Rent to Own Homes in Livonia
The Livonia Public Schools District is one reason that families tend to remain in this city generation after generation. The schools are highly regarded by the residents and provide a solid education that leads many students off to college. Families with children also appreciate the Livonia Public Library, the Livonia Hockey Association and the Livonia City Soccer Club. Add a variety of family-friendly restaurants and entertainment venues, and you see why this city is considered a safe place for residents all ages.
Government officials run this city from Livonia Township Hall, and they have kept the community relatively low on crime. Residents are a short drive from Detroit and other cities for employment opportunities, and local parks provide free outdoor recreation for those interested in living healthy lives.
Buying a Home in Livonia?
It's common for home buyers to pay less than $120 per square foot for homes in Livonia. The median listing and sales prices typically stay below $200,000, but that could easily go up some as more people move into the city for affordable housing options, low crime rates and access to quality public schools. There are often fewer than 20 arrests made throughout the city per year, so most neighborhoods are safe. Since this is a small city with many highly rated public schools, you can safely select a home based on location without worrying about the school district in which your children may fall.
Popular Neighborhoods in Livonia?
One of the most desirable Livonia neighborhoods is located on the northern border of the city. Newburgh Road and Farmington Road form the eastern and western borders for this community, and West Seven Mile Road marks the southern border. Founders Sports Park is located just north of the neighborhood while Bicentennial Park and Fox Creek Golf Course are located toward the southern edge. You can expect to pay around $300,000 for homes in this neighborhood, and there are many large homes with five or more bedrooms in the area. Most homes are occupied by their owners, and the vacancy rate is typically around 5 percent.
If you prefer to live toward the center of the city, consider the neighborhood surrounding Madonna University. Stay north of I-96, south of 5 Mile Road, east of Newburgh Road and west of Farmington Road. Home prices are around $200,000 in this neighborhood, and most of the homes were built prior to the year 2000. There are often no vacant homes in this neighborhood, and most of the houses are owned by their occupants.
Buying vs. Rent to Own Homes?
A rent-to-own property allows you to take a more leisurely path to homeownership. You start out renting the property that you plan to one day purchase. This allows you to settle into the house and enroll your children in the appropriate school district, eliminating the hassle of a move after you purchase the home. The contracts can vary, but you can expect to have a firm date by which you must purchase the home or plan to move out so that another buyer has the opportunity.
Not all homes in Livonia will offer rent-to-own contracts, but it's worth seeking out those opportunities if you aren't quite ready to sign on the dotted line for a home mortgage. You can improve your chances of qualifying for a lower interest rate or simply make sure that you've selected the right house before taking out a loan and making the deal official.
Cost of Living in Livonia?
While the cost of living in Livonia is slightly higher than the average cost of living in Michigan, it's about even with the national average most of the time. The cost of housing often falls slightly lower than the national average, but many residents pay slightly higher-than-average rates for utilities. Transportation and healthcare can also soar slightly above national averages. You can find food and many goods and services at average prices most of the time.
Located just two miles outside of Detroit, Livonia is a suburban community with low crime rates, affordable housing options and parent-approved public schools. In a city where fewer than 20 arrests are made some years, there really are no bad or dangerous areas of town here. If you're interested in a family-friendly city with a small town atmosphere, you may fit right in with Livonia residents.
Summary
Located just two miles outside of Detroit, Livonia is a suburban community with low crime rates, affordable housing options and parent-approved public schools. In a city where fewer than 20 arrests are made some years, there really are no bad or dangerous areas of town here. If you're interested in a family-friendly city with a small town atmosphere, you may fit right in with Livonia residents.
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
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.
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