Rent to Own Homes in Holly
Holly is a village located in Southeast Lower Michigan, halfway between Flint and Pontiac. This Northern Oakland County community lies mostly within Holly Township, with a portion branching out into Rose Township.The below results are primarily rent to own homes in :
Holly is a village located in Southeast Lower Michigan, halfway between Flint and Pontiac. This Northern Oakland County community lies mostly within Holly Township, with a portion branching out into Rose Township.The below results are primarily rent to own homes in :
According to the United States Census Bureau, the population of Holly is estimated at slightly more than 6,100 residents with a population density of 2,233 people per square mile. The average household size is reported at between two and three people per household, while the average family size is reported at three people per family. The United States Census Bureau reports the median income of households in Holly as just over $52,700 per year. Nearly 25% of people residing in Holly work in manufacturing, with nearby cities being home to various companies related to the automotive industry. The Holly area offers residents room to breathe with a small-town vibe and plenty of opportunities to enjoy the outdoors. The Holly Recreation Area, located a short drive east of the village, is a state park that provides something for everyone. Camping, swimming, boating, fishing, hiking, mountain biking and cross-country skiing are all offered at this Northern Oakland County gem. Mount Holly is a popular destination for downhill skiing, also located just east of the village.
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
The free listings for rent to own by owner properties on this website make it easier for buyers to find rent to buy programs near me online.
Rent to buy is a good way to sell apartments or houses when the market isn’t particularly active. It’s certainly a more profitable alternative than selling them for cheap prices.
You can choose to lease-option or lease-purchase a condo, townhouse, etc – anything other than foreclosed homes works. In a lease-option, the buyer has the option to buy the home, but in a lease-purchase, the buyer must buy it.
It’s important to note that lease to purchase deals usually come with no credit check because bad credit is the tenant’s responsibility. If the tenant cannot purchase the home at the end of the lease, the seller keeps their rent and option fee. Then, the seller can find another buyer and, hopefully, market conditions are better.
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