Sometimes all the choices in the shed buying process can make your head spin. Sizes, colors, types of siding and shingles can be a lot. And when it comes to paying for the building, the choices continue. Do you pay cash or finance? And what is rent to own sheds?
If you have questions about the Byler rent-to-own program and whether it’s the best payment option for you, keep reading. In this post, we’ll dispel all the myths and misconceptions associated with this program and cover when it’s a good idea, and when it’s not the best choice for you.
What are Rent to Own Sheds
Rent: a regular payment made by a tenant to a landlord for the use of land, a building, office, apartment, or other property.
If you’ve ever rented a home, you get it. And, just as the above definition explains, you can rent a building. Even if that building is delivered and set up in your backyard.
So when you rent, you accrue no ownership in the building. Let’s take a look at how this might work.
You rent a shed with a payment of $100 per month. After a year, you no longer want the shed. You call Byler and they come to get it. It is their’s, not yours. You paid $1,200 and you have no claim to the building.
That might sound like a bad thing but it’s not necessarily. So, keep reading.
When Rent to Own is a Good Idea.
If you are considering renting a unit at a storage facility in town, or currently do, renting a storage building is a good idea. Why? Byler will bring it and set it up in your own backyard. When you want your Christmas decorations, you don’t have to drive 5-10 miles to get them.
Cash poor and a low credit score? Rent-to-own can work to your advantage. The rent-to-own program doesn’t require a credit check. And, when you make regular payments on your rental building, it helps to improve your credit score.
Remodeling, and don’t know where to stash your stuff? Renting a storage shed will solve that problem. It’s enough of a drag to have your house torn apart but when you have the stuff from the room being remodeled strewn from one end to the other, it’s even worse. Keep your neat and tidy life by having a storage building put in the yard temporarily. Not only can you keep all your belongings in there but it’s the perfect location for building supplies and tools.
Kids moving back home? It happens. Loss of job, or worse, can find your single millennial or your son and family moving into your basement. What happens to their belongings until they are back on their feet? In this instance, renting a storage building is the perfect solution.
Do you live a nomadic lifestyle? Military families, business consultants, or other folks that move frequently, will benefit from renting a shed. If you know you’ll only be in a home for a short time, it doesn’t make sense to strap yourself with the burden of selling an outdoor storage building when you need to move again. Rent it instead, and Byler will come and take it when you’re done.
Renters of homes may want to rent a shed. Think about it. An outdoor storage building is an upgrade to the property—someone else’s property. Unless you don’t mind having to sell the shed when you move, why not rent it, too.
When Rent to Own is a Bad Idea
The person who can pay cash will get the best deal when purchasing anything. The same goes for storage buildings. If you have the cash to pay, don’t rent-to-own. Unless, of course, one of the above scenarios apply.
If you have good credit and intend to keep the building forever, financing can be the cheaper option. Always shop around for interest rates and compare the total out-of-pocket expenses before making a decision.
Other Things to Consider
When you pay all the payments for the duration of your rent-to-own contract, the building is yours. Do you gain equity in the building along the way? No. But if you to continue to pay the payments, the building does eventually become yours.
Also, you can pay the building off early. If you have the cash to do it, shortening the timeframe of your contract will save you money.
Byler Barns allows you to stretch your payments for 24, 36, 48, or 60 months. Of course, the longer you rent it, the lower the monthly payment. But, the more you will pay in the end.
You are responsible for the maintenance of the building. Unlike having a landlord that fixes the plumbing, Byler Barns will not maintain your storage building. You are responsible to keep rent to own sheds in good repair, normal wear and tear excepted. You should also include it on your homeowners or renters insurance. If you don’t, Byler will require you pay a Liability Damage Waiver fee.
If you want more information about Byler’s rent to own sheds program, contact a Byler representative near you. They are equipped to handle all your questions.