As new parents, finances can be a struggle, and saving for a mortgage can seem impossible, especially with the added expenses of raising a family. But a rent-to-own arrangement could be the solution you need. With slightly increased rent, you can bypass the need for a down payment and provide your family with the stability and comfort of a permanent home.
Here are six reasons why a rent-to-own arrangement is a perfect fit for new parents:
1. Room for Your Growing Family
Having a house with a backyard, basement, office space, and enough room for your family to grow is essential for many families. A rent-to-own agreement allows you to stay in the same location for an extended period, saving you the expenses of moving every year or two.
2. Stability for Your Child
Staying in one place for an extended period provides your child with a sense of stability and eliminates the stress of frequent moves. Your child won’t need to switch schools or make new friends, and they’ll have a home to call their own and make lasting memories.
3. Growing Expenses
Raising a child is not cheap, with hospital bills, medical expenses, diapers, formula, clothes, college savings, and childcare costs adding up quickly. A rent-to-own agreement eliminates the worry of a down payment on your mortgage and can even include the option of an au pair nanny living on-site, saving on childcare expenses.
4. Protecting Your Child’s College Savings
Education is expensive in the US, with private college education reaching nearly $40,000 per year. Rather than watching your rent increase, a rent-to-own arrangement ensures you know what your monthly payment will be through the term of the lease. Plus, your landlord is unlikely to kick you out, as you’re already the buyer.
5. Finding the Best School District
Finding a good school district is essential for families with children. With a rent-to-own agreement, you can get into a good school district and know you can stay there, ensuring your child will have an excellent education. Work with a real estate agent and examine locations with a history of quality education.
6. In-Law Suite for Grandparents
One of the best ways to eliminate childcare expenses and ensure your children’s safety is to make room for their grandparents. If the rent-to-own agreement includes your in-laws as occupants and the home has space for them, you’ll have available childcare and save on expenses. Make sure to include them as occupants on your agreement.
Final Thoughts on The Benefits of Rent-to-Own Arrangements for New Parents
A rent-to-own agreement is a great option for new parents who want stability, comfort, and room for their growing family. With a steady income and a location that prioritizes your family’s wellness, a rent-to-own arrangement can provide happiness and privilege for your family.
