Don’t Buy When You Can Rent These 7 Items and Save Money
There has been a debate in real estate about renting versus owning, as the various costs can add up. This discussion about renting and ownership can also apply to other areas of life. There are times when it’s better to rent than buy many things, because you’re not sure if you’re going to want to make this purchase in the long run.
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Here’s a look at the various situations where it’s worth it to rent an item — and the benefits of renting.
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What Are Items You Should Rent Instead of Buying?
The following are seven items that you should consider renting instead of buying.
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Power Tools
“Unless you’re Tim Taylor and you’re planning to build things in your garage every other day, you don’t need your own power tools,” said Scott Lieberman, founder of Touchdown Money. “Renting them will be a lot more cost-effective and will still get the job done.”
You’ll likely only need certain power tools for specific jobs you’re working on. Investing a significant amount of money into something you’ll barely use doesn’t make sense.
Examples include:
Steam cleaners
Specific tools for major home renovations
Tile saws
Power washers.
It’s easier than ever to rent these items from the hardware store, so you won’t have to stress about spending too much money next time you want to do some work around the house and don’t have the right tool yet.
Pickup Trucks
“Most people don’t need a truck every day of their lives,” said Lieberman. “Renting a truck for a few hours can haul your items without giving you the headaches of maintenance, costs and where to park it each night.”
While you may think that buying a pickup truck or van is a good idea, you don’t need it most of the time.
Musical Instruments
“When someone’s just learning an instrument, always rent instead of buy,” Lieberman said. “That way, if it’s not a good fit, you can easily return it and only be out a minimal amount.”
The price of a drum set or guitar can be rather high, so you want to be positive that you’ll commit to this instrument before spending money to buy one.
Dishes and Flatware for Parties
“If you don’t throw parties often but want to host a major retirement bash for your mom, you don’t need to go out and buy a ton of dishes and flatware for a one-time party — you can rent all of that,” said Erika Kullberg, an attorney, personal finance expert and founder of Erika.com.
You can also rent most equipment for special occasions, such as a tent or seating arrangements. Thus, you don’t have to spend extra money for the rare gathering you host.
Camping Equipment
Chances are that you may not go camping frequently enough to purchase a tent and everything else you need. You could easily rent this equipment when planning a family camping excursion.
Camera Equipment
If you want a professional-grade camera for the occasional special event, you could rent this out instead of investing thousands of dollars. Most cell phone cameras are exceptional enough for your everyday needs.
Sporting Equipment
If you want to take the family for a ski trip in the winter or a canoeing adventure in the summer, you may want to look into renting these items.
Some sporting equipment is also worth renting because you may not be certain if you’ll enjoy it. For example, you may not want to buy a new pair of skates or a kayak until you’ve tried the activity a few times. You don’t want to add a $500 snowboard to your collection of stuff in the attic.
The Benefits of Renting Instead of Owning
Here are the main benefits of renting instead of owning:
You Save Money
“Ownership is great for most things, but there are a few things that you’re really better off renting instead of buying,” noted Lieberman. “This can be because of cost, storage or other reasons.”
Before making a major purchase, you have to consider the storage, maintenance and repairs that could be required. These expenses could add up quickly for an item that you rarely use. If you have to spend money on additional storage, then the expenses could add up quickly.
Access to Higher Quality Items
“Renting items you won’t use frequently can help you save a lot of money while accessing higher-quality tools, appliances and other items that you may not have wanted to invest in,” Kullberg said. “Buying a cheaper version that won’t last can cost more than renting a top-of-the-line version of whatever you’re looking for.”
When you rent items, you can obtain the most updated version of the product so that you don’t have any quality concerns. You don’t want to spend additional time trying to fix your old tent or worry about sharpening your skates.
Closing Thoughts
Kullberg concluded, “Sit down and crunch the numbers. Figure out how many times you plan to use the item and what your price-per-use is to see if it makes more sense to rent the item on occasion or buy it.”
Renting specific items when you want them instead of buying them can save you money and hassle. You also won’t have to worry about finding storage space for larger items.
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This article originally appeared on GOBankingRates.com: Don’t Buy When You Can Rent These 7 Items and Save Money
