Rent to Own Arrangements in Kenya: Pros and Cons

With the rising cost of living, many Kenyans are turning to rent-to-own arrangements as a way to purchase their own homes. This week on @ntvkenya's #BusinessRedefined, viewers will be able to learn more about this option and what they should look out for when considering it. The show will discuss the pros and cons of home ownership through the rent-to-own route in Kenya. It will also explore what the law provides for those entering into such an arrangement. Additionally, viewers will be given advice on what to look out for when considering a rent-to-own arrangement. Rent-to-own arrangements can be beneficial for those who cannot qualify for traditional mortgages or who may not have access to other forms of financing. The arrangement allows them to pay a portion of their rent each month towards purchasing the property, thus allowing them to build equity over time. However, there are some potential pitfalls that one should consider before entering into such an agreement. For example, some landlords may require tenants to sign contracts with unfair terms or charge high interest rates on payments made towards purchasing the property. Furthermore, if a tenant fails to make payments or breaks any terms of the contract, they could risk losing their deposit and being evicted from the property without having purchased it outright. It is important that prospective tenants understand all aspects of a rent-to-own agreement before signing any documents or making any payments towards purchasing a property. They should also ensure that they are familiar with Kenyan laws regarding these types of agreements so that they know their rights as both renters and buyers under such an arrangement. Find out more about rent-to-own arrangements in Kenya this Wednesday (Jan 17th) starting 7:30pm on @ntvkenya's #BusinessRedefined! Tune in and get informed!