Rent to Own Homes in Bristol
Bristol is a suburb of Hartford that is located in west-central Connecticut. Hartford is less than 20 miles to the northeast, and New Haven is about 35 miles to the south. This location places residents less than a one-hour drive from the Long Island Sound and within a three-hour drive of Long Island on the Atlantic coast. New York City is also within a two-hour drive of the center of town, making this the perfect hometown for anyone interested in spontaneous vacations and long weekends away.The below results are primarily rent to own homes in :
Bristol is a suburb of Hartford that is located in west-central Connecticut. Hartford is less than 20 miles to the northeast, and New Haven is about 35 miles to the south. This location places residents less than a one-hour drive from the Long Island Sound and within a three-hour drive of Long Island on the Atlantic coast. New York City is also within a two-hour drive of the center of town, making this the perfect hometown for anyone interested in spontaneous vacations and long weekends away.The below results are primarily rent to own homes in :
This region of Connecticut was incorporated as a town in 1785 and a city in 1911. The local economy was first built around the manufacturing industry with clocks in high production. Today, the town is still home to the American Clock & Watch Museum, but the economy is now more diverse. Some of the major employers include ESPN, Bristol Hospital, Stephen AutoMall Centre, Sheriden Woods Health Care Center and the City of Bristol. Residents are served by the Bristol Police Department and a mid-sized school system that includes Bristol Eastern High School. Each year, the city hosts the Bristol Mum Festival in honor of its history as a leading producer of chrysanthemums. Some of the biggest attractions for the city include the Lake Compounce theme park, the New England Carousel Museum, the Witch's Dungeon Classic Movie Museum and the Boulder Dash theme park.
Buying vs. Rent to Own Homes
When you rent to own, you pay an option fee and rent the home for up to three years while prepping for financing approval. Then, you buy it as soon as you’re ready. When you buy a home normally, you skip to the third step of the process.
Basically, when you’re almost ready to own a home, you should consider renting to own, but when you are ready, you should go ahead and purchase it.
Rent to own gives you more time to improve your credit score or save up a greater down payment in preparation for buying a house. Ultimately, rent to own is more expensive than outright buying a property because you’re paying rent to the owner every month. However, lease-options are a much better alternative than renting a property because you’re building some equity in the home, just not as much as you will once you purchase.
Once you own a home, you will likely be making monthly payments to a mortgage. Mortgage payments are typically around the same amount as rent to own payments, but all of it – minus interest, PMI and taxes – builds equity in the property, which directly benefits you.
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
It’s in the bank’s best interest to avoid foreclosed homes because they end up having to sell them cheap to recoup lost money. So, they try to play it safe with mortgage approvals by steering clear of people with bad credit.
That doesn’t help someone who’s working on getting their credit together to buy a condo or a townhouse. Nonetheless, rent to buy programs can help people work toward purchasing houses and apartments with no credit check.
The free listings on our site are usually rent to own by owner, so deals are more reasonable and trustworthy than big company lease to purchase properties are. Whenever you’re ready just look for lease-option or lease-purchase homes near me on the Rent to Own Labs website.
- 06010
- 06011