Should You Rent or Buy Appliances?

Woman Holding Laundry BasketWhen you’re looking through the amenities for apartments to rent, you may notice that a unit includes “washer/dryer hook ups” or connections, rather than a shared laundry room. Now you have to make a tough decision: rent a washer and dryer, buy them, or go to the laundromat. If you’re not sure how to approach the issue, take a look at these tips first to help make an appliance choice that works best for you and your budget.

Think about your future

How long is your lease? Do you see yourself moving to another city in the near future? We all know moving is a pain, but shimmying appliances up and down stairs is a whole different ballgame. If you’re not sure if you’ll be living in the same apartment or even the same city in the next few years, renting might be your best option. Often, renting appliances includes delivery and installation. Then, next time you move, you don’t have to worry about carting the clunky appliances around.

Break out the calculator

If you do feel comfortable staying at your apartment for a while longer and are wondering about buying vs. renting, do some math to figure out what’d be better for you. A key factor here is interest. You may be offered an attractive rent-to-buy option when shopping for appliances, which will give you the option to buy after a certain period of time renting. However, if you choose to buy them after your renting period, the interest is often much higher than even a high rate on a credit card.

If you’ve signed a two-year lease, try calculating how much renting payments would add up to compared to buying or financing the appliances. You may find that, depending on your budget, you could buy the appliances over the course of your lease. If you find investing more worthwhile long-term than renting, look at your payment options for a purchase so you can have the appliances for years to come.

Reach out

Maybe your apartment’s management or neighbors have some tips about places near your new home. Want to share your renting or buying experiences? Connect with on Twitter and let us know what you think.