Rent to Own Homes in Lawrence
Lawrence is a growing city in the northeastern corner of Massachusetts, approximately 15 miles northeast of Lowell and 10 miles southwest of Haverhill. Nashua, New Hampshire, is approximately 20 miles to the west, and Georgetown is about 10 miles to the east. This location gives residents many options when commuting for employment, but there are many jobs available within Lawrence. There are some large manufacturing plants in the city, including New Balance. Charm Sciences and Lawrence General Hospital are also major employers for the area.The below results are primarily rent to own homes in :
Lawrence is a growing city in the northeastern corner of Massachusetts, approximately 15 miles northeast of Lowell and 10 miles southwest of Haverhill. Nashua, New Hampshire, is approximately 20 miles to the west, and Georgetown is about 10 miles to the east. This location gives residents many options when commuting for employment, but there are many jobs available within Lawrence. There are some large manufacturing plants in the city, including New Balance. Charm Sciences and Lawrence General Hospital are also major employers for the area.The below results are primarily rent to own homes in :
The Merrimack River flows through the center of Lawrence, and the city is home to a variety of recreational amenities designed to keep residents healthy. This includes Den Rock Park, Mt. Vernon Park, Shawsheen Park, Manchester Street Park and Lawrence Heritage State Park. Pemberton Park is popular with many residents because it’s located right on the river in the center of town. Lawrence residents are connected to surrounding communities by Interstate 495, which runs along the eastern edge of the city. Interstate 93 is just west of the city, and Lawrence Municipal Airport is just beyond the city’s eastern border. Residents are served by Lawrence Public Schools, and students may also choose to attend one of the area’s charter or private schools.
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 can qualify buyers to get an idea of when they will be ready to purchase a rent to buy home and inform them on how long to set the lease term, but mortgage officers can do that too.
Banks can make a lot of profit off of a successful mortgage. That’s why mortgage officers will be willing to help you figure out the details of your rent to own deal. However, real estate agents don’t make enough profit off of rent to own deals to justify waiting a few years for the commission.
While real estate agents might be a logical partner in rent to own deals, you’ll have a lot of difficulties finding one to help you. For everything you think you need a realtor for, consider what other types of professionals might be able to help you, like title companies or lawyers.
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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