Rent to own storage buildings NC are becoming increasingly popular, in not only this state, but also in the rest of the southern United States. It is a very attractive alternative because you do not need a pile of cash immediately to purchase the storage building outright; however you are working toward an eventual goal of owning it while being able to use the storage unit now.
Rent to own, or lease to own, first became popular in the real estate market in regards to selling and buying homes, townhomes or condos. The thought process behind the rent to own alternative was that the buyer could essentially lease the property for a given amount of time, just like any other tenant, while getting a feel for the home and the neighborhood. It was (and still is) a very enticing offer because investing in a home is probably the biggest decision you will ever make in your life, and here you had the chance to give it a ‘test drive’ before putting all of your chips on the table. In essence, it was less of a gamble.
The same can be said of NC rent to own storage buildings. There is not really any gigantic drawback with the rent to own agreement aside from the fact that you will end up paying a little more money in the long run compared to if you were to just go out today and purchase a unit outright with cash. There is also a potential risk of losing the cash you set aside for the down payment while you still fall under the label of the renter. However, individuals in this kind of lease for self-storage rarely back out compared to a rent to own house, because there is far less likelihood of not liking the storage unit. The only reason most choose the rent to own option in the first place is simply because they do not have the money to pay in full immediately, yet need the extra space right now.
NC rent to own storage buildings work like this: the eventual owner signs a lease with the lender stating that they plan to pay a monthly rental rate at X amount of dollars for X amount of months. The average length of the term is between 12-24 months, though usually negotiable. The eventual owner agrees to any rules, regulations or stipulations, and also agrees to contribute an extra X amount of dollars per month on top of the standard rental rate. The extra contributions add up each month and eventually pay (or help pay) for the ownership of the entire storage building.
Whether small or large, commercial or residential; NC rent to own storage buildings are becoming more of an alternative to either renting self-storage forever or having to pay cash in full to own a unit outright.