Rent-to-Own: The Flexible Way to Own a Metal Building

If you are a budget-conscious buyer looking for a metal building, rent-to-own is one of the smartest choices for various reasons. First, it allows you to spread out the cost over time. This makes payment more manageable, especially if you are on a tight budget. Rent to own metal barn allows you to start using your building immediately without having to pay a large lump sum upfront. But what is the RTO financing method, who is it for, what are its benefits, and who shouldn’t opt for it? Let’s answer all these questions.

What Is Metal Building Rent-To-Own [RTO] Payment Method?

Metal building rent-to-own [also known as lease purchase] is an agreement in which the tenant signs a rental or lease document with an option [or requirement] to buy the building later. One part of the rental fee goes to the lease, and another part goes into paying the base price of that metal building.

“Total Rent You Pay = Installment of Metal Building + Lease Service Fee”

You don’t own the building until you have made all payments. Basically, you rent the metal structure until you have paid it off and become the owner. Refer to steel building buying tips to get more value for money. Note that the lease is about 20% of the total cost and varies with the steel building dealer.

Who Should Choose Rent To Own Steel Building?

• Those planning to buy a new metal building but are not ready financially can opt for RTO.
• People with low credit scores who can’t secure a mortgage immediately can benefit from rent to own.
• With rent to own, you can build equity. Instead of paying rent with no return, RTO gives you the option to pay monthly rent that contributes towards owning a metal farm building in the future.
• People with non-traditional/ uneven income can opt for rent to own as a stepping stone to ownership.

Tip: Always check with a professional associated with rent and lease to learn the agreement details in full. Read all the fine print properly before signing documents.

How Do Rent To Own A Metal Barn Works?

First, you need to pay a small initial fee. Then, a part of the rent goes into buying the metal barn. Let’s understand this in detail.

1. Finalize The Design: You choose the design, size, and custom features of your metal barn.
2. Agreement: It involves a lease, with an option to buy at the end of the lease term.
3. Initial Rental: You sign a lease agreement to pay monthly rental.
4. Monthly Payment: You pay monthly rentals for a specific period [usually 24 to 48 months].
5. Immediate Access: You don’t have to sit and wait. You get access to the building promptly.
6. Flexible Terms: You can pay off the remaining balance early without penalty.
7. Ownership: Once all payments are made, you will be transferred ownership of the barn.

Note that the above table is a simplified example. For precise details and payments, kindly refer to your metal building dealer and the contract proposed to you.

Why Choose Rent To Own Metal Barn & Building?

1. Cost Effective Alternative To Traditional Buying

Not everyone has hundreds of dollars sitting in their bank account for payments. In these situations, financing options are great alternatives to lessen the burden. Rent to own is a simple alternative that does not require a lot of hassle when buying a metal building. To get the best deal, just avoid some common mistakes when installing steel buildings, like not getting a permit, not reading documents carefully, not complying with local codes, and taking incorrect measurements.

2. No Large Upfront Payment

With RTO, you don’t need to pay a large lump sum to buy a metal barn. For example, if you want to buy a 40 ft. wide agricultural barn, then for a 40×40 metal building, rent to own is a great option. You pay a small upfront cost and get to use the structure immediately.

3. Flexible Payment Options for Conscious Buyers

RTO not only allows you to choose monthly payment options while contributing towards ownership of a metal barn, but it also makes it easy to budget and manage finances without a large upfront price tag. Choose cost-effective metal building plans to save money, such as planning and designing beforehand, having proper permission before beginning construction work, and effective customization.

4. No Credit Checks Needed For RTO Agreement

Most rent to own metal building programs do not require a prior credit check. This makes it easy for most individuals with low credit scores to apply for and own a metal building. Ensure your regular payments are on time to improve your credit history. This can benefit you in the future.

5. Quick & Easy Approval Process

Let’s understand the approval process with an example of a 40×40 metal building rent to own.

• You choose the design and type of metal building.
• Check RTO payment, including T&C.
• Apply for RTO by filling out the application form.
• We will review & approve your request by completing the necessary paperwork.
• Once RTO is approved, you buy your metal building with a small upfront amount & minimum lead time.

6. Immediate Access To The Metal Building

RTO allows you to get access to your building immediately after its installation. You don’t have to wait for all payments to be made in order to use your building. You can start working and make it a storage, workshop, garage, or livestock shelter.

7. Option To Buy Anytime During Rental Period

Many metal building dealers offer flexible agreements where you can purchase your rented metal building anytime, even before the lease period ends. This gives owners the freedom to buy early. Usually, there are no penalties if you decide to buy early. In fact, it will save you some cash that would have gone towards renting.

8. Customization Available As Per Personal Preference

Just because you are choosing a financing option does not mean you have to compromise on the quality, look, and functionality of a metal building. You can select customization options from insulation, no. of windows, & door styles to width, height, & color. What’s the best color for a metal building depends on its use, aesthetics, climate, exterior, or HOA [if any].

Who Should Not Opt For RTO Financing?

• If you have uncertain financial stability, it is best to wait for the right moment to apply for RTO.
• For those who are unclear about long-term plans, RTO may not be a suitable option. You will lose the rental amount paid if you don’t buy the product.
• If you are unsure about bearing repairs and maintenance costs, RTO may not be a viable option for you.
• In some cases, RTO may be higher when expressed in annual percentage rate [APR], meaning it could turn out to be more expensive than other financing options.

Experience The Ease Of Rent-To-Own With Viking Barns

Clearly, rent to own is a viable choice for people looking to invest in new metal structures but are unable to pay the full upfront price. It gives you the flexibility to upgrade or return the building if you need a change in the future, saving you from being stuck with an expensive purchase that no longer serves you.

Being durable, low maintenance, and energy efficient, metal buildings prove themselves to be long-term cost-saving structures. Want a metal building with rent-to-own financing? Call us now at (704) 579-6966 for a free metal building design quote.