3 Tips for Shed Financing and Budgeting from Sun Rise Sheds
Everyone loves a good home improvement project, but sometimes figuring out how to pay for it can be a headache. If you plan to upgrade your space with a beautiful new shed, whether for a potting shed or an extra space for all those holiday decorations that seem to multiply on their own, shed financing may be an option.
At Sun Rise Sheds, we know how exciting it can be to look at a new shed and think about all the possibilities. The first thing you should think about once you’ve settled on your ideal shed is how to pay for it without putting any financial strain on yourself.
1. Figure Out What Fits Your Budget Before You Buy
It’s never wise to make a large purchase without first considering your budget, expenses, and what you can afford to pay each month. A high-quality, handcrafted shed from Sun Rise Sheds is an investment, so you want to be sure you will be able to pay for it before you commit to a shed! Follow these steps to create an adequate, accurate budget:
- First, write down how much you expect to make each month.
- Then, subtract any expenses from the total amount. It is okay to estimate but lean to overestimating versus underestimating.
- Finally, determine how much money you can afford to put aside for your shed financing.
Sitting down and making a budget each month is an excellent financial move at any time, but it is imperative before you make a large purchase.
2. Learn About Your Options
Luckily, there are many options available to you when you are ready to buy a shed! You can trust our partners, RTO National and Nishnabotna Rentals, to make the buying process easier for you with their financing and rent-to-own options.
Storage shed financing has never been more accessible, thanks to the best shed finance options from RTO National. We work with RTO National to give you terms of 24 to 60 months, and the interest rates are based on your credit score and approved line of credit.
You can also pay off your balance early without penalty or additional fees if you find that you have a bit more spending money and want to put it towards this purchase. With five different options for payment, you are sure to find working with RTO National convenient and easy.
If you have poor credit or are unsure you will love your new shed before you commit to buying it, Nishnabotna Rentals can help you with a rent-to-own option. No credit check is required when you choose rent-to-own, and Nishnabotna will work with you to determine how much your payments will be, based on your budget.
If you decide to purchase the shed outright or return it, there are no fees either way! You will not be penalized for an early buyout or a return when working with Nishnabotna Rentals.
3. Have You Considered a High Yield Savings Account?
If you have a short-term goal to buy a shed and want to be sure to have some money saved up either as a down payment or to cover the total cost of the shed, utilizing a high-yield savings account might be the right option for you! Consider these factors when looking for the savings account that best suits your needs.
- How much annual percentage yield (APY) are you earning on the account? A high-yield savings account will typically have 0.50% APY or higher.
- Do you need to maintain a minimum balance to keep the account open?
- What is the minimum deposit to open the account?
A high-yield savings account will accrue a small amount of interest over time and can be used to help get you to your savings goals faster than a traditional savings account with a lower APY. So, if you’d rather save up to purchase the shed in full, consider putting your money into a separate high-yield savings account. That way, you won’t be tempted to spend the money you’re saving for something else, and you’ll earn a little extra interest to help you pay for your high-quality shed from Sun Rise Sheds. Keep in mind however, that this option may take a bit longer to get your shed home than our rent-to-own or financing options.
Let Sun Rise Sheds Help with Your Storage Shed Financing Needs Today!
When you want storage space for your outdoor equipment, a home for your grill, or a place to tend to your favorite plants, a high-quality shed from Sun Rise Sheds is the perfect match for you. We want to help make the buying process as easy as possible for you, so our partners will work with you on shed financing or rent-to-own options. Get in touch with us today and upgrade your space by investing in a handcrafted storage shed.