Rent to Own Homes in Detroit
The below results are primarily rent to own homes in Wayne County, MI:
Detroit, Michigan is a bustling city on the Canadian border historically known as the heartbeat of the United States auto industry. Local hockey fans go crazy for the Detroit Red Wings, and the Detroit Lions bring football fans across the country to their feet each year. Fans of all stripes know the Kiss song “Detroit Rock City” by heart because it’s the intro song for many professional sporting events across the state.
What convinces many Detroit area visitors to become long-term residents is easy access to the Great Lakes, especially a 32-mile strait known as the Detroit River. Imagine spending your weeks earning money downtown Detroit and your weekends relaxing on the water. If you like to spend time outdoors, you may also enjoy going for an afternoon walk along the Detroit International Riverfront.
Buying a Home in Detroit
Detroit is the city of low housing prices. How about paying $1,000 for your home? Would $100 sound even better? There have been quite a few Detroit properties with prices that low in recent years, and at least one home has sold for just a dollar within the past five years. The problem with these low home prices is that they’re misleading.
Don’t assume that property in Detroit is worthless. There are homes selling for a quarter of a million dollars right now, and they are extremely valuable. The homes selling for a few thousand dollars or less have substantial damage. You can expect to spend tens of thousands of dollars repairing these homes before they are habitable. They may make great investment properties if you have the means to fix them up and want to rent them out, but you can expect to pay at least $20,000 for a move-in quality home in Detroit.
Popular Neighborhoods in Detroit
If you want to stay close to downtown Detroit, look for homes in the Riverfront neighborhood. You’ll have direct access to the city for work and entertainment while enjoying beautiful views of the Detroit River. Lafayette Park is another downtown neighborhood with community green space for outside enjoyment.
If you’re interested in older homes with historical style, head out to Minock Park or the original Grandmont neighborhood. These are two neighborhoods that have been around for years but which are highly walkable and comfortable for all lifestyles. Woodbridge is a smaller area known for grand historical homes and a growing arts community.
Midtown is a great place to call home if you want to live in the center of Detroit action. You’ll find a variety of restaurants, art galleries and other businesses alongside houses new and old.
Buying vs. Rent to Own Homes
The normal route to homeownership is to secure a loan from a financial institution, often requiring a substantial deposit. A lot of responsibility goes along with that process, so you may consider renting to own first. These agreements allow you to rent a home for a specified period of time with the intention of eventually buying the property. Part of your monthly rent is set aside, making it easier to collect your deposit for purchase. If you aren’t ready to jump in right now, this is a slower path to homeownership that allows you to move into your home now.
Cost of Living in Detroit
The cost of housing in Detroit is approximately 80% lower than the national average, reflecting the economic struggles in the city over the past decade. The overall cost of living in the city is approximately 22% lower than the national average, making it one of the more affordable options within Michigan. You can expect to pay a bit more for transportation and utilities than you would elsewhere, but the low cost of housing makes up for that inconvenience.
Detroit is a great place to live if you want access to businesses in the big city with opportunities to spend your free time outdoors. Whether you’re a struggling artist in search of affordable housing or a growing family in search of a more active lifestyle, the low cost of housing in Detroit gives you ample opportunity to find the perfect home.
Rent to Own Realtors
You can plan a party without an event planner, you can go swimming without a lifeguard, and you can rent to own without a realtor.
That’s important because there isn’t as much money for realtors in rent to own deals as in traditional sales. Therefore, finding a realtor to help you is rare.
While the listed activities might be easier with a professional, they’re all possible without one. To successfully rent to own without a realtor learn all you can about it.
About Our Listings
Listing properties for traditional sale eliminates a big chunk of the buyer market. People with bad credit are left out of the traditional home buying process. Nonetheless, buyers who don’t qualify for mortgages are still in the market for apartments and houses.
Rent to own by owner programs with no credit check are an easy way for a seller to start earning money from their townhouse or condo in a market that isn’t viable, which appeals to new groups of buyers.
Through rent to buy and lease to purchase, sellers rent a property to potential buyers for a set lease term. During which, the seller earns profit through the rent buyers pay as a tenants. At the end of the lease, the buyer has the option to buy the property, or if they signed a lease-purchase agreement, they must buy it.
With a little patience, sellers can make rent money and the true value of their home from its eventual sale. Which is better than selling the home cheap and competing with bank-owned foreclosed homes that sell for less than market value.
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