Rent to Own Homes in Cambridge
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If you head northwest from Boston, Massachusetts, and cross the Charles River, you’ll find the city of Cambridge in approximately three miles. The city was named after the UK’s famous University of Cambridge, and it is now home to the prestigious Harvard University and the Massachusetts Institute of Technology. Tufts University is approximately three miles north, so you could consider this a city anchored by education.
The most well-known point of interest in Cambridge is Harvard Square. This is a plaza that marks the center of the city, and it is surrounded by the Harvard University campus and the city’s business district. Cambridge residents spend a lot of time socializing in this plaza, and there are many community festivals held in the area each year. Don’t confuse this with Kendall Square, which is a neighborhood centered on the Main Street and Broadway intersection.
It’s easy to think of Cambridge as a city for students, but many residents decide to stay because of the active arts community and the multitude of museums. From the Peabody Museum of Archaeology and the Museum of Comparative Zoology to the Harvard Museum of Natural History, there is no end to what you can learn or teach your children when you take advantage of Cambridge’s cultural center.
When your brain is full of new knowledge, you can take a break by walking the trails at the Charles River Reservation or going for a run at the Fresh Pond Reservoir. In the evening, catch a live show at the Brattle Theatre or enjoy one of the many restaurants scattered throughout the city.
Buying a Home in Cambridge
It’s common for the average listing price of homes in Cambridge to soar above $700,000, and there are many multi-million dollar homes on the market most of the time. While the median sales price in most cities is substantially less than the median listing price, most home buyers pay the full listing price for homes in the most desirable Cambridge neighborhoods. Bidding wars can sometimes push prices above listing price, and it’s common for homes to receive five or more offers before selling. Considering the competitiveness of the market, it’s important to make a swift offer when you find a home that meets your needs.
Popular Neighborhoods in Cambridge
If you’re searching for reasonable home prices and prefer a small town living environment, head to the North Cambridge area. The region is located between Porter Square, Arlington, Somerville and Alewife Brook, and the Fitchburg Line railroad tracks help form the southern border. While there are some homes selling for more than a million dollars in this area, you can still find some listings between $500,000 and $700,000 if you watch the market carefully.
Another quiet neighborhood that features more homes worth less than a million is Mount Auburn. You will find this community surrounding Fresh Pond. If you prefer more of a big city vibe and want to live near the dot-com boom of Cambridge, look for a home in East Cambridge on the shores of the Charles River.
Buying vs. Rent to Own Homes
You’re familiar with the standard home-buying process, but have you heard of the rent-to-own alternative? This is a special contract that allows you to move into a home as a renter, but you have the option to purchase the home before the end of your lease. This allows you to take your time securing a home loan while you get comfortable in your new house. When you’re ready to complete the deal and become a homeowner, you secure your loan and the sale is processed. This is a good option if you’re ready to move into a new property right away but need some time to complete the loan application process.
Cost of Living in Cambridge
Once you start looking at the housing market in Cambridge, you can guess that the cost of living is going to exceed the national average. The housing market easily triples the average cost of housing throughout the United States, and the overall cost of living is close to double the national average. While housing is the biggest expense for most residents, you can also expect to pay above-average prices for utilities and most goods and services.
Cambridge is a city rooted in higher education. It was named after a prominent UK college and is now home to Harvard University and the Massachusetts Institute of Technology. The city is also blessed with a long list of museums, and the arts community enjoys some of the best theaters and galleries in the state. While the cost of living is higher than some may expect, this is a beautiful city that encourages an active lifestyle founded in knowledge.
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
Financially, buying apartments, houses or any other types of properties makes sense when compared to renting. You're paying roughly the same amount per month for your mortgage that you would to rent the same type of home. However, there are obstacles that make that process difficult to attain, like minimum down payments and bad credit. Those barriers prevent banks from ending up having to sell foreclosed homes.
Nonetheless, those barriers shouldn’t stop you from owning your own condo or townhouse. Through rent to buy and lease to purchase programs with no credit check, you could start working toward owning a house.
A lot of people who rent to own by owner take advantage of Rent to Own Lab’s free listings. Search our website for cheap lease-purchase or lease-option properties near me and see if rent to own could be the right option.