Why rent-to-own homes are an excellent choice for first-time buyers
A lower down payment is one of the primary advantages of rent-to-own homes. As long as you pay a higher proportion of the monthly rent than the fair market value, you can use that money for the down payment. Additionally, you can test-drive the home prior to purchasing it, which can be a great way to save for the down payment . For many people, especially first-time buyers, purchasing a home can be a daunting task. It is even more daunting when housing options are limited, and prices are high. There is a correlation between the lack of affordability and structural homeownership barriers, and intentional housing discrimination. These obstacles hinder the ability of many Americans to purchase their first home. Despite the fact that a traditional home remains the best investment, renting can be a viable alternative. There are numerous advantages to renting a home, including the flexibility and stability of not having to worry about repairs and maintenance. A second advantage of renting is