Furniture record vs buy: Rapidly changing urban lifestyle and digital platforms facilities have greatly increased the trend of renting furniture. This option is becoming increasingly popular especially among young professionals and students. But is it really better than buying? Let’s understand the benefits, risk and way of taking the right decision.
How to rent furniture?
Online rental platforms such as Furlenco, Rentomojo and Cityfurnish also provide appliances from sofas, beds, dining sets to fridge and washing machines. In most cases, home delivery and installation occurs in free or minor charge. Many companies also offer insurance for damage cover.
For whom does it live best?
If you have been living in a city for some time, furniture can become a practical option. For example for people doing transfer, studies or contract jobs.
Customers can choose package, which cover a room or entire house furniture. The fare is for the fixed period. Usually from 3 months to 1 year. Also, renewal or return facility is also available at your convenience.
Challenges of rented furniture
- Advance Security Deposit.
- Penalty on delayed payment.
- Charge in case of damage.
- Soon the termination may have to be paid for one month.
What are the benefits of buying furniture?
If you are planning to stay in a city for more than 2-3 years, then buying furniture can be a more financially intelligent decision.
Due to no-cost EMI schemes, buying furniture is no longer as heavy burden. If you buy a dining set of ₹ 45,000 in 12 months at a monthly EMI of ₹ 3,750, then the total cost will remain the same. After two years, its second hand price can also be up to ₹ 15,000, due to which your real cost is ₹ 30,000.
At the same time, if you use the same furniture for 24 months at the rate of ₹ 1,500/month, then ₹ 36,000 will be spent. In this, even that stuff will not remain yours.
Which option for whom?
The answer to this question rests on your convenience. If you do not have to last long in a city, it may be better to take furniture on rent. It is better for those who change the city repeatedly, want rapid change in lifestyle, or are in the initial career stage.
At the same time, shopping of furniture is right for those who want stability. If you are thinking of staying in a city for more than 2-3 years, then you can think of buying furniture. This furniture will be more beneficial for you than renting.
What should you do?
Furniture rental can be convenient and budget-friendly for short term, but if you are going to live in a city for a long time, it would be more right to buy. Especially when the amount of EMI and rent is almost equal. However, before taking the final decision, it is necessary to look at the duration of stay in your city, the budget and the priority of lifestyle.
Also read: Good vs Bad Loan: Daulat will be made with good loans, the threat of getting trapped in a debt trap; How to understand the difference?