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Barnetta

Pros and Cons of Renting to Own!

Author: Andrea Horst
01/22/21

Renting a storage unit for years can be costly. Why not rent a storage shed on YOUR property that you can own in just a few short years? Why do people choose Rent to Own? Is there a better option for you? Everyone has different needs and different situations, so be sure to select the option that suits you the best!

Pros:✅

  1. No credit check! When you rent to own a building, we will not check your credit or report to the Credit Bureau. Your Rent to Own agreement will not affect your credit in any way! 
  2. It does not leave an enormous dent in your bank account! If you are moving or making tremendous life changes, the expenses can be extensive. By choosing Rent to Own, you avoid paying thousands of dollars in one day. You can pay gradually in several years.
  3. Early pay off option! Most Rent to Own programs offers early payoff at no extra charge. For example, you may have had your building for two years, but your contract extends to five years. When you have the funds, you can call and get your early payoff amount, complete your agreement, and purchase your building on the same day! This option can save you up to 40% on your contract amount.
  4. You own the building once you complete the contract! After you have either paid your contract off early or paid all your payments in full, the building is YOURS! You do not have to return it or pay extra at the end (given you have paid all your dues on time). This option is an excellent alternative to paying monthly for a storage unit that you will never own.
  5. Commitment free! If you no longer need your storage shed, you have the option to return it. Call the number on your contract, pay any remaining dues and let them know you would like to surrender your building! They may ask a few questions to improve their services. You are not required to answer these questions. Make sure you give the company enough time to pick-up your shed. Typically 14 days of notice should be sufficient, but check your contract before you call.

Cons:❌

  1. Rental fees. Rent to Own contracts usually have high rental fees built into their payments. These fees can amount to the total cash price of the building. To save on rent fees, ask your sales associate about the early payoff option mentioned above.
  2. Limited monthly options. Typically, you will only have the choice between three different terms, 36, 48, and 60 months. The longer-term lengths result in lower monthly payments but also a higher rent percentage.

If you need a building immediately but cannot pay cash, the Rent to Own option is ideal for you. It allows you to make monthly decisions to pay your rent, purchase the building, or return it! Mountain Barn Builders also offers loan applications through McKenzie Banking Company (call 931-863-8030 for more information). No matter what you decide, make sure that you are well informed about all options available!
And whatever you do, do it heartily, as to the Lord and not to man. -Colossians 3:23

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