Finding the perfect apartment rental is great- but to turn that apartment
into a home, you're going to need some furniture to fill out the space.
However, don't just rush out to the nearest store and buy the biggest
leather couch money can buy. Sometimes, purchasing your furniture outright isn't
always the best solution - it's often wiser to rent or lease your
furniture, especially if you're only going to be living in your apartment
for a couple months at a time. If you're in this situation, it might be
worth your while to check out a rent-to-own store.
What is Rent-To-Own?
The concept behind rent-to-own is simple - rent-to-own companies rent
items, usually furniture, appliances, electronics and computers, with the condition
that the item will be owned by the renter if the term of rent is completed.
Rent-to-own contracts are generally written for a 12-, 18- or 24-month term,
with weekly, bi-weekly or monthly payments. Since the rent-to-own agreement
is a lease, as opposed to a credit sale, no interest is charged and most stores
do not require a credit check, making it a popular choice with people who have
no or poor credit history.
Who Uses Rent-To-Own?
Everybody! Rent-to-own customers include university and college students, corporate
travellers on temporary assignment, military personnel and in-transit families.
What they all have in common is that they have an immediate need for consumer
household goods but can't or don't want to accept the long-term
commitment that comes from purchasing major items such as furniture, appliances
and televisions.
Rent-to-own also caters to peoples' immediate needs - sports fans
might pick up rent-to-own furniture or a big-screen TV for the big game, exchange
students could use a rent-to-own computer or laptop to keep in touch with friends
and family while travelling overseas, while others might use the rent-to-own
service to temporarily replace a broken appliance that is in for repairs.
The Most Flexible Transaction in the Marketplace
As mentioned above, if a customer fulfills the rental terms, ownership is acquired.
However, the renter is not obligated to continue to rent the item until the
term is completed - most rent-to-own stores will allow the item to be
returned at any time without penalty. Most of them also have a lifetime reinstatement
clause, allowing the consumer to re-rent a returned item and receive full credit
for all previous rental payments made.
While it's true that you will end up paying more than the retail price
for an item if you complete the rental term and acquire ownership, most rent-to-own
customers enjoy the flexibility that comes with their no-obligation agreement,
as items can be exchanged, returned or replaced depending on their needs and
tastes.
In recent years, however, many rent-to-own stores have lowered their prices
and are now offering shorter terms. If you're looking for new furniture,
computers or electronics for your apartment rental but can't or don't
want to keep the items for the long haul, now might be the perfect time to check
out a rent-to-own store in your area.
Looking for an apartment in Ottawa? Paramount Properties is Ottawa’s second largest residential property management company. With more than 4,500
Ottawa apartments for rent in some of the city’s finest locations, we’re your #1 choice for apartment rentals in Ottawa.
