Rent to Own Homes in Laurel
Located in northern Prince George's County midway between Washington, D.C., and Baltimore, MD, Laurel is a city of around 25,000. A historic gem, Laurel is renowned for its many historical sites, architectural designs, homes, and buildings. Once a booming mill town, Laurel is today home to or located not far from various government agencies, research centers, various museums, transportation... Read More
Located in northern Prince George's County midway between Washington, D.C., and Baltimore, MD, Laurel is a city of around 25,000. A historic gem, Laurel is renowned for its many historical sites, architectural designs, homes, and buildings. Once a booming mill town, Laurel is today home to or located not far from various government agencies, research centers, various museums, transportation hubs, and plethora of beautiful parks and scenic trails. Fort Meade Army Base, the National Security Agency, Johns Hopkins University’s Applied Physics Laboratory, the famous Laurel Park Racecourse, Venus Theatre, and Montpelier Arts Center are all located in or around Laurel. This very diverse, community-oriented and growing city ought not be missed by the aspiring homebuyer looking to move to the Greater Baltimore-Washington D.C. area.
Buying a Home in Laurel, MD
Given its location in central Maryland and proximity to many desirable well-paying governmental jobs around the D.C area, Laurel is slightly more expensive than the state on average. The median home value in Laurel of $308,200 is, however, relatively higher than the state average of $268,300. Zillow predicts that home values in Laurel will rise 3.7% within the next year. Compared to homes in Washington D.C. which, on average, are listed at around $549,00 with rent prices hovering around $2,500, Laurel is certainly an affordable option. The below results are primarily rent to own homes in Prince George's County, MD:
Located in northern Prince George's County midway between Washington, D.C., and Baltimore, MD, Laurel is a city of around 25,000. A historic gem, Laurel is renowned for its many historical sites, architectural designs, homes, and buildings. Once a booming mill town, Laurel is today home to or located not far from various government agencies, research centers, various museums, transportation... Read More
Located in northern Prince George's County midway between Washington, D.C., and Baltimore, MD, Laurel is a city of around 25,000. A historic gem, Laurel is renowned for its many historical sites, architectural designs, homes, and buildings. Once a booming mill town, Laurel is today home to or located not far from various government agencies, research centers, various museums, transportation hubs, and plethora of beautiful parks and scenic trails. Fort Meade Army Base, the National Security Agency, Johns Hopkins University’s Applied Physics Laboratory, the famous Laurel Park Racecourse, Venus Theatre, and Montpelier Arts Center are all located in or around Laurel. This very diverse, community-oriented and growing city ought not be missed by the aspiring homebuyer looking to move to the Greater Baltimore-Washington D.C. area.
Buying a Home in Laurel, MD
Given its location in central Maryland and proximity to many desirable well-paying governmental jobs around the D.C area, Laurel is slightly more expensive than the state on average. The median home value in Laurel of $308,200 is, however, relatively higher than the state average of $268,300. Zillow predicts that home values in Laurel will rise 3.7% within the next year. Compared to homes in Washington D.C. which, on average, are listed at around $549,00 with rent prices hovering around $2,500, Laurel is certainly an affordable option. The below results are primarily rent to own homes in Prince George's County, MD:
Popular Neighborhoods in Laurel, MD
Of Laurel’s 24 neighborhoods, ten have median home values ranging between $320,000 and $550,000. The other 14 neighborhoods have median home values ranging between $217,000 and $316,000. Laurel certainly has housing options for various budgets. One notable feature of the residential options available in Laurel is that vacancy rates are quite low, well below state and national averages, signaling the demand and desirability of Laurel.
Brock Bridge RD / Dorsey Run Rd, among the most expensive neighborhoods in Laurel. is the most affordable. It is bordered by the Baltimore Washington Parkway to the east, the Patuxent Freeway to the northeast and home to the Little Patuxent River and Oxbow Lake Nature Preserve. Median real estate prices here are around $326, 831 and average rental prices are estimated at $2,088. Given the nearby D.C. area and various federal agencies, it is home to a lot of government employees, perhaps why the vacancy rate is so low. People that move here stay here. Another distinctive feature of this neighborhood is that more than 40% of the homes here are classified as row houses or other attached homes.
Buying vs. Rent to Own Homes in Laurel, MD
Whether a first-time homebuyer, someone looking to resettle, perhaps, downsize, Laurel, MD provides residential opportunities with varying degrees of housing types, costs, and designs. A rent-to-own option is particularly helpful for the individual or family looking to save on up-front costs like sizeable down payments and expensive mortgages. This option allows the aspiring the homeowner to first secure the home of their choosing, and provided that rental payments and other contractual obligations are met, said homeowner can eventually own the home. In the process, one’s financial standing can be improved (i.e. paying down debt, saving for a down payment improving a credit score).
Summary
Laurel, MD is a place with historic charm and economic stability—two factors that have refashioned its image from an industrial mill town to a thriving community-centered, multicultural, outdoorsy, family-friendly city. Laurel’s access to many big name governmental employers, abundance of outdoor, volunteer, and recreational activities, countless historical sites, homes, and buildings make it one of the Beltway’s most desirable places to visit and live in.
Rent to Own Realtors
An agent serves as a protection for both the buyer and the seller. They can save the buyer and seller a lot of time and money, which could offset the realtor’s commission.
However, not many realtors are interested in helping with lease-options. They make a minimal profit off of the lease portion of the deal, and the profit from the purchase is several years down the line and isn’t guaranteed.
Instead, protect yourself by communicating with lawyers, title agents and mortgage lenders to ensure that your rent to own deal works smoothly.
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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