Rent to Own Homes in Flint
With 102,434 residents, Flint City is the seventh largest town in Michigan, and home to several respected universities. The city's University of Michigan, Flint was ranked as one of the best in the Midwest by U.S. News & World Report. To stay abreast of all happenings in town, locals get their news from The Flint Journal.
Buying a Home in Flint?
The 2016 water crisis makes it difficult to predict housing trends in Flint. Still, all Flint homes were not affected by the water issues, and the local real estate market remains active. Until January 2016, home prices were actually climbing in Flint. The median list price of a home in Flint is $32,900, more than double the median list price of a year ago. Homes generally sell within 102 days of being placed on the market and average 1,163 square feet in size.
Popular Neighborhoods in Flint?
Many families and singles enjoy the historic homes, welcoming charm and convenience of the College Cultural neighborhood. Homes here feature a variety of architectural styles and mature landscaping, and the neighborhood is close to a variety of art, music and nightlife venues. The median selling price of a home in the College Cultural area is $42,000. Houses and lots are even grander in the Woodcroft Estates area, where beautiful old homes have expansive lawns and vintage architecture. Near I-75 and I-69, the neighborhood is ideal for getting around the area, and it’s close to Kettering University, plentiful shopping and dining. Homes in Woodcroft Estates have a median sale price of $209,000.
Buying vs. Rent to Own Homes ?
Conventional home buying methods can be stymied in times of uncertainty, particularly if lenders are reluctant to approve home loans when water contamination is involved. Renting to own a home can solve many of these issues. With a rent-to-own agreement, you lock in today’s home price but finalize the mortgage financing one to three years down the road. In the intervening months, you pay monthly rent, part of which is applied to the home purchase. In this way, renter-buyers get the best of both worlds: reasonable rents that contribute to homeownership and the extra time needed to coordinate financing, improve credit ratings and build up down payments.
Cost of Living in Flint?
Flint residents enjoy incredibly affordable lifestyles. Housing is the city’s biggest bargain at just 19 percent of the national average. In other words, for every dollar the average American spends on housing, Flint residents spend just 19 cents. Several other necessities are also economical. Healthcare and grocery costs are 4 to 5 percent cheaper here than in most of the rest of the nation. Those savings are partially counteracted by higher transportation and utility costs that are 1 to 2 percent higher. Even so, Flint locals can expect to spend 22 percent less on overall living costs than the national average.
Flint is an indefatigable town known for its strength and resilience. From its immense city beautification initiative to its historic villages, Flint is a fascinating blend of history, industry and artistry. Although homes here have increased in price over the past year, Flint’s housing market is extremely affordable and accessible. Many of its treasured neighborhoods are historic, with a wide array of architectural styles and convenient access to parks, bike trails and area colleges. Luckily, it won’t cost residents much to enjoy the city’s homes and neighborhoods. Cost of living in Flint is just 78 percent of the national average.
Summary
Flint is an indefatigable town known for its strength and resilience. From its immense city beautification initiative to its historic villages, Flint is a fascinating blend of history, industry and artistry. Although homes here have increased in price over the past year, Flint’s housing market is extremely affordable and accessible. Many of its treasured neighborhoods are historic, with a wide array of architectural styles and convenient access to parks, bike trails and area colleges. Luckily, it won’t cost residents much to enjoy the city’s homes and neighborhoods. Cost of living in Flint is just 78 percent of the national average.
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
Rent to Own Labs offers free listings for rent to own by owner, foreclosed homes and owner financed properties. Start looking for apartments or houses near me with the Rent to Own Labs search function.
These programs are a great way to buy a condo or townhouse if you have bad credit. In fact, lease purchase and rent to buy programs usually offer cheap homes with no credit check. Just make sure you look at your lease to purchase agreement to understand whether you have the option or obligation to buy the home you’re looking at. Lease-purchase agreements require the buyer to purchase by the end of the lease term, while lease-option agreements give the buyer the option to buy.
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