Rent to Own Homes in Grosse Pointe
Grosse Pointe is a small city resting on the shores of Lake St. Clair in southeastern Michigan. This location is just north of the Canadian border and is less than 10 miles east of Detroit. Chatham-Kent, Ontario, is approximately 100 miles away across the lake, and Ann Arbor is about 50 miles to the west. This location places residents a short drive from multiple cities offering employment opportunities beyond those found within city limits. Since there are other communities with similar names in this region of the state, this city is often referred to as Grosse Pointe City.The below results are primarily rent to own homes in :
Grosse Pointe is a small city resting on the shores of Lake St. Clair in southeastern Michigan. This location is just north of the Canadian border and is less than 10 miles east of Detroit. Chatham-Kent, Ontario, is approximately 100 miles away across the lake, and Ann Arbor is about 50 miles to the west. This location places residents a short drive from multiple cities offering employment opportunities beyond those found within city limits. Since there are other communities with similar names in this region of the state, this city is often referred to as Grosse Pointe City.The below results are primarily rent to own homes in :
The lake is the center of life for many Grosse Pointe residents, but there are other options for outdoor recreation for those willing to explore beyond city limits. This includes the Country Club of Detroit, Pier Park, Balduck Park, Messmer Playground, Matthew C. Patterson Park, Chandler Park and Manz Playfield. Grosse Pointe City is closely related to Grosse Pointe Farms, which is a city located less than three miles to the east. Public schools for the area are controlled by the Grosse Pointe Public School System. Students may attend middle or elementary schools in either city, depending on where their home is located. All students living in Grosse Pointe City attend Grosse Pointe South High School, which is located in Grosse Pointe Farms. The city is also tied closely to nearby Grosse Point Shores and Grosse Point Woods.
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
Using a realtor for your rent to own deal can offer great benefits. Agents are well versed in real estate so they can effectively communicate opportunities and discern which of those opportunities is a legitimately good deal.
Nonetheless, not a lot of realtors will want to help with your rent to own deal because upfront profit for a realtor is minimal and the big payout down the line is not a guarantee.
That means you’ll have to do a little research to ensure that you make the best decisions, but you will save money on commission.
About Our Listings
Listing properties for traditional sale eliminates a big chunk of the buyer market. People with bad credit are left out of the traditional home buying process. Nonetheless, buyers who don’t qualify for mortgages are still in the market for apartments and houses.
Rent to own by owner programs with no credit check are an easy way for a seller to start earning money from their townhouse or condo in a market that isn’t viable, which appeals to new groups of buyers.
Through rent to buy and lease to purchase, sellers rent a property to potential buyers for a set lease term. During which, the seller earns profit through the rent buyers pay as a tenants. At the end of the lease, the buyer has the option to buy the property, or if they signed a lease-purchase agreement, they must buy it.
With a little patience, sellers can make rent money and the true value of their home from its eventual sale. Which is better than selling the home cheap and competing with bank-owned foreclosed homes that sell for less than market value.
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