Renting has it’s time and place. There are things you may enjoy that you’d like the idea of ownership but renting makes much more logical sense.
Renting has a good place in the desire to build wealth. It gives the ability to have access to items that if you owned them would be liabilities. Robert Kiyosaki talks about this in his book Rich Dad Poor Dad. When we purchase things that don’t make money, they are liabilities. When we purchase things that will be used once or twice a year, we have to stop and think about the price tag it has.
Here are 6 items you should consider renting instead of buying:
“The two happiest days in a sailor’s life are the day he buys a boat and the day he sells it.”
While I have never planned on buying a boat, It’s a common purchase that people make. The above quote shows the reality that as a purchase it can be a drain in some ways.
But when looking at your year, budgeting to rent a boat a few times in a year, if that’s your thing, makes perfect sense. It will save you money in the long run. It will save you time from all the hassle of repairs. And it will save you peace of mind.
I learned this from my dad. He pointed out all of the guys who prided themselves in buying so many tools that they only used on random and odd occasions. There are certain tools that you need to own. There are tools that it doesn’t make sense to rent, but there are also tools that are so expensive yet used so rarely, renting makes perfect sense.
3. RV’s and Motor homes
Now listen, if your plans are to be someone who wants to travel across America and live out of an RV for a long amount of time, you might want to consider buying an old RV that you can fix up.
But if you are wanting to grab an RV for a cross country trip, why not consider renting an RV? It gives you the ability to have the special memory of using one without having to make the huge purchase.
4. Winter Gear or Ocean/Water Gear
Whether or not your skiing in Colorado or scuba diving in the carribean, rent your gear. Unless you plan on making these activities a hobby in your life, you’ll be wasting money.
I know that for some people it can feel luxurious to own your own ski gear. But if you want to enjoy these activities and don’t normally have the means, rent the gear and have a good ole time.
I love books. I have a ton of books.
One thing I realized was that I can buy a book, Read it once and keep it in my library. But lets say that I rented the book from our local library and then after reading it, decided if I wanted to buy it? I could save myself plenty of money.
The library is an amazing resource that many people don’t take advantage of enough.
As well, this applies to college text books. If you rented the text books instead of buying them you’d save yourself a ton of money and many times, after that college read, you won’t be looking at the books much again.
6. Vacation Home / Time Share
Time shares are pretty popular but they can be a very expensive purchase.
If you’ve suffered through a time share presentation then you know the high pressure environment. Time shares themselves are typically very nice. But surprisingly, if you rented many of these time shares as a regular guests, the prices many times aren’t bad prices.
So saving yourself the monthly payments and the amount of work that the purchase can be just by renting the place on occasion instead of getting tied down to a time share and the maintenance fees is well worth it.
As well, I love real estate. But buying a vacation home, while it’s nice to have something; you can rent vacation homes through airbnb or other websites. That way you don’t have to worry about taxes and insurance that owners have to pay, and you can enjoy a change of pace periodically.