Rent to Own Homes in Auburn Hills
The United States Census Bureau estimates the total area of the city of Auburn Hills to be at around 16.6 square miles of land... Read More
The United States Census Bureau estimates the total area of the city of Auburn Hills to be at around 16.6 square miles of land and 0.04 square miles of water. Located in southeastern Oakland County in the state of Michigan, Auburn Hills is a city of around 21 thousand people. The city is known for its pedestrian friendly district that saw renewed building in 2002 and is located in downtown Auburn Hills. Today, the downtown area includes a four story apartment complex built specifically to house graduate students in the area, a 233 space parking structure, the University Center, and the Downtown Educational Nook that serves as a type of student community center.The below results are primarily rent to own homes in :
The United States Census Bureau estimates the total area of the city of Auburn Hills to be at around 16.6 square miles of land... Read More
The United States Census Bureau estimates the total area of the city of Auburn Hills to be at around 16.6 square miles of land and 0.04 square miles of water. Located in southeastern Oakland County in the state of Michigan, Auburn Hills is a city of around 21 thousand people. The city is known for its pedestrian friendly district that saw renewed building in 2002 and is located in downtown Auburn Hills. Today, the downtown area includes a four story apartment complex built specifically to house graduate students in the area, a 233 space parking structure, the University Center, and the Downtown Educational Nook that serves as a type of student community center.The below results are primarily rent to own homes in :
In the early twentieth century, the primary city in this area was known as Auburn Heights and John Dodge, of Dodge automobiles, established a small farm just to the north of this settlement. His son-in-law, Wesson Seyburn, also bought land in the area and built a Colonial Revival style of home for his family. Today, the house and lands surrounding it are known as the Auburn Hills Civic Center. The name Auburn Hills" did not come about until 1964. The city started out as Pontiac Township until eventually it and Auburn Heights began to merge into one another and formed the new city of Auburn Hills."
Buying vs. Rent to Own Homes
If you’re looking to purchase a home, you could fall into three categories: ready to buy, ready to rent to own and rent a bit longer. Buying is your best option, so if you’re ready, you should. Rent to own is also a good option because it sets you on course to buy a property soon.
If you’ll be ready to buy a property within the next three years, rent to own is the right option for you. Your lease term should be at least six months longer than how much time you need to qualify for financing; that way, you have some buffer room in case something goes wrong. Whenever you are ready, you can close on the home and start building equity on it.
If it’s going to take more than three years for you to qualify for financing, keep renting until you’re less than three years away. Just because rent to own isn’t right for you now doesn’t mean it won’t be in the future.
Rent to Own Realtors
Rent to own is beneficial to both buyers and sellers, but that’s not common knowledge. A lot of people look to realtors as a credible source of information for their counterpart in a rent to own deal about the benefits of the program.
However, you likely won’t find a realtor who is interested in helping you. There’s not a lot of profit for realtors in rent to own deals.
Instead, you’ll have to become a credible expert on the process yourself. Honestly, that’s not a bad thing. It’s better that you know everything you need to about the process you’re investing so much time and money into.
About Our Listings
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.
- 48326
- 48321