Storage Tips Rent to Own

There are a lot of ways to finance a storage building , and there is one perfect for your situation. One of the best ways for many people is Rent to own. A lot of people have questions about just how that works. I had someone call me the other day about rent to own. The person on the line had heard that rent to own was, well, she couldn’t make herself put it bluntly, so I finished the statement for her: “You are wanting to know if it is a scam?” I asked politely. “Yes!” She said, in a way that showed an element of embarrassment and surprise!

Wrong information

There is apparently some bad information floating around on the subject, so I thought I would address that here. No. Rent to own is not some kind of scam. It is a perfectly viable way of renting or buying. I can’t speak for everyone, but the programs with which I am familiar are good programs.

Rent to own and interest

First of all, there is no interest on rent to own. you are paying rent for a building, and part of that rent, usually about half of it, goes toward the purchase of the building. Rent to own payments are very similar to what you would be paying for renting an equivalent amount of storage space from one of those self storage, or mini storage public storage facilities. The major difference is, that when you complete your contract on rent to own, you actually own the building, and it is setting on your property!

Early pay off

Many people choose to pay off the building early with income tax return money, or some windfall. This will save quite a bit on rental payments, since you would be paying for the building and not the rent if you pay it off. There is no penalty for early pay off. There is no credit check, and no credit damage for default. Since you are renting the building, you can call the company and have them pick it up, and your credit will not be hurt.

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