Rent to Own Homes in Lansing
The city has grown tremendously since its early days as Lansing Township. Part of that growth is due to state government and legislative offices. Lansing’s current strength is also a result of the area’s prestigious educational institutions. The city houses the nation’s largest school of law, the Thomas M. Cooley Law School. Lansing Community College serves approximately 18,000 students, and Big Ten Conference school Michigan State University is in neighboring East Lansing. In all, the Lansing Metropolitan Area includes 464,000 residents.
Buying a Home in Lansing?
Lansing is home to one of the nation's top 20 hottest housing markets. With 579 new homes coming onto the market last month, house hunters have 1,873 homes to choose from in the greater Lansing area. Along with that sizeable inventory comes highly affordable home prices. The average list price of a home in the area is $162,000, which is a slight increase over 2015. This affordability is good news for homebuyers, but there are bright points for sellers too. There are currently enough homes on the market to last four months, making Lansing a seller’s market. Over the past year, that inventory fluctuated frequently between a buyer’s market and a seller’s market.
Popular Neighborhoods in Lansing?
Lansing is often divided into quadrants: the Southside, Eastside, Northwestside and Westside. The Southside is mostly a collection of suburban neighborhoods such as Colonial Village. Colonial Village homes are quaint and older, and they have a median sale price of $70,000. Groesbeck, an Eastside neighborhood, is popular with Millennials and young families seeking homes built in the 1960s. Groesbeck’s crime rate is low, parks are plentiful, and homes have large yards and a median closing price of $128,000. On the Westside, Downtown Lansing is popular with families, retirees and university students. Downtown’s mix of stately manors, brick row homes and sleek urban lofts have a current median sale price of $51,000 and abundant nightlife and entertainment.
Buying vs. Rent to Own Homes?
While conventional home purchases satisfy many homebuyers, these conventional methods leave a wide range of first-time or less financially secure buyers out in the cold. These buyers can ease into the market with rent-to-own arrangements. Rent to own homes let you put your monthly rent payments to work for you. You lock in today’s home price, negotiate a one- to three-year contract with the seller and pay a rent premium that is credited to your eventual purchase. In the meantime, you can move into your new home and handle the myriad mortgage details at a leisurely pace.
Cost of Living in Lansing?
Living in Lansing won’t stress your wallet. Housing is the city’s best bargain, costing 55 percent less than in the average American city. Other necessities are more in line with the rest of the nation. Food and health care are four to five percent cheaper than the national average, and transportation and utilities are two to three percent costlier. With all expenses tallied, Lansing residents enjoy a total cost of living that is 18 percent cheaper than the national average.
Lansing is a bustling capital city, home to major corporations, universities and festivals. In addition to its bountiful amenities, Lansing offers its residents welcoming, established neighborhoods and an energetic downtown core. House prices are extremely affordable, costing less than half the price of the average American home. That low housing expense influences the city’s overall cost of living, which is nearly one-fifth cheaper than the national average.
Summary
Lansing is a bustling capital city, home to major corporations, universities and festivals. In addition to its bountiful amenities, Lansing offers its residents welcoming, established neighborhoods and an energetic downtown core. House prices are extremely affordable, costing less than half the price of the average American home. That low housing expense influences the city’s overall cost of living, which is nearly one-fifth cheaper than the national average.
Rent to Own Realtors
When it comes to contracts, there are usually plenty of loopholes. You don’t want to be blindsided because your counterpart in a rent to own deal knows them better than you do.
A realtor might be the logical person to ask for help with a real estate deal, but instead, you should consult with a lawyer to ensure that your lease-option contract benefits you just as much as it benefits the other party.
Realtors likely will not want to help you with a lease-option because they don’t make a lot of money off of them – at least, they don’t make a lot of money until the end of the lease, and that isn’t a guarantee.
Regardless, a lawyer will have more accurate information about your contracts anyway.
About Our Listings
When you rent to buy a condo or a townhouse, you’re taking the first step toward becoming a homeowner. You can take advantage of many rent to own by owner programs with no credit check. Having bad credit shouldn’t stop you from owning one of your favorite apartments or houses.
While you lease-option or lease-purchase, you’ll work on improving your credit score and saving up a down payment so that you can qualify with the bank for the house you’re interested in. The bank is frugal with mortgage approvals because they often end up selling foreclosed homes for cheap prices because people cannot afford their mortgage payments.
When you lease to purchase, you’re making yourself into a better candidate for purchasing properties. Check out Rent to Own Lab’s free listings to find properties near me that meet your family’s needs.
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