Rent to own portable buildings Texas
Texas finance laws may be different than those in other parts of the country, so if you are coming to this site from another state, welcome, but some of these things may not apply to your neck of the woods, or they may be somewhat different.
Rent to own, or lease purchase is seen by some as a diabolical plot to rob you of your money, and by others as the greatest financial tool in history. It is really neither. It can make sense for you under some circumstances.
When does rent to own make sense?
As a financial tool for buying luxury items, rent to own is probably not the best idea, but for things that might actually save money, or help to create wealth, It can be a useful tool. It is probably a bad idea to use rent to own as a vehicle to buy a house full of luxury items, or a fancy set of rims for your ride, but renting to own a portable building is a somewhat different case. The tipping point seems to be the purpose of the purchase. If your credit has been suffering, and you need the utility building for a workshop or some other gainful venture, or if you are trying to break free from monthly storage rental fees, portable building rent to own can be a good deal.
Rent to own as it applies to portable buildings
When renting to own a portable building in Texas you are paying rent on the item with an option to buy at the end. About half of each payment goes toward rent, and the other half goes toward the purchase of the building. At the end of the contract, you will own the building.
You can not gain any financial advantage by doubling up on the payments, no matter how much you pay above the amount of the monthly payment, half will go toward rent, and half toward ownership. Having said that, you will not be punished for early payoff.
The best way to do this is to save back any extra payments you might be able to make until you have enough to pay off whatever is owed on the building. For instance, if your payments were $200.00 per month, and you could afford to make an extra half payment of $100.00 per month, save that back untill the amount you have saved equals the amount you owe on the building itself, minus the rent. If you have a years worth of building payment saved back, you may be able to pay it off early without having to pay the last year of rent. Check with your storage building dealer about this, preferably before you buy.
Notes on rent to own:
- There is normally a rental deposit paid down, along with the first months rent, and most companies return the deposit after you have paid the contract off on time.
- If for some reason you cannot continue to make payments on the building, your credit will not be affected, you will simply notify the company and they will pick the building up.
- There is no interest in rent to own. There is simply rent.
- If your credit has been suffering, and you need the utility building for a workshop, or some other gainful venture, portable building rent to own can be a good deal.
- There may also be tax advantages to lease purchase agreements when the building is being used for business only.
There are many rent to own portable building dealers in Texas, in fact, most dealers offer this option. If this sounds like a program that would interest you, then just ask a nearby Texas portable building dealer.