Renting Vs. Buying Furniture: The Pros and Cons
Whether to buy or rent furniture is a question that many new homeowners pose to themselves. On moving into a new house, you are met with an empty house in which you are required to fill with furniture. Considering buying new furniture can be expensive and time-consuming, it is even more irritating to transport your old furniture to your new home. In such cases renting furniture is the best solution. Renting furniture allows persons in temporary housing scenarios to appreciate a home’s comfort without committing to long-term furniture obligations. This article serves as a guide, offering the pros and cons of buying and renting furniture, allowing one to decide on their preferred choice.
Pros of renting furniture
It is cheaper
Though it depends on your rental plan duration, in most cases, people tend to return their leased furniture before having to pay the furniture’s full cost. In such instances renting furniture’s proves to be relatively cheap.
One gets the opportunity to enjoy quality furniture
When on a budget, renting furniture can offer a variety of furniture’s in your price range to choose from. Rental furniture’s payments are made on a monthly bases, and thus renters get to enjoy quality furniture than it would be the case if they bought the furniture.
Gives room for growth
Renting offers outstanding flexibility, particularly for those with families that are growing. As your child outgrows their desk or bed, rental companies allow for exchange with furniture’s that fit right. If you have kids who often change their style, you can choose the rental furniture to suit their style.
Cons of renting furniture
Penalties for late payments
It is important to note that rented furniture should have their monthly payments made on time. If you pay late or miss your payments, this hurts your credit score, making it hard to get credit cards or loan in the future.
Charges for damage
A majority of rental furniture companies will compel a person to pay a security deposit covering any possible damage. If you do not take appropriate care for your furniture, you’ll not be refunded your deposit at the end of the rental period. Typically, furniture rental companies offer some margin for general wear and tear; however, if the furniture gets scratches, burns or spills, you will be charged for it. If those who will be using the furniture tend to be messy, buying furniture would be the best option.
In the long term, it may be expensive
If you plan to have the furniture for two years or more, buying would probably save you money. Typically, rental companies can offer relatively high-interest rates, and thus if you rent the furniture for longer than two years, you will pay quite some huge amounts of cash.
Pros of buying furniture
You don’t have to pay fees for damage
You own the furniture, and if by any chance they get damaged, you do not have to worry that you’ll pay any damage fees. You’ll only be needed to cover repair bills.
No monthly payments
While it is more expensive to buy furniture than renting, you will not be needed to make any monthly payments after purchasing the furniture with the buying option. Typically, there are so many payments to make at the end of the month, including loan repayments and bills. Through buying furniture, you will not have to add more monthly expenses.
Ability to resell
With furniture that you’ve bought, if you choose to get rid of it at some particular point, you can sell it and make money. While selling furniture is more challenging than renting. If you have taken good care of the furniture, you can sell at quite some good amount.
Cons of buying furniture.
Need huge initial investments
Purchasing furniture usually has a high upfront cost, which is one of the primary reasons people don’t buy furniture. You may not have sufficient cash to buy the furniture you need, which may cause one to end up purchasing low-quality pieces. The shortcoming of purchasing furniture is that once you settle for the inexpensive furniture, you will at some point later need to replace them, which is an added cost.
May need assembly
Depending on the furniture seller or manufacturer, you may need to assemble the furniture for yourself. This will necessitate having suitable assembly skills. To be sure of the type of furniture you buy be sure of their manufacture or seller. Review sites such as UKCollectedReviews will help you get a clear picture of the seller or manufacture of the particular furniture. You can also have a look at Bedfolk reviews.
Costly to transport
If you choose to move, it can be expensive to transport furniture. This is precisely the incidence if you are moving to a distant location. In such cases, it may be cheaper to donate or sell the furniture to avoid the hassle, which will be at a loss.
In conclusion, while both renting and buying furniture have their advantages and disadvantages, to make the appropriate decision, you need to consider other factors in play, including if you are a permanent resident or temporary resident. If you are a temporary resident, renting might be better than buying furniture.