Sometimes called, "lease purchase", rent to own in Texas is a financial tool that works well when purchasing portable buildings, storage buildings or portable barns.
The cost of a portable building is often higher than the the amount of money that most people have on hand for discretionary purposes. Banks and other lending institutions can be difficult to deal with on such loans, particularly if your credit score is a little low. That leaves very few options for someone who needs a building but is not in the best of all financial worlds.
With this alternative method of financing, the building can be obtained even with poor credit. The cost of the building will be higher, but you get the use of the building while it is being paid off. At the end of the agreement you have your building as your own with no more rental payments of the type that you would have with public storage where the rent is perpetual.
That is a good place to start when considering lease purchase. If you are buying a building to get out of, or avoid getting into a long term storage rental, rent to own is a far better solution. If you are considering a building for the purpose of financial gain, for instance a small shop or a small warehouse for business, rent to own may offer a distinct advantage, particularly since business rentals can be deducted from taxes.
This method is probably not a good idea when buying luxury items such as televisions and furniture where no necessity or financial improvement exists.
Most portable building dealers offer a lease purchase or rent to own program for their products. The policies may vary a bit, but basically it will be something like this:
Please be aware that a single, one time cash payment is almost always preferable to any type of financing. Paying for your building with cash will save finance charges or rental fees, but this is not always possible for most people and in those situations rent to own can be a great option.