As a renter you might consider the option of renting furniture and appliances instead of buying them. The reason being, an apartment is a temporary situation and you’d rather not pay for expensive furniture, only to hire a moving company or rent a truck to move it later. However, while this is one advantage (and there are others), there are disadvantages that could hurt you financially. Here are some advantages and disadvantages of renting furniture and appliances:
Advantages of Renting Furniture
A major advantage to renting furniture instead of buying it is the immediate cash benefit. You can hold onto cash longer, because you’re making small payments over time, as opposed to making a huge one-time payment to make a purchase. You may also want to try out the furniture first before making a substantial financial investment, if you’re looking at furniture sets that can cost several hundred to several thousand dollars. If you never plan to buy the furniture, but don’t want to live in a bare apartment, renting may be a good compromise. When you’re done, the company you’re renting the furniture from will send movers to take back the furniture, which is a win-win for you and the company.
Advantages of Renting Appliances
If the appliance stops working, you can return it to the rental company for repairs or a new one, often at no charge to you. This saves you time and money compared to hiring a service professional, or replacing it. Another issue is that you can replace a defective appliance easily under the rent agreement, whereas if you bought the appliance, you may have to jump through many hoops just to get the manufacturer to honor the warranty. In some cases, the warranty has expired and you’re left with no other option but to buy another one. Like rent to own furniture, you can own the appliance at the end of the agreement, all the while testing it out and avoiding service fees.
Disadvantages of Renting Furniture and Appliances
While it’s true that renting furniture offers a good opportunity to have it, even though you have little or no cash to buy your own, you end up paying a lot of fees for the privilege. For example, the company doesn’t agree to move furniture and appliances for you out of the sheer goodness of their hearts. Those fees are padded in your monthly payments. Also, the company has an interest in the furniture and appliances they rent to you while they’re in your possession, and until you own it. The only way to protect it is to require you to buy insurance, and it will be one they sell as well. Then there are the rental fees. When compared to the purchase price of the furniture the day you choose to rent it, these fees are excessive.
Most renters are far better off buying cheap, used furniture and appliances, when you compare these disadvantages to the advantages of renting furniture. Many local thrift shops, yard sales, moving sales and giveaways may have just what you need for your apartment.