Furnishing your home or office is the most critical aspect and often the most time-consuming one. While there are a host of options to either buy or rent furniture, the need for either one depends on several factors. While buying furniture works better in the long run, you may need to consider renting furniture for temporary needs or uncertain circumstances.

To combat this situation, a deep look into the pros and cons of buying vs. renting furniture is highly recommended. Matching these aspects with your taste and requirements helps you make a sound decision.

Disadvantages of Renting Over Buying Furniture

• Additional Costs and Damage Expenses
  Firstly, you need to pay a security deposit to cover the damage, in case it happens. Moreover, if proper care is not given, you may lose the deposit amount. This is one of the burdens of renting furniture. Expenses related to wear & tear, spills, burns and other damages will cost you. Irrespective of the damage, you have to bear the entire expenditure that is costly in the long run.
• Penalty for Paying Late
  Whether it’s monthly or quarterly payments, it’s important to make payments on time. The prime factor of the pros and cons of buying vs. renting furniture is incurring penalties for late payments. This, in turn, hits your credit score badly and makes it difficult to acquire loans and credit cards.
• More Expensive for Long-term Use
  It’s better to buy furniture if you intend to use it for a few years. Renting furniture in such cases will cost you more with high-interest rates charged. In case you rent furniture for more than two years, you realize you will pay too much compared to buying. Do the math before renting and see if it’s cost-effective or expensive for long-term use.
• Maintenance Issues
  A very important aspect of the pros and cons of buying vs. renting furniture is the cost of maintenance. Second-hand furniture will often have minor mishaps. You won’t even know how the previous user used it and the durability of the furniture. You will have to keep shelling money frequently to make sure the furniture is in good condition. This regular expense can prove expensive in the long run where you pay additional sums of money. This is not the case with buying new furniture. A new piece of furniture will come without any damages and it all depends on how you use it.
• Limited Flexibility
  The rental agreement is offered for a specific duration beyond which you need to renew to continue using the furniture. However, you may wish to use it for a lesser duration or may change your taste. But, most rental companies don’t encourage you to terminate the agreement midway. Hence, you are forced to keep the old furniture despite new models being available at better prices. Always read the contract regarding rental agreement before signing.

It’s important to be aware of the facets of the pros and cons of buying vs. renting furniture. The pointers mentioned above will empower you to make clear-cut decisions within your budget.