When it comes to furnishing your home, you’ve got two main choices: renting or buying. Both have their perks and drawbacks, and the best option really depends on your lifestyle and how long you plan to stay put. With more people moving around and the rise of online platforms, renting furniture has become super popular for its ease and flexibility.
Renting Furniture: The Flexible Choice
If you’re someone who changes cities often, especially in your twenties, buying furniture can be a real headache. Think about the cost of moving all that stuff, and then having to set up a new place from scratch every time! This is where renting shines.
The Rise of Online Renting Platforms
Modern platforms like RentoMojo and Furlenco have made renting incredibly easy. If you’re only staying somewhere for a year or two, renting is ideal. You can rent anything from a single chair to a full house setup. These platforms offer individual items or packages at various price points, allowing you to choose what fits your needs and budget for specific timeframes.
You can browse online from home or visit a showroom. Plus, many digital platforms handle delivery and installation, saving you the hassle. While there are typically small charges for these services, they’re usually minimal, making convenience affordable. Some platforms even offer insurance at an extra cost, which might seem unnecessary, but it could save you from hefty damage charges later.
Understanding Renting Terms
Most renting platforms have a registration and verification process that requires documents like address and identity proofs, and bank statements. You’ll generally pay a refundable security deposit. Be aware of penalties for late payments, and a portion of your deposit might be deducted for damages. These terms vary between platforms, so always read the fine print. Also, if you end your agreement early, many platforms charge an early termination fee, sometimes equal to a month’s rent. Always check the terms and conditions to avoid surprises and pick a company and package that suits you.
Buying Furniture: The Long-Term Investment
If you’re settling down, especially if you’ve bought a house or plan to stay in one place for over two to three years, buying furniture makes more financial sense in the long run.
Using no-cost EMIs (Equated Monthly Installments) is a smart financial move if you’re planning to live in a house for a long time. The monthly EMI is often similar to what you’d pay for rent, but the big difference is that you’ll eventually own the items. Paying rent for years might not make sense when you could be paying EMIs and then even sell the furniture later, recouping some of your investment.
A Quick Comparison: Buy vs. Rent
Let’s look at an example:
Buying
- Product: Sofa Set
- Cost: ₹36,000
- EMI: ₹3,000/month for 12 months (No interest)
- Total Paid: ₹36,000
- Resale value after 2 years: Approximately ₹12,000
- Net cost after resale: ₹24,000
Renting
- Monthly Rent: ₹1,500
- Total Rent for 24 months: ₹36,000
- Ownership: None
- Resale Value: ₹0
As you can see, buying can lead to a lower net cost over time, plus you have an asset you can potentially sell.
Renting vs. Buying: Which is for you?
The decision boils down to your needs and lifestyle.
Renting makes sense if:
- You know you’ll be moving cities often, especially if you’re just starting your career in your mid-20s.
- You value flexibility, don’t want a big upfront investment, and like the ease of upgrading or returning items.
- It’s ideal for students, young professionals, or anyone who prioritizes convenience over ownership.
Buying furniture is a smarter choice if:
- You’re settling down in a place for the long term.
- With no-cost EMIs and resale options, it can be more economical in the long run.
- You’ll own the items, and the monthly EMI is often comparable to rental costs.
Before you decide, always consider your mobility and budget. Which option aligns best with your current life stage?