Is Renting Things for Your Home a Good Idea in Australia Is Renting Things for Your Home a Good Idea in Aus | Page 7

license for your dog or cat. Many new homeowners are concerned about saving a life and choose to
adopt from a local shelter.
6.0 Reasons why renting things for your home a good idea?
It can be expensive to buy a new appliance like a fridge or a washing machine, so it might seem like a
good idea to rent one instead. The problem is, when you rent, even though you only pay a little bit every
week or fortnight, the costs can really add up over time.
How does renting work?
You can rent things for your home, like a TV or washing machine, by signing a document called a
'consumer lease'. Under this agreement, you will usually need to make small payments every week or
fortnight until the agreement finishes. You might have to keep making these regular payments for a long
time - sometimes up to 4 years. Consumer leases are sometimes advertised as 'rent to own' or 'rent to
buy' products. However, because you are renting the item, you don't own it at the end of the lease.
Some rental companies might let you offer to buy the items for a small additional cost. However, by this
time you might have already paid more than three times the cash price of the item.
Renting can be expensive
Renting appliances can cost you a lot more than you might think. By making small payments for a long
time, renting an item can end up being the most expensive way of getting the things you want. The
payments you make under a consumer lease might seem small compared to the cost of buying the item,
but when you add up the total cost of renting, it is much cheaper to buy it instead. Only rent what you
came for washing-machine. If you decide to rent something, you might find that the salesperson offers
you other things to go with the item you want. For example, if you are renting a TV, they might offer to
throw in a DVD player or a games console for a little bit extra. This is called up selling.