It is nice to own big, expensive things. But does it always make sense to own something you will probably use only for a short time? Renting as a concept has a lot of advantages. It enables a reduction in personal debt and over-accumulation which in turn leads to less waste as the products get used multiple times, thereby contributing to environmental welfare as well.
Here are six essential things which you could rent out instead of purchasing
House
One of the first tenets of the ‘Great Indian dream’ has always been to buy a house. It has always been considered the first step toward financial stability. But with the changing times and economy, does it really make sense to get tied down to a large EMI, especially at the beginning of your career?
Of course, buying a house is a hugely personal and even emotional decision for many of us. But with the fragile economy and volatile job market that we live in, it would be prudent to weigh in the pros and cons of buying a house and your financial viability before taking the plunge.
Water purifier
Getting access to pure safe drinking water has become a matter of great concern in modern urban societies. Drinking water from a can may not be very prudent unless it’s from branded companies. The source of local can water remains largely unknown and hence it may prove to be detrimental to your health. Water purifiers are naturally the next viable choice. But with a plethora of models and features to choose from and with a hefty initial payment, coupled with AMC and frequent filter replacement costs, RO’s can prove to be an expensive and irreversible decision.
So, is there an alternative to this? The answer lies in taking out a subscription for a water purifier. Companies like DrinkPrime offer affordable subscription plans whereby you can rent a water purifier and get access to safe, clean drinking water, for a fraction of the cost of investing in one. An added advantage is that DrinkPrime, customizes the water purifier to suit the water quality in your area so that you don’t get over-purified or under-purified water.
Sports utilities
From your sporting gear like tennis racquets or golf clubs to cycles and outdoor utilities like camping gear, your recreational activity tools might cost you a pretty penny. It makes sense to rent these types of equipment if you are not using them frequently. This will not only save you some money but will also prevent your space from becoming unnecessarily cluttered. Make sure you are aware of the return policies specified by the rental company and their policy in case of damage.
Furniture
While renting furniture was unheard of a couple of decades ago, it has become a ‘normal’ activity in modern urban living. This is especially useful if you relocate between cities or countries frequently. This saves you the trouble of investing in movers and packers every time you move. Another time it makes sense to rent furniture is if you’re not sure of your décor style and want to experiment before making a choice. So the choice between renting and buying should depend on your timelines and budgets and personal preferences.
Musical instruments
So, your kid has signed up for violin lessons or maybe it’s drums that have piqued his interest. But before you buy a new instrument, remember that your kids are exploring their interests and may even abandon a few before they find their ‘calling’. So, it is a better choice to rent out instruments till your child is sure that he wants to continue with his classes. There will be plenty of music shops willing to rent out instruments or you could even ask your child’s music school for the same.
Transportation
You have finally landed your first high-paying job and you think you deserve to splurge on a fancy vehicle since you can now afford it. But before you invest in a fancy vehicle, ask yourself if you really need this. With soaring fuel prices, additional Emi liabilities, additional expenses like insurance premiums, maintenance and variable costs, this decision might create a huge dent in your financial kitty. With a plethora of transportation service apps like ola, uber, Zoom car, etc, it might be judicious to consider using these services, for your commuting needs. In addition to saving you the energy you need, to handle mind-numbing traffic every day, it also helps you stay on top of your budget. Choosing car-pooling facilities, using public transportation wherever possible, cycling to nearby locations, etc makes sure you are doing your bit to reduce your carbon footprint as well. It has been proven that these small but impactful decisions, help reduce fuel consumption and lower greenhouse gas emissions, thereby making it beneficial to society as well.
Subscription-based services are worth a try as they come with lower costs, convenience and a variety of choices. So, whether you choose to buy or rent, take a little time to analyze your needs, budgets and available options and make informed decisions.
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