Rent to Own Homes in Fall River
Fall River rests on the northeastern shores of Mt. Hope Bay in southern Massachusetts. The city was named after the Quequechan River, which means “falling river” in Wampanoag. This was the language spoken by the Native American tribe that first settled in this area of the United States.
Today, Fall River is known as a coastal city rich with water features. The Taunton River flows along the western border of the city, Watuppa Pond rests in the center of the city, and the Copicut Reservoir is on the eastern side of town. Smaller rivers and ponds dot the landscape, creating a beautiful terrain with many opportunities for boating, fishing and select water sports.
In 1845, the first railroad line was opened in the area. This Fall River Line and the city’s prime location on the bay made it a major transportation hub for surrounding cities. That reputation lingers today along with the many buildings crafted from Fall River granite. There were once multiple granite quarries operating in the city, making that the material of choice for local builders.
Fall River was also once known as home to some of the best soccer teams in the state, including the Fall River F.C. and the Fall River Marksmen of the early 1900s. Today, the city is home to the Fall River Municipal Airport, the Lizzie Borden House, the Borden Flats Lighthouse and Battleship Cove.
Buying a Home in Fall River
You can expect to see listing prices between $200,000 and $400,000 throughout Fall River. The median sales price often falls below $200,000, and it’s not difficult to find homes selling for close to $100,000 at most times. More than half of the city’s residents rent their homes, and those that do buy typically pay more than $100 per square foot. Many of the public schools serving the city receive average or unsatisfactory ratings, so it’s important to consider the school district in which your children may fall before making an offer on a Fall River home.
Popular Neighborhoods in Fall River
The large neighborhood occupying the northeastern corner of the city is one of the most popular areas for families. You’ll find the lowest crime rates and some of the best schools in this community, and the neighborhood surrounds scenic Watuppa Pond. The median real estate price is typically close to $300,000 in this area, but it’s an established community where most of the homes are occupied by their owners. The vacancy rate typically stays well below 10 percent.
If you want to live close to the water, you’ll find that most of the neighborhoods along the Taunton River are consumed by apartment buildings with few single-family homes on the market. You may have better luck looking in small neighborhoods by one of the city’s ponds or lakes.
Buying vs. Rent to Own Homes
If you’re currently renting a home but would like to purchase property within the next three to five years, consider moving into a rent-to-own home. This is a special contract that gives you some time to prepare for the mortgage-approval process while living in the home that you will eventually purchase. As long as you buy the property before a specified date and live up to all obligations spelled out in the rental agreement, you will rent your way to home ownership.
Cost of Living in Fall River
You can expect to pay approximately 10-20 percent more than the national average for housing in the Fall River area. Most goods and services are slightly higher priced than the national average as well, and utility rates can spike up to 30 percent more than average. There are still some affordable homes available in select neighborhoods, so it’s possible to live comfortably on a tight budget in this city. The trick is to select wisely when purchasing your home.
Resting on the northeastern shores of Mount Hood Bay, Fall River is a southern Massachusetts city blessed with many scenic waterways. Residents enjoy boating, fishing, swimming and relaxing by the Taunton River, Quequechan River, Watuppa Pond and Copicut Reservoir. There are also some smaller ponds and lakes that dot the landscape, creating a picturesque living environment that is calm and peaceful. You can find affordable housing in some family-friendly Fall River neighborhoods, making this the perfect place to raise children or simply enjoy an outdoorsy lifestyle.
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 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.