Are you thinking about buying some new tools, a new vehicle or even a new home? Stop right where you are, and read this article before you do. You might save money renting those items instead of buying them.
10. Your Home
Homeownership can be beneficial in so many ways. But, there are times when renting makes more sense. For example, if you plan to move soon, there’s no need to spend tons of money purchasing a home.
Another reason to rent is if the housing market in your area is inflated. You wouldn’t want that bubble to pop only for you to be left with a mortgage that’s more than your home’s actual value.
Lastly, taking care of a home can be a headache. If you don’t want to worry about paying for maintenance and repairs, renting is a good option for you.
9. Camera Lenses
If you’re a professional photographer, you’ll obviously want and need to purchase your own camera lenses. But, for those of us who need a lens for a one-time special event, there are companies like Lens Rentals and Borrow Lenses that will let you rent camera lenses.
You can also try them out before renting them. That way, you won’t have to fork over money for a lens that isn’t quite right for your needs. But, it isn’t just lenses that you can rent from these companies. Lens Rentals and Borrow Lenses also let you rent cameras, microphones, and videography and lighting equipment.
Funerals can be expensive. One way to lighten the financial burden on your loved ones is to rent a casket. Here’s how it works: your body is placed in a wooden box, which is then placed inside a casket for your funeral.
Once the funeral is over, they take the wooden box out of the casket and bury it in the ground. The casket is then returned to wherever you rented it from.
TIP: Renting a casket is also a good option for persons who opt for visitation and cremation.
There’s nothing like curling up on the couch or in bed with a good book. And, with everything being digital now, you can sign up for a monthly subscription service that gives you access to a huge library of titles (e.g., The Lord of the Rings, Mr. Mercedes, etc.) for less than $10 a month.
And, if you’re a “broke college student,” as many of us are/were, you can take advantage of textbook rental websites like Chegg, Campus Book Rentals and Amazon, where you can rent a $200 book for just $20 for the entire semester!
6. Evening or Formal Wear
Tuxedos can be expensive. So, unless you’re the type to attend a lot of formal events, chances are you’d be better off renting a tux for those special times rather than buying one outright. The Black Tux, an online tuxedo rental company, lets you rent tuxes for about $100. They have shoes, cufflinks and other accessories available for rent as well.
If you need to rent additional accessories to go along with your tux, like a designer watch, you can sign up for membership to sites like Borrowed Time, Eleven James and Haute Vault. Membership comes with many perks, including getting a discount on the daily borrowing rate.
Unless you’re Tim “The Tool Man” Taylor or some other home improvement guru, chances are you don’t need a whole shed full of tools. That being said, you’d save yourself a ton of money renting them for your small projects instead. For example, a log splitter at Lowe’s can cost nearly $1,000 to purchase. But, you can rent one for about $100 a day.
Popular Mechanics suggests renting other tools, too, like power augurs, tillers, paint sprayers, drain augers, ladders, gardening tools and hand tools.
Additionally, you can rent car repair tools from auto repair shops like AutoZone and O’Reilly Auto Parts. They’ll let you borrow tools for free in exchange for a fully refundable deposit.
RVs are pretty expensive. On the low end, they can cost as little as $6,000. But, those on the high end can cost anywhere between $40,000 and $200,000 — and that’s without all the bells and whistles! Plus, they’re expensive to maintain and hard to store.
Depending on where you live, parking on the street or in your driveway might be against the rules. That means finding a place to store it, which will cost additional money– anywhere from $40 per month to as much as $500 per month, depending on the storage facility.
So, unless you do enough traveling to justifying spending money on an RV, your best bet is just to rent one instead. Depending on which rental company you use, you could pay as little as $70 or less a night!
3. Christmas Trees
Many people prefer a live Christmas tree. In fact, for them, there’s nothing like going to the countryside, chopping down fresh spruce, pine or fir, and loading it on the roof of their vehicle. And, then some prefer a live tree but don’t want to deal with all that hassle.
Luckily for them, they can rent a live Christmas tree. Companies like The Living Christmas Company and RentXmasTree.com will let you rent one of their trees and have it delivered straight to your home or office (RentXmasTree.com will deliver there).
Not only is renting a Christmas tree convenient, but it’s also more eco-friendly, requires minimal maintenance, and looks and smells nicer. “Our trees are potted early in their lives and their roots are undisturbed.
The result is healthier, better-looking and happier trees, expertly hand-trimmed for that beautiful Christmas tree shape. They also lose fewer needles and allow better decoration thanks to more flexible branches,” RentXmasTrees.com says on its website.
2. Party Supplies
If you’re hosting a gathering of some sort, you most likely will be better off renting your party supplies instead of purchasing them. Why? Because it’s cheaper to pay one rate for everything instead of having to purchase a bunch of different supplies separately.
Keep in mind that many rental companies have minimums. But, if you shop around, you’re sure to find one that will take on small orders.
“If you’re having 15 people over for dinner, you can hire someone to bring you extra chairs and clean dishes and then come and take everything away (and even wash your dirty plates) the next day. And if you want something to make your event extra special, you can probably rent that too, whether it’s a bounce house or even puppies,” CheatSheet.com wrote on its website.
1. A Boat
“It almost always makes more sense to rent a boat, especially if you’re only using it a few times per year,” according to an article published by LifeHack.org.
Why? Mainly because boats can be costly. There are insurance costs, docking fees, maintenance costs and repairs, not to mention other expenses. So, take some time and do your research on options such as peer-to-peer boat sharing, timeshares, boat clubs and charters.
Before you sign on the dotted line, make sure you know who’s responsible for paying for gas and fixing breakdowns and if insurance is included in the rental cost. You will also need to know if any licensing/training is required beforehand.