and the amount is determined by how long you’ll be renting and the value of the property. It’s similar to leasing a car or home with the option to purchase at the end of the lease, but with leasing, you have to pay a lump sum to gain ownership. However, with rent-to-own sheds, you don’t have to do that. Once you make your final payment, the shed becomes your property to keep.
Pro’s And Con’s Of Rent To Own Pre-Built Sheds In Colorado
When it comes to acquiring a shed for your storage needs, there are different options available, including renting to own pre-built sheds. While this option may seem attractive, it comes with its own set of benefits and cons that you should consider carefully before making a decision.
Pros:
Affordability:
One of the primary advantages of opting for a rent-to-own pre-built shed is its affordability. Instead of paying a lump sum upfront, individuals can spread out the cost over time through manageable monthly payments. This makes it more accessible for those who may not have the funds available for a large purchase all at once.
No Credit Check:
Unlike traditional financing options, rent-to-own pre-built sheds in Colorado typically do not require a credit check. This can be particularly beneficial for individuals with less-than-perfect credit histories, as it provides them with an opportunity to acquire a much-needed storage solution without facing rejection due to their credit score.
Immediate Access:
Another appealing aspect of rent-to-own pre-built sheds is the immediate access they provide to additional storage space. Once the agreement is finalized, the shed can be delivered and installed on the individual’s property promptly, allowing them to start using it right away.
Ownership Potential:
Rent-to-own agreements often come with the option to purchase the shed outright at the end of the term. This provides individuals with the flexibility to test out the shed and evaluate its suitability for their needs before making a long-term commitment. If they decide to proceed with the purchase, the rental payments made during the term may be applied towards the final purchase price.
Maintenance Included:
In many rent-to-own arrangements, the maintenance and repairs of the shed are the responsibility of the rental company during the rental period. This can offer peace of mind to individuals who may not have the time or expertise to handle maintenance tasks themselves.
Con’s Of Opting For Rent To Own Pre-Built Shields
Higher Overall Cost:
While rent-to-own sheds offer the benefit of spreading out payments over time, they often end up being more expensive in the long run compared to purchasing a shed outright. This is due to the interest and fees associated with the rental agreement, which can significantly inflate the total cost over the term of the contract.
Limited Customization Options:
Pre-built sheds offered through rent-to-own programs typically come in standard designs and sizes, with limited customization options available. Individuals who have specific requirements or preferences may find themselves constrained by the available choices.
Risk of Default:
Since rent-to-own agreements do not require a credit check, the rental company assumes a higher level of risk. As a result, the terms of the agreement may include steep penalties for late payments or default. Individuals must carefully review the terms and conditions to understand their obligations and potential consequences.
No Equity Buildup:
Unlike traditional financing options or outright purchases, renting-to-own does not result in any equity buildup. Individuals are essentially renting the shed for the duration of the agreement and do not accrue any ownership stake until they exercise the purchase option.
Potential for Hidden Costs:
It’s essential for individuals considering a rent-to-own pre-built shed to carefully review the terms of the agreement, as there may be hidden costs or fees involved. These could include delivery charges, setup fees, or additional charges for early termination of the contract.
Conclusion
Rent-to-own pre-built storage sheds offer a convenient and flexible solution for individuals in need of extra storage space. However, it’s crucial to weigh the pros and cons carefully before entering into such an agreement. While the affordability and immediate access may be appealing, the higher overall cost and limited customization options should also be taken into consideration. Ultimately, individuals should evaluate their specific needs, financial situation, and long-term goals to determine whether a rent-to-own pre-built storage shed in Colorado is the right choice for them.
