I have to tell you right away, as I write this, that I’m not a big fan of renting. In general, I prefer to own something than to make payments on it and never feel the joy of ownership. However, I realize that in some cases it’s simply not in my best interests to straight-out purchase something.
Through trial and error, there are some things I’ve learned that I just don’t need to buy. Some are items that I won’t need for more than a few days. Others are items that I don’t want to maintain.
Things to Rent
Project Specific Tools – Unless you’re taking up a new trade, the tile cutter that you need to complete your bathroom renovation isn’t something you have to buy. For a small charge, you can rent the tools you need for a specific project and return it when you’re finished.
Children’s Inflatable Activity Centers – You should almost never purchase one of those enormous “bouncy” centers for your children. They’re a pain to maintain and aren’t really a lot of fun for kids unless there are a lot of kids to play with. Instead, rent them for special occasions like a birthday party. You can get help with installation and won’t have to sacrifice your yard for these over-sized toys.
Outrageous Cars – Unless your family is large enough to require you to drive a full-sized van or large SUV, you can save quite a lot by driving a more moderately-sized car most of the time. Then, when you go on vacation or need the storage space of a large truck, you can rent a larger car. You won’t have to pay the price for your vehicle’s gas usage year-round. You’ll use the large car when you need it and then return to your more economical car.
Things to Buy
Furniture – Although rent-to-own furniture stores make it very easy to fill your home with furniture you can’t afford, avoid never-ending worry of having someone else’s furniture in your home. Instead, save the weekly payment you would have made to buy furniture that is all yours.
Cars – Renting or leasing a car over a long period of time is rarely a good idea. Leasing a car requires you to make monthly payments for several years and having nothing to show for your investment. Instead, purchase a sensible car and maintain it well. You’ll love being able to cut a car payment entirely out of your budget.
Real Estate – Unless you need the flexibility that comes with renting a home because you will be moving shortly, there is no excuse to rent your home for the long run. You’ll feel much better about purchasing a home, even if it’s a small “starter home.” You’ll get great tax benefits, be able to decorate your home as you see fit, and continue to grow your personal assets.
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