One can never have enough storage space. As soon as you accumulate items, the need for storage increases. When people don’t have enough storage space at home, they opt to rent storage spaces, which eventually puts you at a loss. Aside from the time and money spent travelling just to retrieve items from your space, you’ll also be paying rent on the space that they occupy!
The thing about paying rent is that even if you make monthly payments for a long period of time, the property will never be yours. This is a good option only if you’re sure that the storage space is temporary. Once you’re done using it, you’re no longer responsible for payments.
But if you’re going to be in town for a long time, and are using the storage space indefinitely, then a rent-to-own shed is going to be a better investment.
What Does Rent to Own Entail?
Put most simply, a rent-to-own option is an agreement where you agree to rent the property for a certain period, with the option to purchase it after the lease expires.
A rent-to-own option is great for aspiring property owners because it allows them to save up for a down payment and get your finances in order while “locking in” the property you want to purchase. There are two parts to a rent-to-own agreement: the standard lease agreement and the option to buy.
In the rent-to-own agreement, the buyer agrees to pay the seller a one-time, nonrefundable upfront fee called the option fee, which gives you the option to buy the shed by some date in the future. This fee is often negotiable, and there is no standard market rate, though it averages anywhere between 2.5-7% of the purchase price.
Furthermore, there are two types of rent-to-own contracts: lease-option or lease-purchase. The lease-option contract gives you the right — but not the obligation — to buy the property once the lease expires. In contrast, a lease-purchase contract legally obligates you to buy the property upon expiry of the lease.
Why Invest in a Rent to Own Shed?
The best thing about a rent-to-own shed is the fact that it’s a great investment.
Sheds are not limited to acting as storage: they can also function as both personal spaces (like for a home office) and commercial spaces (such as small cinemas or pubs), as well. If you have ample space in which to put sheds, you could consider purchasing (or renting) several of them, turning them into transient homes for tourists or visiting families staying in your area for a short time.
Not only are your monthly payments going towards something concrete that you will eventually own and will have the option to sell — the shed rent-to-own application process is simple and approval is quick.
Here are a few reasons why you should invest in Countryside Barns’ rent-to-own shed:
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- Simple application process. You get instant approval upon the completion of all rental information and receipt of initial payment.
- No credit check. Unlike mortgage payments, which require credit checks before approval, there is no need for this in any rent-to-own situations.
- No penalties for early payoffs. Pay off your contract anytime with no penalties. RTO National can provide you with a discount on your contract based on the number of payments you’ve made.
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- Customization options. Countryside Barns has a catalogue of pre-designed sheds that come in various sizes. Using our Shed Designer tool, you can configure your ideal layout. You can customize the color and material of the roof, doors, floors, windows, and walls. You can also choose wall height and insulation options. There is also a storage visualizer feature, which allows you to drag items onto the shed floor plan to see how much space they would take up. This allows you to visualize how your shed may look, and to choose the shed size accordingly. While you’re designing your shed online, you can also see the rent-to-own payment price for any building configuration by clicking on the “show monthly payments” link in the top right-hand corner, by the building price.
- Easy payment methods. There are five easy payment methods: online, phone, auto draft, mail payment, or by calling an account representative.
Countryside Barns Shed Financing
Countryside Barns offers two options for shed financing: our own Rent-to-Own payment scheme and RTO National’s Installment Loan Financing. Both payment schemes are similar in the that maximum finance amount is $15,000, and financing is done through RTO National.
Here’s a rundown of the subtle differences between these options:
Rent-to-Own Payments
Found under the RTO’s FlexLease agreement, this payment option is your most flexible path to ownership.
This payment scheme:
- Allows you to pay for the shed over time, anywhere between 24 to 60 months.
- Has no credit check or penalty for an early buyout or cancellation.
- Includes a 90-day same as cash offering. This means that if you can pay for the balance within 3 months, you won’t have to pay interest.
RTO Installment Loan Financing
The RTO Installment Loan Financing agreement gets you your shed at the lowest total cost. RTO offers interest rates as low as 9.99% with approved credit.
This payment scheme:
- Has quick approval: either online or in-person!
- Is available in 30 states.
- Has terms lasting anywhere between 12 to 48 months.
Remember that RTO National requires your first and last month’s payment prior to delivery of your building. Your last month is held in deposit and applied to your last payment in your contract or payoff amount.
Final Thoughts: Why You Should Invest in Rent To Own Sheds
Instead of renting storage space, a rent-to-own shed may be a sounder investment. Instead of putting money towards something that will never be yours regardless of the length of payments, why not invest in something that will?
Sheds don’t just function as storage: they can also be converted to home offices, exercise areas, or even tiny houses, which you can rent out. With Countryside Barns’ Shed Designer tool, you’ll be able to design and customize your shed according to your specifications.
Contact Countryside Barns to order your new shed today!