Rent to Own Homes in Boston
The below results are primarily rent to own homes in Suffolk County, MA:
Boston, also known as Beantown, is the largest city in the New England region of the United States. It’s historically known for the Boston Tea Party which occurred in 1773. Though many years have passed since the Sons of Liberty took their stand in the harbor, there are still reminders of days passed. For instance, cobblestone streets lit by gas lamps are still featured in certain areas of the city, and political debate is part of the culture. The city is also home to the Boston National historical park which explores the city’s experience during the American Revolution.
Some cities are centered on large financial districts, but the Greater Boston region is hinged on education. The city is home to Boston College and Boston University, but there are some middle and high schools worth mentioning as well. For instance, the Boston Latin School was one of the first schools in the area and is credited with educating some of the most prominent personalities in Boston today.
Whether you’re a student in need of exercise or a professional in need of a family-friendly playground, Boston is rich with community green space. You can venture out to the Boston Harbor Islands National Recreation Area to hike the trails, fish or enjoy a casual picnic. Riding the swan boats at the Boston Public Garden is another experience that never gets old.
Buying a Home in Boston
Boston is much like other large cities in that it’s divided into smaller neighborhoods and pocket communities, each with their own personality. What makes it a bit different is the heavy presence of students and recent college graduates. There are more rental properties here than you will find in many other cities, and there is a lot of traffic in September when most students are moving into new apartments. The housing market in some neighborhoods is more than 80% apartments, and that makes it more difficult to find a home to buy.
While home prices are high in Boston and you may hear scary stories of bidding wars that end with buyers paying more than some homes are worth, that doesn’t happen in most cases. You are likely to place an offer on a home that has other offers on the table, but it doesn’t have to end in war. Think beyond just the price you’re offering to put together the best terms possible, and work closely with a real estate agent experienced in this competitive market.
Popular Neighborhoods in Boston
If you want to enjoy an active nightlife and live amongst the young, or at least the young at heart, look for neighborhoods like Fenway. The area is best known for the Red Sox at Fenway Park, but you’ll also find a variety of bars and restaurants popular with the younger crowd. Areas like this attract a lot of students, so the housing market is largely apartments. You’ll have to look harder to find homes for sale in the area.
If you prefer a quieter neighborhood with a more mature community, consider Beacon Hill. It’s close to Boston Common and there are many stores within walking distance of most homes. The brick sidewalks give the neighborhood charm and make going out for a walk more fun.
Buying vs. Rent to Own Homes
The Boston real estate market is highly competitive, but you can increase your chances of finding your dream home and getting your offer accepted if you consider rent-to-own contracts. These agreements allow you to move into a home immediately as a renter, but there’s an understanding that you will eventually purchase the property. Since a portion of your monthly rent is usually held in a separate account and later applied to the home purchase, it’s easier to secure a sizable down payment. You also have time to get familiar with the neighborhood and settle into the home before you take on the responsibility of property maintenance.
Cost of Living in Boston
You can expect high prices on everything from housing and transportation to utilities and groceries when you move into Boston. The cost of living is approximately 43% more expensive than the national average and approximately 10% more expensive than the Massachusetts average. Housing is the largest expense for most residents with utility expenses coming in second.
Boston is a city with rich historical significance, but today it’s a city heavily invested in education. The population is predominantly students and recent college graduates, and many neighborhoods are dominated by apartments serving that population. This makes the housing market for those interested in purchasing more competitive due to limited inventory. Yet, the city still contains neighborhoods perfect for growing families. With many jobs available downtown and a variety of outdoor recreational areas, there are many reasons to make Boston home.
Rent to Own Realtors
Realtors have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
About Our Listings
Lease-purchase programs offer sellers more certainty than traditional rent to buy because buyers are contractually obligated to buy the condo, townhouse or house by the end of the lease term. Normally, rent to own by owner means the buyer has the option to buy and the seller has the obligation to sell.
Lease-options are more convenient for buyers. However, buyers and sellers may work out lease to purchase deals for houses and other properties when the seller is overlooking a bad credit score or a small option fee. The requirement for buyers to purchase properties makes sellers feel more comfortable leasing with no credit check because they don’t have to worry about whether buyers will opt out.
If you’re interested in looking for apartments for lease option, check out our free listings by searching for properties near me. We showcase more than just rent to own. Use our site to find cheap foreclosed homes or owner financing.