Rent to Own Homes in Duluth

Buying a home in Duluth

While the housing market has fluctuated over the past five years, Duluth’s housing market is currently trending upwards. Median home value is currently at $178,450 and is set to rise, which means now is a good time to buy a home in Duluth.

Those buying a home in Duluth might qualify for a special program through their Housing and Urban Development Department. Programs vary depending on income and home buying status, so those interested in these programs have to reach out to Duluth’s HUD department for more details.

Buying versus Rent to Own

Individuals who lack the savings for the down payment for a traditional mortgage, or for those who are lacking credit for financing, a rent to own agreement might be a good option. In a rent to own situation, a deposit is put in place and payments are made over a set period of time. A portion of each monthly payment is set aside and saved towards the down payment on the home. After the agreed upon period of time has passed, the resident will then buy the home using the funds held by the property owner. A benefit to a rent to own situation is that an individual can live in their new home while they are saving to buy it.

Summary

Duluth, Minnesota is a large, port city along Lake Superior. A major tourist destination, visitors and residents enjoy a wide range of outdoor activities and attractions such as the Great Lakes Aquarium and the Aerial Lift Bridge. An ever-growing major hub in the Midwest, Duluth’s population continues to grow alongside its increasing housing market.

Rent to Own Realtors

Realtors are highly skilled at informing potential buyers and prospective sellers about rent to own. A realtor can help find the second half of the deal you have been searching for.

Unfortunately, not many realtors are interested in rent to own because there isn’t a lot of money for them in the process. In the past, that would constitute a serious roadblock to rent to own; however, there are plenty of websites available for buyers and sellers to find each other.

Completing your rent to own deal without a realtor could save the seller a lot of money on commission. That gives the seller some wiggle room on the sale price, which attracts even more buyers.

About Our Listings

When you rent to buy a condo or a townhouse, you’re taking the first step toward becoming a homeowner. You can take advantage of many rent to own by owner programs with no credit check. Having bad credit shouldn’t stop you from owning one of your favorite apartments or houses.

While you lease-option or lease-purchase, you’ll work on improving your credit score and saving up a down payment so that you can qualify with the bank for the house you’re interested in. The bank is frugal with mortgage approvals because they often end up selling foreclosed homes for cheap prices because people cannot afford their mortgage payments.

When you lease to purchase, you’re making yourself into a better candidate for purchasing properties. Check out Rent to Own Lab’s free listings to find properties near me that meet your family’s needs.