Rent to Own Homes in Ionia
Ionia, Michigan, stretches an average of 5.48 square miles in Ionia Township in central Ionia county. Ionia is the county seat of its county and its population sits at around eleven thousand people. The average family size in Ionia is 3.12 people and the average household size is 2.53 people. The median household income for Ionian residents is 38 thousand dollars while the median family income is slightly higher at 45.7 thousand dollars.The below results are primarily rent to own homes in :
Ionia, Michigan, stretches an average of 5.48 square miles in Ionia Township in central Ionia county. Ionia is the county seat of its county and its population sits at around eleven thousand people. The average family size in Ionia is 3.12 people and the average household size is 2.53 people. The median household income for Ionian residents is 38 thousand dollars while the median family income is slightly higher at 45.7 thousand dollars.The below results are primarily rent to own homes in :
Two of the city's big employers are the Ionia Correctional Facility and the Michigan Reformatory, both of which are located in the western part of the area. The Ionia Correctional Facility is a state prison with five maximum security units with three serving as general population housing units and two segregated housing units. More than five thousand people of Ionia's population are incarcerated in the area's correctional facilities.
Buying vs. Rent to Own Homes
To buy a house, you (1) look at the homes available for purchase, (2) pick the house you want, (3) pay the seller the cost of the home and (4) you get the house. That’s the basic gist of the traditional home buying process.
All the steps of the traditional home buying process are present in the rent to own process. The difference is that renting to own has an additional step between Step 2 and Step 3. Step 2.5 is to rent the home for a maximum of three years until you are ready to continue to Step 3.
During Step 2.5, you’re working on improving your credit score, building a steady job history and saving up a down payment so that you can qualify for financing. Once you have financing, you can move on to Step 3.
Rent to own is a good way to prepare for buying a property. Once you do buy, you won’t have to spend money on rent any longer. So, the sooner you can buy, the better.
Rent to Own Realtors
Most realtors aren’t going to want to work with a client looking for a rent to own deal. The upfront profit for a realtor is minimal, and the largest chunk of the commission isn’t guaranteed – even after the contract is signed. Successful rent to own deals make the bulk of commission for realtors as far as three years in the future.
Good realtors know that if they’ve done their job qualifying and showing a buyer options that meet their tastes and budgets, a rent to own deal has a great chance of success. But good realtors are rare.
Instead of using a realtor, learn about rent to own yourself and meet with professionals in the title, mortgage and legal industries to increase your chances of success.
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.
- 48846