Owning an item gives you the flexibility to use it whenever you need. But, are you using it often enough to purchase? Is it “stored” under mountains of clutter or do you even remember where the item is located?
“Renting is a nice option because it frees up space in your home and money in your wallet, says Ellsworth Buck, Vice President of GreatFlorida Insurance, Florida’s largest independent homeowners insurance agency.
Renting is a practical alternative if you do not have the room for storage or if you are not ready to make the financial investment. Renting is also more sustainable especially for items that will rarely be used. Below is a list of items most people would be better off renting than purchasing.
- Tools-If you are an avid DIYer you like to own tools, but will you use them enough to justify the cost? If it is a general tool, such as a cordless drill, sure but if it is a specific tool for a particular project, such as a tile cutter, you might want to explore tool rentals from Ace Hardware, Lowes or Home Depot. You might use a pressure washer annually to clean your deck or driveway, but should you buy one? According to Consumer Reports, a pressure washer is cost effective if you plan to use it three or more times a year.
- Entertainment-video games, movies and music are more expensive to own these days. Save yourself some money and utilize your local library, Redbox, Twitch, Apple, Spotify, or your favorite streaming service.
- Boat-A boat is an investment. Besides the cost of your vessel, maintenance and repairs are going to take up a lot of your expenses. Don’t forget about the cost of storage if you want to keep it in a marina. You will also require a trailer for transportation. “Boat insurance is a must not only for your boat, but fishing equipment and recreational items as well as transportation,” says Ellsworth Buck, Vice President of GreatFlorida Insurance, Florida’s top independent homeowners insurance agency. Discoverboating can help you calculate costs and find a rental in your area.
- Sports equipment-Before you purchase another item to haul into your garage, make sure it is something you will use. You think you want to get into paddle boarding? Try renting one first to see if it is something you will use and enjoy. Kayaks, canoes and water skis can clutter your space if you plan to only use them once or twice a year. Some equipment might also require additional transportation gear. Even gym equipment such as a treadmill can be rented if it is something you want to try out first and gauge your interest.
- Camping gear-Are you the spontaneous type, to pick up and venture out into the wilderness? If not, you might want to consider renting your camping equipment. Camping equipment can be pricey and it is not worth it if you only go once a year. Consider renting from a store such as REI or Eastern Mountain Sports.
- Musical instruments-Your child signs up at school to play an instrument. Before you run out and make that new purchase, consider renting. You want to make sure your child is committed before buying an instrument. Also, as children grow, so do their instruments. Check into renting from school or a music store.
Before you think you must make a purchase, check into renting. Consider the purchase price and how often you plan to realistically use the item. Also, do you have the storage space? It is amazing the items available for rent: bikes, tech, dogs, gardens, solar panels, designer clothes, jewelry and handbags.