Rent to Own Homes in Ann Arbor
Best known for its university, Ann Arbor is a lively and progressive city just 43 miles west of Detroit. It has a vibrant urban core, lush suburban neighborhoods, devoted university sports fans and dozens of popular festivals. Its appeal is reflected in many national accolades, including rankings as the No. 1 town for millennials, Money’s best places to live and USA Today’s best cities for well-being. The below results are primarily rent to own homes in Washtenaw County, MI:
Best known for its university, Ann Arbor is a lively and progressive city just 43 miles west of Detroit. It has a vibrant urban core, lush suburban neighborhoods, devoted university sports fans and dozens of popular festivals. Its appeal is reflected in many national accolades, including rankings as the No. 1 town for millennials, Money’s best places to live and USA Today’s best cities for well-being.
Many of those rankings are due to treasured city amenities like the Ann Arbor District Library. Its downtown Ann Arbor library houses more than 350,000 books and a large local history section. Public schools here are excellent, and the University of Michigan campus is top-rated. There’s even opportunity to learn to fly at Ann Arbor Municipal Airport. Residents stay abreast of local issues thanks to Ann Arbor News and Ann Arbor Business Review. Local healthcare is nationally-ranked, partly due to University of Michigan Health System’s stellar hospitals, 120 medical clinics and 30 health centers like the East Ann Arbor Health and Geriatrics Center.
Buying a Home in Ann Arbor
Property values are strong in Ann Arbor, and home prices reflect that hardiness. The median home price listing is at $524,450 with a price per square foot of $202. Roughly 228 homes are on the market, giving homebuyers plenty of options. The selling pace is relatively measured, with homes selling within an average of 135 days. The average home on the market is 32 years old and boasts 2,809 square feet.
Popular Neighborhoods in Ann Arbor
Young professionals and social butterflies enjoy the bustling atmosphere of downtown Ann Arbor. Downtown houses range from new row homes and chic condos to stately old manors, and they offer access to some of the city’s best schools. Established families, on the other hand, enjoy the custom homes and large lots found in the prestigious Newport Hills neighborhood. Homes here have an average selling price of $650,000. University faculty and families appreciate the convenience, beautiful architecture and well-manicured yards found in Burns Park. Houses in Burns Park have plenty of vintage charm, and they’re close to the university, parks and downtown. The average Burns Park home sells for $580,000.
Buying vs. Rent to Own Homes
Buying a home in Ann Arbor can be unnerving, especially if you go about it the conventional way. Renting to own a home often offers a more comfortable solution. Rent-to-own contracts give buyers one to three years to coordinate financing and finalize the sale. At the outset of a rent-to-own contract, renter/buyers pay a one-time option fee. Each month during the contract period, buyers pay rent and a small monthly rent premium. The premium is usually put into an account that contributes to the home’s final purchase price. Throughout the contract period, buyers live in the home and enjoy many of the perks of homeownership.
Cost of Living in Ann Arbor
Locals pay a higher-than-average price for life’s necessities, with a total cost of living that is 11 percent above the U.S. average. Most of higher cost of living derives from Ann Arbor’s fairly pricey housing market. Housing costs are 35 percent more expensive in Ann Arbor than in the average American town. Utilities are slightly more costly at 5 percent above the national average. Most other essentials are about average, including groceries. Food costs are 2.5 percent less expensive in Ann Arbor than in the rest of the nation.
Ann Arbor is eminently appealing, with an energetic university community, thriving arts and festival scene and dozens of enticing amenities. It’s easy to see why the town frequently gains notice as one of the country’s most beautiful, livable and highly educated cities. It has many welcoming and attractive neighborhoods, whether you prefer living in a cosmopolitan urban downtown or a friendly suburban street. Residents pay a slightly higher price for these benefits. Many homes here sell in the $500,000 range, leading to an overall elevated cost of living.
Rent to Own Realtors
Most realtors aren’t going to want to work with a client looking for a rent to own deal. The upfront profit for a realtor is minimal, and the largest chunk of the commission isn’t guaranteed – even after the contract is signed. Successful rent to own deals make the bulk of commission for realtors as far as three years in the future.
Good realtors know that if they’ve done their job qualifying and showing a buyer options that meet their tastes and budgets, a rent to own deal has a great chance of success. But good realtors are rare.
Instead of using a realtor, learn about rent to own yourself and meet with professionals in the title, mortgage and legal industries to increase your chances of success.
About Our Listings
Listing properties for traditional sale eliminates a big chunk of the buyer market. People with bad credit are left out of the traditional home buying process. Nonetheless, buyers who don’t qualify for mortgages are still in the market for apartments and houses.
Rent to own by owner programs with no credit check are an easy way for a seller to start earning money from their townhouse or condo in a market that isn’t viable, which appeals to new groups of buyers.
Through rent to buy and lease to purchase, sellers rent a property to potential buyers for a set lease term. During which, the seller earns profit through the rent buyers pay as a tenants. At the end of the lease, the buyer has the option to buy the property, or if they signed a lease-purchase agreement, they must buy it.
With a little patience, sellers can make rent money and the true value of their home from its eventual sale. Which is better than selling the home cheap and competing with bank-owned foreclosed homes that sell for less than market value.
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