Purchasing appliances is a big investment, and sometimes it is one that not everyone is ready to make. But how do you know when it’s better to buy that appliance and when renting appliances makes more sense?
Are you renting your place for a couple years? If your apartment has a washer/dryer hookup, do you want to go buy that appliance, rent the appliance, or just take your clothes to the laundromat? There are several questions to ask yourself before you jump on the decision to rent or buy large appliances.
Think About Your Future
Are you simply renting your current apartment while you save up to buy a home in the next few years? If you notice your apartment has a washer/dryer hookup but that the space for it only allows for the stackable unit, this is a good time to think about renting the appliance. If this is a short-term living situation, think about what you would do with that stackable washer and dryer if you move into a home that has a nice big laundry room.
If you are subleasing an apartment while you are away at school and need to put some appliances in it, think about if you will you need that refrigerator once you move back home. There is no need to purchase something like that if you know you will not need it in a year or two. Renting the appliance will help you currently and help you later when you can simply return it and not worry about what do with it or bother trying to sell it.
Working in Another Location
Sometimes your job may require you to be in another city for a year or so, whether it is to help set up a new store or for training for a new position. If this is the case and you would need to furnish an apartment for a year or so, then renting your appliances is a great option. Buying appliances as well as furniture in this case is not a good idea unless you know for sure that you’d use them later.
Do the Math
If that apartment you though you would only be in for a year now seems like somewhere you want to stay for a little longer, do the math on buying versus renting your appliances. You could be offered a nice rent-to-buy option on those appliances, but beware of the interest. If you decide to buy after renting for a while, they can hike the interest rate on you and it may end up being much higher than the interest on a credit card purchase. If you have a two-year lease, it’s possible that making payments and buying an appliance over the course of your lease may save you money in the long run.
No matter your situation, look at your budget and all of your options before you decide to rent or buy any major appliances. If you want more appliance information, including how to perform preventative maintenance to keep your large appliances running smoothly, check out Complete Protection’s other blogs here!