Why own when you can rent?
It often amazes me when I see a privately owned RV sitting parked in storage on the owners driveway. Most of these so-called motor-homes cost between $100,000 and $300,000 and yet, day in and day out this Recreational Vehicle sits parked, unmoving. Back in 2006, the late actor and comedian Robin Williams starred in a movie called RV. RV was a marginally funny, mostly forgettable comedy about a dad who tries to bond with his family by renting an RV for a cross country camping trip. Just about everything that you’d expect to go wrong does. The film does illustrate a couple of points:
- Just about anything can be rented or leased.
- If you’re going to do something infrequently, or only once, renting is better.
- There are fewer problems with renting then owning. *
Everyone is different.
We all have different skill sets, different wants, and different needs. Our circumstances and situations may have great impact on our choices, but we still have a choice.
Growing up I wanted to get married, buy a house and have a family. None of these things happened. My reason for wanting a house was directly influenced by my desire to get married and have a family. I still can decide to buy a house if I really wanted to, but it doesn’t make sense to me in my current single lifestyle. Houses are liabilities. If you own a house, you are responsible for any and all maintenance or repairs that are needed to keep the house in good condition. So for quite some time now, I’ve been living in a rental apartment which I lease annually. The upkeep and maintenance are all included. When the water heater went out, the property manager replaced it. When the fridge died, I was given a new one. When the dryer stopped working, it was repaired. When the toilet was clogged last Saturday night, the super snaked it. As long as I pay my rent and don’t intentionally violate the terms of my lease living here is problem free. Plus I don’t have to mow a lawn or shovel snow in the winter.
This past week, we’ve experienced heavy rains almost daily. This morning my co-worker told me he awoke to discover his basement was flooded. He’s got quite a mess to clean up and probable flood damage. I live on the third floor. I don’t have a basement to flood.
In all the years that I’ve rented my apartment, had I been putting my money towards a mortgage on a house instead, I MIGHT have fully paid off the house by now, but every issue that happened to my apartment likewise, could have happened to my hypothetical house had I gone that route. I know people who have lost their houses because something serious happened and they couldn’t swing the upkeep, or they fell behind on their mortgage. Trust me, I made the right decision. My apartment is just the right size for all my stuff, and me.
Two summer activities I enjoy are kayaking and jet skiing.
A kayak retails for between $179 and $900+ depending on make and model. I go kayaking less than a dozen times a year, mostly during July and August. I COULD easily buy one. Instead, I usually rent then when I want one. The usual rental cost is about $40 for a two hour rental, which is about as long as I enjoy doing it for. The great part is that I don’t have to store it, or lug it around. When I’m done, I just return it. No problem. Yes, buying a kayak could pay for itself in two or three summers, but supposed it got damaged or needed to be replaced? It’s much more important to me to avoid the hassle. Peace of mind is priceless!
A new Sea Doo Wave Runner Jet Ski runs between $5,500 and $15,000 depending on the model and accessories. I can rent one for $100 per hour. I may go jet skiing only once or twice each summer. I live over a hundred miles away from the coast. It makes no sense to me to spend that kind of money based up my current living situation.
Just about anything you can buy can usually be rented.
When I was best man at a friend’s wedding, I rented a tux for the day. Some women spend hundreds or even thousands of dollars for a wedding dress they will only ever wear ONCE. This never made sense to me. Just like a tux can be rented, some bridal boutiques do rent out wedding dresses. I don’t care how pretty the dress is, the important part of the wedding is the marriage, not the dress. If the point of getting married is to start a new life together, wouldn’t it be better to put that money to better use then to waste it on a dress for one day? The main points of conflict in relationships are financially based. Why would you sabotage a new life with a boatload of debt? Trust me on this ladies, debt-free is the new dowry. I avoid women with financial issues like I avoid the plague. If you can’t handle money, you couldn’t handle me.
Just because you can, doesn’t mean you should.
Just because anything under the sun can be rented doesn’t always mean you should rent it. I’ve never operated a back hoe, driven a bulldozer, operated a cherry-picker, or driven a truck larger than a two-ton delivery truck. If you don’t know what you are doing, you can seriously hurt yourself or wreck the equipment. Always make use that anything you rent either falls within your current skill set, or comes with instructions. I was nervous the first time I went kayaking. Before I ever got near the water, I was given basic instructions, helpful hints, and I asked a lot of questions. My first time jet skiing, I sat through a 30 minute class and took a boating safety test, followed by basic instructions and helpful hints. I also signed a liability sheet agreeing that should I fail to follow all the guidelines I would be accountable for any damage to the wave runner up to and including a full replacement of the vehicle.
You CAN lease a new car instead of buying one, but in my case, leasing doesn’t make sense. I drive too far and too often, and car leases have mileage restrictions. I have to own my cars. Which brings us back to everyone being different. Only you can decide what is best for you. Sometimes a lease is better than buying, other times, not so much. Always read a lease agreement before you sign it because more often than not, breaking a lease has serious financial penalties. As always I wish you success and happiness!