Buying vs rent to own vs self storage
Today when looking for storage you have several options you can either rent self-storage, buy or rent to own. We are going to be focusing today on buying vs rent to own.
Before choosing any of this two options make sure to read our buying guide HERE. Once you have figured out what exactly you are looking for you can start your quest to getting that new building. Note we will not be going over what the advantages of renting vs buying are as we have cover that in our previous articles.
What is the biggest difference?
Well the biggest difference in this two types of storage buildings is the price, and depending on the units the price can vary. For this article let’s use this example;
This is a 20x41x12 storage unit with 3 10x10 roll up doors, with a vertical top and a braces package. Now the price for this building is $8065.00+taxes if you were to purchase this today you would need a deposit of 10 to 20% and you would need to pay the remaining amount on the day of installation. For this same building if you sign a rent to own contract the deposit would be around $899.52 which includes the first month of rent, your remaining payments would be $399.52(or $376.38+tax) for 36 months. Well if you are looking into the numbers you
would notice the following:
Buying cash: 8065.00+taxes
Rent to own: 376.38x36= $13549.68+taxes
Difference: 13549.68 - 8065.00 = $5484.68
The difference is huge if you look at it! That’s a difference of 5 thousand dollars! But wait it’s not at all bad if you are just renting self-storage units, a similar 15x40 runs for about $400 a month, if you take the rent to own price 13549 and divide it by 400 it comes out at 33.87 so around 33 months for the same amount that you rent a self-storage unit you can rent to own and end up with owing it, which means no rental payments after the 36 months.
What we recommend
Overall we highly recommend that you look at your budget and what your living situation is, if you are currently planning to move, the best option is to rent a storage unit but if you plan to stay in your home or apartment for the next 5 years then we highly recommend that you look into a more permanent solution. The best choice for a permanent solution is to try and get the funds necessary for you to pay the total price at once so that you don’t have to dish out those extra thousands. No matter what your decision is we are here to help give us a call at 1 844 205 7476 or call us direct at 33 6 755 6551, you can also request your free quote at http://www.carportsnsheds.com/garage-builder in addition you can get an extremely quick answer on a private message on Facebook https://www.facebook.com/carportsnsheds