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Rent to own sheds are one of the easiest ways to own external storage. So, if you’ve always wanted a potting shed for your garden tools, a seasonal shed for holiday knick-knacks, or a man cave for some time to watch the game, here’s the way. Simply pay a monthly fee for a set period that eventually leads to your full ownership of the shed at the end of the rent to own program. If this sounds like something that might work for you, this article will help get you started. Let’s go!
How does rent to own storage work?
Rent to own sheds are a storage building bound by a rental agreement known as a rent to own contract. In this contract, the shed is rented out for a certain length of time with a month to month agreement. The monthly payments are divided into paying for the rental and the other part going towards the original price of the shed.
No credit check or credit score needed
This payment continues throughout the contract period until the shed is fully paid for and becomes the sole property of the renter. There are no credit checks; only a short application process and a small deposit are required to get started. This makes the rent to own program accessible to almost anyone.
To get started on your journey to owning a storage shed, it is important to know how the rent to own program works. Here is a step-by-step guide to getting your first rent to own storage building:
Draw a budget
The first step to getting your storage shed through a rent to own agreement is drawing up a budget. Note that a one-time payoff on any property is often cheaper than paying in installments. Nevertheless, if you aren’t interested in making a full payment for a storage shed, you can draw up a budget on how to own one within a short period.
Flexible payment schedule
You can rent to own a shed for 24, 36, 48, or 60 months. The monthly cost of the shed may vary based on the time of the agreement. Make sure your budget can handle the monthly cost for the amount of time you want to rent to own.
You should also make room for additional fees. These fees may range from a security deposit to shed delivery fees (depending on the company).
Pick Your Storage Shed
After drawing up your budget, the next step is to pick your shed. You can do this online with a reputable shed company or head over to their physical location. Since storage buildings come in different types and sizes, some factors to consider when choosing one are:
The purpose of the shed
Storage barns can be used for a variety of things. You may need one to store lawn equipment, heavy machinery, cars, etc. Whatever storage selection you choose should be to fit your specific storage needs.
Usable backyard space
Storage sheds are usually kept in the backyard, so it is important to consider the amount of usable backyard space you have before choosing your shed size. For a small yard, you can opt for an 8’ x 8’ storage shed. If your yard is on the larger end, a 14’ x 14’ shed with a garage opening could be great. For narrow yards, you can opt for lean-to style sheds to maximize space instead of a regular free-standing building.
HOA or Local Regulations
In order to make a wise shed purchasing decision, you should also inquire with your HOA (if applicable) and/or local or county officials to be sure of any rules or restrictions (including permits) that may be required. Many municipalities will require a permit for adding a shed to your property.
Customize your shed
After selecting your shed, you may want to customize it to further suit your needs. Many shed companies offer these options with their rent to own agreements and may charge a little extra for it.
Agree on the price and sign your contract
Once your storage shed is fully customized, the next step is to agree on the price offered by the shed dealer. Note that the monthly fee you will be charged depends on the original price of the rent to own shed and the length of the contract. When you’re ready to commit to the RTO agreement, you can then sign the contract. Don’t hesitate to review the agreement before signing.
Make your first payment
After signing the rent to own agreement, your rent to own shed dealer may require you to pay your first month’s rent. This initial payment may vary from company to company.
Receive your new shed
Once you’ve completed the preceding steps, you’re ready for the delivery of your new shed. The length of time between your first payment and your shed delivery may vary depending on your location and availability of stock. In-stock sheds may arrive sooner than custom-built sheds.
Rent to own program or DIY shed?
Although a rent to own shed offers a great opportunity to own your very own storage unit on your own terms, is it really the most viable option?
Just like a mortgage, a rent to own agreement tends to cost more than an outright purchase, but it does give you the flexibility of holding on to the money you would spend in a full purchase and using it for other purposes.
There is also the option of building your own shed. Building your own backyard storage shed may cost you anything from $1,767 to $42,000, depending on the size and the material of the shed.
While a DIY shed may seem relatively cheaper than renting, it’ll demand an outright investment in the form of materials, labor, time, weather delays, inspections, etc. Hiring contractors can be a major hassle, and getting them to complete a project is a whole other ball game. Needless to say, finding someone reputable is a must. You must weigh the risk versus reward when choosing which way to go.
A shed is not just great for storage but is also an excellent asset for your home. This addition to your home can potentially increase its worth long-term. You can even go further to upgrade the overall look of your shed by adding flowers and other landscaping features. It is also an investment in peace of mind knowing you will have space to manage the things that matter most to you.