Portable Utility Building Finance: Rent To Own
Deciding to have a utility building is just the first step in owning one. You must decide whether you want to build a storage building from scratch, have a contractor build one for you, buy a kit and assemble it yourself, or buy a prefabricated building and have it delivered and placed on your property. There are other issues involved, like where the building will be placed, and how this placement will effect the rest of your property, but if you decide to buy a prebuilt portable utility building, you will want to consider your financing options.
In most cases, a utility building dealer will not offer a lease to own, or rent to own option for a building that has to be assembled on site. The reasons for this are pretty obvious, since it would be hard to repossess a building built behind a fence or other type of obstacle. Keep in mind that this is not personal, it is just practical business.
Should you buy a storage building outright, finance through an institution, or rent to own? Utility buildings can help to un-clutter your life, but you don’t want to clutter your financial situation in the process. So, what are the best options, and what is the best choice?
Rent to own
Rent to own, is one of the most common ways to buy a building. Keep a couple of things in mind when thinking about it:
- If you pay a monthly fee for public or mini storage rental, the lease to own storage shed price per month will probably be about the same as what you pay for the same space in public storage, but you will own the building in the end!
- Even if your lease to own payments are a little more than the payments for public storage, you don’t have to drive anywhere to get to it. This saves you time, and money for gasoline, which can really add up.
When you purchase a storage building with most rent to own programs, you have some advantages over traditional types of finance:
- You don’t have to worry about your credit before the purchase. Most storage lease purchase agreements don’t require a credit history.
- You don’t have to worry about your credit. Most rent to own programs don’t report to credit agencies, so your credit will not be hurt if you do have a problem, or no longer need the building. Ask your dealer about this.
- Most utility shed rent to own programs allow you to pay the building off early without penalty, actually saving the cost of the remaining rental if you do. This gives you an option that most banking institutions don’t offer.
- If you find yourself in difficult financial circumstance, you can return your building without any financial suffering, and no hits on your credit, and you won’t have to pay the remainder of your rental contract.
- If you purchase a high quality storage shed, you will have more than 25 years of service from the buildings with no additional maintenance costs. If you average the initial price of the building over it’s lifetime, it will only cost you a few dollars a year, unlike renting public storage, which will be hundreds per year!
- In many cases, if you use your storage building for business purposes, you can “write off” the rent.
There are a few things you will need if you want to lease to own storage buildings.
- Contact information for family and friends, the more the better.
- Your own personal and contact information. This would include email addresses, phone numbers, etc.
- Employment information and phone numbers
- The money for the first months payment, and a deposit.
- Your banking information if you plan to do an automatic draft.
Rent to own is also known as; lease to own, and rental purchase. Standard rental purchase agreements have many things in common, but there are some variations. Check with your utility building dealer for the exact details.
For more rent to own information see: Rent To Own Storage Buildings
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