Buy or Rent: Which option is best?
Renting furniture has its appeal: less money upfront while allowing you to surrender to the temptation of playing around with trends. And there’s the convenience of “insta-comfort,” enabling you to settle in quickly after a relo or when in a short-term rental (like that temporary lease before your year abroad).
On the other hand, despite the higher initial cost, purchasing furniture means you own it - and it becomes an investment rather than a sunk cost. Other factors to think about before deciding if renting or buying is best for you? Read on.
On the other hand, despite the higher initial cost, purchasing furniture means you own it - and it becomes an investment rather than a sunk cost. Other factors to think about before deciding if renting or buying is best for you? Read on.
Are you inspired (or overwhelmed) by options? The variety is virtually endless when buying new furniture. If you can imagine it, there’s likely a vendor that sells it. Conversely, rental companies have limited designs, colors, and fabrics to choose from.
How permanent is your place? If you know your tenure will be short, renting is a valid choice. You can outfit the space with furniture ideal for the rooms, rather than retrofitting what you have. And rental companies often include one free move (or at least are cheaper than hiring a separate moving company).
How long will you keep your furniture? If your Sundays are spent perusing design rags, dog-earing the latest trends, renting is an economical way of gratifying your passion. If you’re in it for the long-game, with plans to keep your furnishings for two years or more, you’ll save money by purchasing (interest rates for renting are typically higher than for buying).
Are finances flush (or tight) right now? While renting requires less money up front, be sure to take into account all fees that may be assessed: delivery, interest, insurance, security deposit, cleaning, online payment charges. You may discover that the difference between buying (for keeps) and renting (for return) is negligible.
Neat Nancy or Laid-back Lucy? Does your lifestyle include pets, playdates and Pinot? Or are pillows-in-place your default? Rental companies often require repairing and cleaning furniture prior to returning. Unless you live lightly, there can be financial repercussions for damaged or soiled furnishings.
The takeaway? For most of us, the one-time expense of buying enables us to own our investment, keeping the value we’ve put in. To make it feasible for those on a tighter budget, buying only what you truly need - a place to sit, sleep, and rest your dinner plate - is a winning strategy. From there, add furniture as your budget allows. Patience and shopping sales also go a long way in outfitting your home with furnishings to enjoy for years to come.