Renting and rent-to-own option has become a popular option for many when it comes to getting household appliances. It has become so attractive, because of the low payment rates and the lack of strictly enforced laws that apply to a contract signed by a buyer and a seller. The contracted can be drafted to suit the seller’s requirements.
Rent-to-own option allows the buyer to purchase expensive gadgets that he would not have been able to afford otherwise. The buyer will be paying a small fee every month or every week for a long as stated in the contract and by the end of it they can choose to own the property. If the he is dissatisfied with the product he can always return the product at any time with no liability to make payments in future. All repairs are the responsibility of the seller. Extensive background checks are not required, so anyone can get an approval to rent property. If due to unexpected circumstances you are unable to make payments, you can return the merchandise temporarily and pick up right where you left when you are able to pay again.
Renting appliances has become popular among those who live in temporary housing. Renting allows them to use an item for as long as they need and when they don’t need it any longer it can be returned. Transportation, installation and repairs are the responsibility of the seller. Consider an instance where the air conditioner in your apartment has broken, and your landlord is taking his own cool time to do the repairs. Rather than letting your blood boil you could rent portable air conditioner till the repairs are done. Once they are done you can return the one you rented. It’ll cost you a little money, but it will save you the headaches.
Renting is also useful if your job requires you to constantly travel around the country. You can rent everything you need while you stay and return it when you leave. If you buy something you will have to carry it around with you every time you move. This will add up as transportation costs.
For items like mobile phones where there is a large number of options, renting allows you to get the feel of the phone before you invest in one. You can rent a Samsung galaxy s5 or an iPhone 6 and see if you like it before you buy it. Check this page if you are deciding to rent a laptop.
Disadvantages to the buyer
Usually the buyer ends up paying much more than the original price of the item, by the time they decide to buy it. Hidden fees will also increase the actual price you pay. However, this is compensated by the other services that the seller offers.
Another problem is the lack of proper paperwork in case a problem arises. The seller can draft the contract in any way he wishes, so there may be loopholes which may benefit him in case he gets sued. However, the reverse is also true. Since there is no proper paper trail it is harder for the seller to track people who decide to keep the goods and not make payments.
To sum it up we could say that renting and rent-to-own options are great for those who like the flexibility that these payment plans give you. However, on the long run it may cost you more than it saves. So if you are someone who has a permanent residence and a good job it may be better to save up and buy whatever you want outright.