As you move through your life, there will be lots of times when you consider the essential question of if is it smarter financially to rent or own something. It’s possible to end up struggling with this depending on where you are in your life and what kind of budget you have handy. If you don’t have a lot of money on hand, you will most likely have to rent things.
But, over time, that can be way more expensive. So it’s essential to do the math whenever possible, and potentially drop some self-gratification or restrict some of your financial decisions to get a better result.
There are a few situations where you can prove that renting makes more sense financially. For example, there are many instances where you can show that renting a home makes way more sense economically than purchasing a house. For another example, if you need to use industrial equipment for anything, rather than buying multimillion-dollar pieces of gear, you can potentially just rent them, maybe even as a package.
And lastly, if you are trying to do some expensive creative project, rather than putting the money down on buying all of the equipment, renting makes far more sense, especially if it’s a short-term gig.
Especially right when you’re moving away from home for the first time, you are going to have much money to work with. Plus, you don’t have that much experience as an adult yet, so you probably aren’t even confident what kinds of things you need to, or what types of bills you’ll have. In this case, it’s pretty easy to prove that renting will be better than buying. Or, if you know that you’ll be moving from one location to another for work or school soon, that’s another instance where purchasing a home can be financially unfeasible because you have to sell it right away.
Then there is the matter of renting industrial equipment. If there is any kind of hard-core renovations that you have to do as a person or even as a business, you may not have the budget to spend millions of dollars on purchasing heavy industry equipment. Because of this, it’s easy to assume that finding a package deal on equipment that you need as part of a rental agreement will make far more sense. If you look at extended budgets for different projects, you’ll see this is always going to be true.
Expensive Creative Productions
Have you ever wondered how much it would cost to shoot a scene for a movie? If you have to purchase all that professional equipment, you might as well not even bother trying. However, if you can rent movie equipment for the days that you need it, the cost becomes much more reasonable.