Things You Can Rent to Own
In a society that values instant gratification over character-building and wise living, renting to own is a phenomenon new to recent generations. Before credit became a factor in everyday shopping, people were forced to save money to purchase property and belongings in full before enjoying the benefits, but people today are used to having options that weren’t afforded to their ancestors. In comes renting to own: a fad that allows rentals to become ownerships. Renting to own is the red-headed step-child of purchasing on credit, because you don’t even have to have taken the responsible effort to build good credit in order to rent to own from most companies. You simply have to fill out an application, and agree to “rent” a property or object for a certain period of time before the rights to it are signed over to you.
The Benefits of Renting to Own
While many people use renting to own as a way to “cheat” the system and procure items they can’t yet afford, many others who are down on their luck can come acquire items they truly do need in order to thrive as productive citizens. Not everything rented to own is done so out of poor judgment. While renting to own a large flat screen TV is a foolhardy move that exposes materialism and a sense of entitlement, many people rent to own vehicles so they can take their children to school and commute to work. Thus, there are many instances in which renting to own is a noble decision. Here are some things you can rent to own that make the most out of an instant society.
Rent to Own Buildings
If you have a housing or storage need, our economy dictates that you either take out a loan or save a huge sum of money into order to find an accommodation. Or you can rent. Because so many people rent their homes and storage buildings already, rent to own buildings are one way to put rent toward an actual investment, if only as a potential investment. Some landlords are willing to strike up a rent-to-own agreement, meaning rent to own buildings can mean the difference between renting and ownership for a family that would otherwise never be able to purchase property. While saving for a down payment on a home, on top of paying rent, is an impossibility for lower income families, rent to own buildings offer an option to both build credit and eventually own property. Rent to own buildings are truly a saving grace for many families trying to claw their ways out of debt and poverty.
Rent to Own Cars
Many people rent to own buildings, and even more rent to own cars. This is often known as “leasing” a vehicle. While purchasing a car is next to impossible for someone with no credit history and without a large amount of cash, leasing allows people with less than perfect credit – or no credit – to work toward owning a car while making low monthly payments. It may not be ideal, and may cost more money in the long run, but leasing a vehicle is a very viable option for people who desperately need a vehicle.
There are even more things, like furniture and such, for which people utilize rent to own deals, but rent to own buildings and rent to own cars are among the noblest causes in the bunch. This system allows families who need a home, a building, or a car to rent with the option to purchase down the line. However, the rent to own system has become a downfall for many families who reach for instant gratification, eventually biting off more than they can chew.