Moving into your first apartment or home’s an exciting time, but it’s also an expensive one. At the last count, Americans spent over $2,000 a year on routine costs for household furniture and appliances alone.
Furnishing an entire home could cost ten times that or more. So, what are you to do? You can’t live without a few basics like a refrigerator and somewhere to cook your food.
Fortunately, there is an affordable way to get what you need at a price you can afford. These are the pros and cons of renting appliances.
The Benefits of Renting Appliances
If you don’t have the finances to furnish your house right away and don’t want to apply for credit, rent to own appliances can be a good solution for you. Some suppliers will even allow you to rent appliances with no credit check.
You can pay a small monthly fee to furnish your kitchen with everything you need, without having to pay off a huge installment every month.
If you don’t opt for appliances on rent to own terms, you simply return them at the end of your lease. That way, you aren’t stuck with an appliance that doesn’t fit in with your needs.
It’s easy to rent appliances online and you’ll find a good variety of appliances for leasing as well as different packages and time frames to suit you.
Often, the costs to hire appliances is far less than paying for an appliance and then having to replace or repair it after a few years.
Drawbacks of Renting Appliances
Depending on how long your terms are, you could end up paying much more for rent to own appliances than if you’d bought them outright from a store.
That’s because the monthly fees on these arrangements are low, but when you opt for a long-term arrangement, you could end up paying huge amounts of interest on the deal.
If you’re late making payments, you could incur exorbitant extra costs too. These include:
- Late payment fees to reinstate your contract
- Repossession fees if you decide you no longer want the appliance and return it
Some suppliers aren’t upfront about their hidden fees, so ask about them, and check your contract carefully before signing up. The vast majority of companies that rent kitchen appliances are above board though.
Check out the Better Business Bureau’s website or look for online reviews to help you find one that’s above board and upfront about costs.
If you speak to your financially-minded friends they’ll tell you that paying money for something you don’t own’s a bad financial decision.
However, if your choices are between renting appliances or going without them, you’ll be just fine as long as you check the paperwork carefully.
Find More Solutions
Did you know that renting appliances is an option for those who’re starting out on their own? Perhaps not, you’re bound to learn a lot of things as you navigate the turbulent waters of living on your own.
Thankfully, we’ve got lots of advice to see you through. Keep reading our lifestyle section for help in dealing with everyday issues that apply to you.