Rent to Own Homes in Essex
Essex lies along the Back River in Central Maryland. This unincorporated community is considered to be an eastern suburb of Baltimore. According to the United States Census Bureau, the population of Essex is over 39,000 residents.The below results are primarily rent to own homes in :
Essex lies along the Back River in Central Maryland. This unincorporated community is considered to be an eastern suburb of Baltimore. According to the United States Census Bureau, the population of Essex is over 39,000 residents.The below results are primarily rent to own homes in :
Essex was created by the Taylor Land Company in the early 1900's as an affordable alternative to life in Baltimore. The first general store, located at the corner of Eastern Avenue and Mace Avenue, put Essex on its way to being a self-sufficient community. The first churches in the area, Essex Methodist Church and St. John's Lutheran Church, were built shortly thereafter on land provided by the Taylor Land Company. The Glenn L. Martin Company is credited with contributing to the growth of Essex during the World War II era. The Glenn L. Martin Company was an aviation company that produced numerous aircraft for the U.S. military. What remains of the company in Essex today is now owned by Lockheed Martin. Children in Essex may attend Baltimore County Public Schools. Essex Elementary School conveniently serves students in pre-kindergarten through fifth grade. Essex Community College, which is now known as the Community College of Baltimore-Essex, was founded in 1957 to address the growing need for higher education in the community.
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 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
When you’re looking for your first townhouse or condo, you learn pretty quickly that it’s difficult to secure financing for houses when you have bad credit. However, you can find properties, like apartments, in our free listings that might meet your needs.
Our database includes free listings for cheap properties available for lease-purchase, rent to own by owner, foreclosed homes and owner financing. Many of these programs will work with you with no credit check.
The convenient part of rent to buy and lease to purchase agreements is that they give buyers time to prepare to purchase a home by saving up a down payment and improving their credit score. Owner financing often has less stringent requirements than conventional financing. Search for properties near me to find the program that’s most convenient.
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