Rent to Own Homes in Elizabeth
The United States Census Bureau estimates that Elizabeth’s population has grown to 127,558 residents, which makes it the fourth largest city in New Jersey. According to the United States Census, more than a quarter of those residents are children under the age of 18, which explains the city’s 46 parks, a boardwalk recreation area, five recreation centers and dozens of festivals and community events.
Buying a Home in Elizabeth?
New listings and sales of single family homes are on the upswing in Union County, increasing about 9 percent over the past year. Homes are on the market an average of 68 days, and the median price increased just .7 percent to $370,500. Townhouse sales had more mixed results recently. While new listings of condos and townhomes were up 53 percent, sales were down 21 percent. Condos are on the market for 102 days, and prices are down 4.6 percent to $219,000. Combined, about 2,300 houses and condos are on the market in Union County.
Popular Neighborhoods in Elizabeth?
Couples and families adore the Midtown neighborhood’s terrific schools, comfortable apartments, small homes and public transportation options. The median home price in this neighborhood is $241,677. Downtown/Elizabethport is also popular for its historic and vintage restored homes, waterfront townhouses and cultural amenities. The Magic Avenue and Monmouth neighborhood also attracts families and couples with refined social tastes for its low crime rate, historic homes and ample apartments. The median home price here is $334,662, while apartments rent for about $1,084.
Buying vs. Rent to Own Homes?
First-time home buyers and those with less-than-perfect scores may benefit from exploring the area’s rent to own homes. These homes offer a good alternative to conventional home purchases, giving home buyers extra time to build up a down payment or improve a credit rating while living in the house and working toward the final purchase. Buyers who choose rent to own homes also enjoy the savings potential of rent to own homes that allow them to pay today’s prices at a future date, even when the market prices have increased considerably.
Cost of Living in Elizabeth?
Living in Elizabeth is only slightly more expensive than the national average, costing locals 11 percent more overall. Residents actually pay 2 percent less on housing costs than the average American does, but health care and transportation are 9 to 11 percent more expensive. Groceries are 20 percent more costly, and utilities are 30 percent more expensive than the national average.
Recognized as one of the country’s greenest cities, Elizabeth enjoys a prime location on the Newark Bay just 20 miles from Manhattan. Elizabeth’s excellent locale was recognized as far back as early Colonial days, and its bountiful benefits continue to attract locals and visitors today. With all that Elizabeth offers as a hometown, the city’s homes are increasing in price and its neighborhoods provide a wide range of services and amenities. The cost of living in Elizabeth is marginally above the national average, but it’s about 10 percent lower than living expenses in nearby Newark.
Summary
Recognized as one of the country’s greenest cities, Elizabeth enjoys a prime location on the Newark Bay just 20 miles from Manhattan. Elizabeth’s excellent locale was recognized as far back as early Colonial days, and its bountiful benefits continue to attract locals and visitors today. With all that Elizabeth offers as a hometown, the city’s homes are increasing in price and its neighborhoods provide a wide range of services and amenities. The cost of living in Elizabeth is marginally above the national average, but it’s about 10 percent lower than living expenses in nearby Newark.
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
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.
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