Rent to Own Homes in Ecorse
Ecorse is a small city that rests on the western shores of the Detroit River in the southeastern corner of Michigan. The Ecorse River runs along the western edge of the city, and Council Point Park is positioned just outside of the city’s southwestern corner. This location keeps residents a short drive from many recreation areas in southern Michigan and Ontario, Canada. This includes the Great Lakes Steel Boat Club, River Rouge Lighthouse, Belanger Park, Elizabeth Park Marina, Black Oak Prairie Heritage Park, Ambassador Golf Club and Kiwanis Park.The below results are primarily rent to own homes in :
Ecorse is a small city that rests on the western shores of the Detroit River in the southeastern corner of Michigan. The Ecorse River runs along the western edge of the city, and Council Point Park is positioned just outside of the city’s southwestern corner. This location keeps residents a short drive from many recreation areas in southern Michigan and Ontario, Canada. This includes the Great Lakes Steel Boat Club, River Rouge Lighthouse, Belanger Park, Elizabeth Park Marina, Black Oak Prairie Heritage Park, Ambassador Golf Club and Kiwanis Park.The below results are primarily rent to own homes in :
This area of Michigan started out as an American Indian burial ground. It was originally settled by the French and officially became United States territory in the 1830s. The region was originally called Grand Port and transitioned over time from an unincorporated area to a village and finally to a city in 1942. The population grew from just over 1,000 residents in 1910 to more nearly 18,000 residents in 1950. The population has slowly declined since the 50s, registering fewer than 10,000 residents in 2010 and 2017. Today, Ecorse is well known as home to the Ecorse Rowing Club, Mud Island, John D. Dingell Park, Beach and Cicotte Park, and a few small parks located in residential areas. Residents are served by Ecorse Public Schools and the Ecorse Public Library.
Buying vs. Rent to Own Homes
When you rent to own, you pay an option fee and rent the home for up to three years while prepping for financing approval. Then, you buy it as soon as you’re ready. When you buy a home normally, you skip to the third step of the process.
Basically, when you’re almost ready to own a home, you should consider renting to own, but when you are ready, you should go ahead and purchase it.
Rent to own gives you more time to improve your credit score or save up a greater down payment in preparation for buying a house. Ultimately, rent to own is more expensive than outright buying a property because you’re paying rent to the owner every month. However, lease-options are a much better alternative than renting a property because you’re building some equity in the home, just not as much as you will once you purchase.
Once you own a home, you will likely be making monthly payments to a mortgage. Mortgage payments are typically around the same amount as rent to own payments, but all of it – minus interest, PMI and taxes – builds equity in the property, which directly benefits you.
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
Lease-purchase programs offer sellers more certainty than traditional rent to buy because buyers are contractually obligated to buy the condo, townhouse or house by the end of the lease term. Normally, rent to own by owner means the buyer has the option to buy and the seller has the obligation to sell.
Lease-options are more convenient for buyers. However, buyers and sellers may work out lease to purchase deals for houses and other properties when the seller is overlooking a bad credit score or a small option fee. The requirement for buyers to purchase properties makes sellers feel more comfortable leasing with no credit check because they don’t have to worry about whether buyers will opt out.
If you’re interested in looking for apartments for lease option, check out our free listings by searching for properties near me. We showcase more than just rent to own. Use our site to find cheap foreclosed homes or owner financing.
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