Making Your New Storage Shed Or Garage Affordable

Print Page

Shopping for storage sheds and calculating costs and how to pay

Choosing the size, style, colors, and options is the fun part of the process of purchasing a new storage shed or garage. Once all the decisions are made, you need to pay for it. There are many options available to make your building more affordable, but which is right for you? Let's talk about some of your options and the pros and cons of each.


1. Pay for your building up front/upon delivery.

Pros: You will not have a extra monthly payment to factor into your budget. Your building is paid for with no credit check and no extra fees/interest. No credit check means that your credit score will not be affected. You are the building's owner.

Cons: This requires you to have the entire cost of the building available to use for the purchase. This may not be possible for some or may require some time to save up.


2. Choose a rent to own program.

Pros: Rent to own programs do NOT require a credit check, so it is a viable option for those with poor credit or customers that want to aviod a credit check affecting their credit score. It features low monthly payments and a low down payment. This spreads out the financial burden over many months/years.

Cons: You do not own your building until it is paid off. The rent to own company owns the building until it is paid for in complete. This also means you need to follow all stipulations in your rent to own contract. For example, most rent to own companies do not allow any alterations to the building while you are making payments. You also risk repossession of your shed or garage if you do not make payments, etc. Depending on the program, you often end up paying a great deal more for your building in the end due to the rental fees built into the program. Rent to own programs may not be available for all types of buildings (such as buildings without a floor, cabins, or buildings above a certain price point, etc).


3. Choose a financing program.

Pros: Many building manufacturers offer financing programs. Other financing options may be available to you directly (not through a builder). These programs generally do not have limitations on the type of building it can be used to purchase. Some programs feature a very low and affordable monthly payment. Some programs offer an interest-free period, which is ideal for customers who wish to break up the total cost of a new building and avoid paying interest. With a financing program, you also are the owner of the building.

Cons: A credit check is required. This will show up on your credit score and you must also meet the requirements to be approved for financing. While some programs offer interest-free periods, some have moderate to high interest rates.


4. Use your credit card.

Pros: Depending on your credit card, you can earn rewards like airline miles and cashback. You may be able to increase your credit limit. Some of our customers who wished to pay with a credit card, but did not have a high enough credit limit discussed their plan to make a large purchase with their card's company and then received a higher credit limit. Using an existing credit card to purchase your building does not require a credit check. In this case, you also are the owner of the building.

Cons: Depending on your card, there may be a high interest rate on your card's balance. If your credit card does not have a fixed interest rate, it can be tricky to budget for monthly payments. When you have a large percentage of your available credit used, it can negatively affect your credit score. 


5. Acquire a personal loan from your local bank or other source.

Pros: Your building is paid for and you are the owner. You have many programs and options to apply for. You can work with your local banking institution instead of a big, nationwide company. On time payments can help build your credit. If you have good credit, you may be eligible for a loan with a low interest rate. Fixed rates allow you to plan your monthly budget with no surprises.

Cons: If you wish to work with a local bank, your options may be limited depending on the area where you live. You may need to have a good credit check or collateral to be approved. Late payments will negatively affect your credit score. If you do not have good credit, you may not be approved for the loan or may be stuck with a high interest rate.


As you can see, there are many options to consider when purchasing your new storage building. Each payment option has its own pros and cons. Choosing the right one comes down to your current financial state, your financial goals, and what option works best for these goals.



Ready to start designing your new shed or garage?

See all the building styles available at Pine Creek Structures!