Rent to Own Homes in Cranston
Cranston is part of Providence County, located in southeastern Rhode Island. The city has a population of more than 81,000 residents, and its city limits encompass 29.9 square miles of land and water. The town is situated along the western banks of the Pawtuxet River.The below results are primarily rent to own homes in :
Cranston is part of Providence County, located in southeastern Rhode Island. The city has a population of more than 81,000 residents, and its city limits encompass 29.9 square miles of land and water. The town is situated along the western banks of the Pawtuxet River.The below results are primarily rent to own homes in :
The town has a long history dating back to 1638 when Roger Williams purchased the land as part of the Pawtuxet Purchase. The origin of the city’s name is not entirely clear. Some historians believe Cranston was named in honor of Rhode Island’s longest-serving governor, Governor Samuel Cranston. Other historians assert that the city was named for Thomas Cranston, Governor Cranston’s grandson. The city is led by a city council whose members are elected to represent one of nine city wards. Three additional city council members are elected at large, as is the mayor. The City of Cranston provides all of the necessary local services residents require, including police and fire service, water, curbside recycling and stormwater management. Residents also enjoy access to several city parks and events, including a summer concert series, kids concerts and diverse recreation programs. For additional recreation, Roger Williams Park Zoo and Triggs Memorial Golf Course are just outside Cranston’s city limits.
Buying vs. Rent to Own Homes
The difference between buying a home and signing up for a lease-option depends on your timeframe and how much money you spend on buying the house.
When you buy a house outright, you pay for the fair market value of the home plus interest and other fees charged by your financial lender, if you have one. You buy the property today and immediately start building equity in it.
However, when you rent to own, you won’t own the home until you close on the property, which could be as far as three years from today. You’ll also pay rent monthly, and you don’t get that money back.
There are some fees that you pay for rent to own that you’ll get back as a credit towards the price of your home, like option fees and rent credits. These count as equity on the home, but they’re not on the scale of equity you would build with a mortgage. Therefore, these don’t add anything on to the price you pay for the home the way that rent does.
Rent to Own Realtors
Working with a realtor doesn’t guarantee that you will successfully complete a rent to own deal, but their knowledge and expertise can make a big difference in your success rate.
Unfortunately, not many realtors will want to work with you on a rent to own deal. There isn’t a lot of profit for a realtor in rent to own deals.
So, you’ll need to find others with the knowledge and expertise you are looking for to ensure a successful lease-option experience. Consider consulting with a realtor, a title company and a mortgage officer instead. These professionals are better than a realtor because they are experts in their respective fields, as opposed to realtors who know a good deal about each of those rent to own factors.
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.
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