Rent to own storage buildings Texas
What is rent to own?
Rent to own, as it is done with most rent to own storage buildings, is the process of buying a utility building through a lease purchase agreement. The builder, or supplier gives over possession of a storage building to the purchaser with the agreement that the purchaser will make rental payments with an option to own the building. The structure of such agreements can vary a little, but it is usually something like this:
Rent to own storage buildings: How it works
There is a down payment which most often consists of a security deposit, and the first months rent/payment. The remaining contract price will be paid in equal payments through ought the course of the contract which is usually 36 or 48 months. The amount of rent is determined by a pre set number which is based on the number of payments.
What it boils down to, is that half of each payment will be rent, and the other half goes toward ownership. Yes, you will be paying to rent the building while you pay to own the building, and this will effectively double the cost. This may seem excessive, but keep reading and you will see why it is still a viable option.
Advantages of rent to own storage buildings
- With most rent to own storage building contracts in Texas, you can return the building without having to pay the remaining rent.
- You can return the building without having any sort of hit to your credit.
- You can pay the building off early without having to pay the remaining rent cost.
- You can pay the building off early, without suffering any financial penalty.
- You can get the building, and have it delivered to your property for nothing more than a deposit and the first months rent.
- You can get on your way to owning a storage building right away instead of waiting until you save enough money.
- You can stop the perpetual rent cycle of public storage for about the same monthly cost as public storage.
- You can stop driving across town when you need something from storage which will save fuel and time.
- You can save on income tax if you use the building for business since rent is deductible.
- The cost of the building and rental, when stretched out over the life of a well built building will be only a few dollars a year as opposed to hundreds of dollars per year with public storage.
- The building will eventually be yours to do with as you wish.