Rent to Own Homes in Granite City
Granite City is located on the western edge of Illinois and is approximately 10 miles north of St. Louis, Missouri. This area is just east of the Mississippi River and just north of Horseshoe Lake. Some of the city's biggest attractions include Legacy Golf Course, Wilson Park, Granite City Elks Soccer Complex, Loman Park and Wilson Park. The Lewis and Clark State Memorial Park is positioned just beyond the city's northern tip, and the Chouteau Island Fishing Area is a short drive to the west.The below results are primarily rent to own homes in :
Granite City is located on the western edge of Illinois and is approximately 10 miles north of St. Louis, Missouri. This area is just east of the Mississippi River and just north of Horseshoe Lake. Some of the city's biggest attractions include Legacy Golf Course, Wilson Park, Granite City Elks Soccer Complex, Loman Park and Wilson Park. The Lewis and Clark State Memorial Park is positioned just beyond the city's northern tip, and the Chouteau Island Fishing Area is a short drive to the west.The below results are primarily rent to own homes in :
With more than 10 family-friendly parks within Granite City and even more parks and recreation areas in the surrounding region, this city is a magnet for residents who prefer active lifestyles with a lot of time spent outdoors. The city is known for holding annual community events that are based on outdoor recreation. This includes the Patriots in the Park program, which offers carriage rides and live entertainment in a carnival atmosphere. Granite City residents can work within city limits, but many commute to St. Louis for additional opportunities in education, healthcare and business. Some of the largest employers for this region include U.S. Steel, Gateway Regional Medical Center, Kraft Foods, Southwestern Illinois College, Dynamic Transit and the Granite City School District. This public school system includes Granite City High School along with one junior high school, one intermediate school and more than five elementary schools.
Buying vs. Rent to Own Homes
Rent to own gives you anywhere between a few months and three years time to prepare for buying a home. It’s more costly than buying outright because you’ll be paying rent to the owner instead of building equity by paying off the mortgage; but, it’s much better than renting because you have the option to buy and stop the rent payment process whenever you’re ready.
Lease-options help set you up for a home purchase in the not-so-distant future.
That’s not to say that because you aren’t ready to buy you should rent to own. If you need more than three years before you’re ready to purchase a home, you shouldn’t rent to own. Instead, you should wait until you’re at least less than three years away from qualifying to buy a home before signing your lease-option because, if the lease term ends and you’re not ready to buy, you’ll lose the money you invested in an option fee and any other money you’ve negotiated from the seller.
Rent to Own Realtors
Realtors can qualify buyers to get an idea of when they will be ready to purchase a rent to buy home and inform them on how long to set the lease term, but mortgage officers can do that too.
Banks can make a lot of profit off of a successful mortgage. That’s why mortgage officers will be willing to help you figure out the details of your rent to own deal. However, real estate agents don’t make enough profit off of rent to own deals to justify waiting a few years for the commission.
While real estate agents might be a logical partner in rent to own deals, you’ll have a lot of difficulties finding one to help you. For everything you think you need a realtor for, consider what other types of professionals might be able to help you, like title companies or lawyers.
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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