Cost-effective option: Why buy when you can hire it?

Have you ever seen your friend carrying a mobile that he may not be able to afford? Is he constantly changing his instrument ever every month, with one being more expensive than the previous one? Do not be surprised if you discover that these phones are not owned by him but are rented. Yes! Renting products has become very common among people who have a liking to change things ever so often but may not be able to afford owning them.

1. Things that can be rented  

One can rent almost anything and everything under the sun. The most popular products are mobile phones, books, toys, motorcycles, ACs, handbags and other luxury goods. The rent will be calculated on a per day basis.  If a mobile phone costs Rs 10,000 and you rent it for a month at the rate of Rs 30 per day, you will pay roughly Rs 900 for it for a month. The usage charge would be separate of course.

2. Budget saver  

Renting can be a great idea when you need something your budget does not support. Let us assume it is summer season and the heat in unbearable.  You desperately need an AC but are not sure if you can afford it. There is a simple solution available; rent an AC for the entire summer for a maximum of Rs 5000.  It would cost you about a fourth of the actual price and will help you survive the summer.

3. Building a house on rent     

If you need to stay in a particular city for only a few months and do not wish to move all your belongings there, you have the option to rent all the necessities to make your stay there comfortable. You could rent a TV, computer, books, toys for children, electric wheelchairs for your elderly parents and may be a car for all of you too.  

4. Things to consider

Before you rent anything, always calculate if you are actually saving by adopting this approach.  If the cost of renting the object crosses its actual price, it would be a bad deal. Also, while renting electrical goods,  consider the cost of electricity while calculating as that would vary depending on your usage. Avoid damaging the things you hire as it would cost you the original price while returning it to the owner.   

Today, there is no limit on the things that one can rent. Recently, some fashion designers have also begun renting out wedding wear as many people who stitch heavy, expensive clothing usually wear it only a few of times and then let it lie in their cupboards.

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