Rent to Own Homes in East Providence
East Providence rests on the eastern shores of the Providence and Seekonk Rivers. This city is just across the river from Providence, and many residents take advantage of the short commute when looking for employment or entertainment opportunities. This is a scenic location that places residents less than 40 miles from Newport and other cities on the Atlantic coast of Rhode Island. Pawtucket is within a 10-minute drive to the north, and Cranston is within a 10-minute drive to the southwest.The below results are primarily rent to own homes in :
East Providence rests on the eastern shores of the Providence and Seekonk Rivers. This city is just across the river from Providence, and many residents take advantage of the short commute when looking for employment or entertainment opportunities. This is a scenic location that places residents less than 40 miles from Newport and other cities on the Atlantic coast of Rhode Island. Pawtucket is within a 10-minute drive to the north, and Cranston is within a 10-minute drive to the southwest.The below results are primarily rent to own homes in :
There are a variety of natural recreation areas within and surrounding East Providence. Some of the more prominent area attractions include Slater Memorial Park, Wannamoisett Country Club, Glenlyon Playground, Central Pond, Bridgham Farm, East Bay Bike Path and Metacomet Country Club. This region of Rhode Island was originally a small fishing community known as Watchemoket, and it was later known as East Providence Center before developing into a popular vacation resort where many people maintain summer homes. The population of East Providence reached its peak in 1980 with more than 50,000 people residing within city limits. The population started to decline shortly after, and there were approximately 47,000 residents in 2016. There are more than five private schools located within the East Providence community as well as a large public school system.
Buying vs. Rent to Own Homes
Renting to own a home and buying a home both have the same end goal – you own the house you’re interested in. The difference between the two is your timeline. Buying a property is a great idea if you’re sure about the property and you have financing to purchase it today.
Lease-options are a good idea when you’re having doubts about the house or if you’re not financially ready to own the house you’re looking at. They’re a good option if you almost have a high enough credit score, a steady enough job history or a big enough down payment to qualify for financing on the home, but you need some more time to qualify. Rent to own gives you time to get your affairs in order, ability to try out a house and flexibility to close on the home when you’re ready – without having to wait for the end of a lease.
To be clear, if you can buy a house today, you should do it. If you’re looking at buying within the next three years, rent to own is a good way to start the process.
Rent to Own Realtors
Realtors have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
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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