Rent to Own Homes in Dearborn
The University of Michigan's Dearborn campus and the Henry Ford Community College are located on the western side of the city, just north of The Henry Ford complex. The Dearborn Ice Skating Center is open for community ice skating and is often used for high school and youth ice hockey events. Those interested in the arts can take advantage of the Ford Community & Performing Arts Center, and the Dearborn Civic Center is an invaluable source of information for those interested in remaining active throughout the year.
Other attractions in Dearborn include the Automotive Hall of Fame and the Arab American National Museum. Greenfield Village is a great place to go for family fun, including horse-drawn carriage rides, train rides and interesting homes dedicated to Thomas Edison and other historical figures. Residents can purchase season passes to visit the village as often as they like.
Buying a Home in Dearborn?
The median listing price for homes in Dearborn is often more than $130,000, and the median sales price typically hovers around the same figure. It's common for buyers to pay less than $100 per square foot for their homes, but there are some upscale communities that command a much higher price. If you're concerned about living near the best public schools, look for homes near Dearborn High School, Bryant Middle School and any of the three elementary schools. These are the schools with the best ratings in Dearborn, and they're also landmarks that will point you to some of the most family-friendly neighborhoods.
Popular Neighborhoods in Dearborn?
One of the most desirable neighborhoods in Dearborn is on the western edge of town. This community runs west from West Outer Drive to South Gulley Road. Cherry Hill Street serves as the northern boundary for the community, and the Dearborn Hills Golf Course is the southern boundary. Real estate prices are typically in the mid-$200,000s in this neighborhood, and there are many large homes with four or five bedrooms in the area. Most of these homes are owned by their occupants, and the vacancy rate typically stays below 5 percent.
For lower prices in an area that is convenient to the best public schools, look in the northwestern corner of the city. This community is positioned north of Cherry Hill Street and west of South Telegraph Road. Median real estate prices are around $150,000 in this area, but the community is still mostly owner-occupied. You can find some larger homes in this neighborhood, and the vacancy rate stays below 3 percent.
Buying vs. Rent to Own Homes?
What happens when you find the perfect home for sale in Dearborn but you're not ready to apply for financing to buy that home? Hopefully the owner is offering a rent-to-own option so that you can take fast occupancy as a renter. This is a unique agreement that allows you to rent the property that you one day plan on buying. In many cases, the current owner is responsible for upkeep on the property during the rental period, and you will take over all responsibility once you purchase the home. This is a great option if you want to move into a rental property now without moving again once you purchase a home.
Cost of Living in Dearborn?
Dearborn is one of the best places to live in Michigan if you're working with a tight budget. The cost of housing runs 30-50 percent lower than national-average prices, and the overall cost of living is approximately 20 percent lower than the national average most of the time. It's common for homeowners to struggle more with their utility bills than their mortgage payments, and prices for most goods and services are a bit lower than average. This creates a favorable economy for everyone ready to purchase a home.
The low cost of housing and direct access to The Ford Center museum complex are two of the biggest attractions for residents moving to Dearborn. While the automotive industry isn't quite what it once was, the Ford Automotive Company still has a presence in the city and long-time residents are still proud of the city's history. Dearborn is home to an active performing arts center and many community programs that keep residents active throughout the year. Detroit is also a short drive away.
Summary
The low cost of housing and direct access to The Ford Center museum complex are two of the biggest attractions for residents moving to Dearborn. While the automotive industry isn't quite what it once was, the Ford Automotive Company still has a presence in the city and long-time residents are still proud of the city's history. Dearborn is home to an active performing arts center and many community programs that keep residents active throughout the year. Detroit is also a short drive away.
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
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These programs are a great way to buy a condo or townhouse if you have bad credit. In fact, lease purchase and rent to buy programs usually offer cheap homes with no credit check. Just make sure you look at your lease to purchase agreement to understand whether you have the option or obligation to buy the home you’re looking at. Lease-purchase agreements require the buyer to purchase by the end of the lease term, while lease-option agreements give the buyer the option to buy.
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