Rent to Own Homes in Lockport
The city of Lockport is located approximately 10 miles south of Lake Ontario and 35 miles east of Ontario, Canada, in the northwestern corner of New York. It’s known as the “Lock City” because there are two Erie Canal locks with city limits. The community originated as a village growing around those locks, and there were nearly 11,000 residents in 1860. The population rose to more than 21,000 residents in 2010 and then decreased to just over 20,000 by 2016.The below results are primarily rent to own homes in :
The city of Lockport is located approximately 10 miles south of Lake Ontario and 35 miles east of Ontario, Canada, in the northwestern corner of New York. It’s known as the “Lock City” because there are two Erie Canal locks with city limits. The community originated as a village growing around those locks, and there were nearly 11,000 residents in 1860. The population rose to more than 21,000 residents in 2010 and then decreased to just over 20,000 by 2016.The below results are primarily rent to own homes in :
Lockport is now a popular tourist destination for visitors interested in cruises and boat adventures on the Erie Canal. Some of the biggest attractions in this area of the state include the Lockport Erie Canal Museum, Erie Canal Discovery Center, Lockport Cave & Underground Boat Ride, Niagara County Historical Society and Cornerstone Arena. For outdoor recreation, residents have access to the Niagara County Golf Course, Sutliff Rotary Park, Rolin T. Grant Gulf Wilderness Park, Outwater Memorial Park and Upson Park. The Lockport City School District operates public schools in the Lockport area. Residents can commute to nearby cities for employment opportunities with large employers, including the nearby Yahoo data center. Some of the more prominent employers in Niagara County include the Seneca Niagara Casino, Delphi Thermal and the Niagara Falls City School District.
Buying vs. Rent to Own Homes
The difference between buying a home and signing up for a lease-option depends on your timeframe and how much money you spend on buying the house.
When you buy a house outright, you pay for the fair market value of the home plus interest and other fees charged by your financial lender, if you have one. You buy the property today and immediately start building equity in it.
However, when you rent to own, you won’t own the home until you close on the property, which could be as far as three years from today. You’ll also pay rent monthly, and you don’t get that money back.
There are some fees that you pay for rent to own that you’ll get back as a credit towards the price of your home, like option fees and rent credits. These count as equity on the home, but they’re not on the scale of equity you would build with a mortgage. Therefore, these don’t add anything on to the price you pay for the home the way that rent does.
Rent to Own Realtors
Rent to own is beneficial to both buyers and sellers, but that’s not common knowledge. A lot of people look to realtors as a credible source of information for their counterpart in a rent to own deal about the benefits of the program.
However, you likely won’t find a realtor who is interested in helping you. There’s not a lot of profit for realtors in rent to own deals.
Instead, you’ll have to become a credible expert on the process yourself. Honestly, that’s not a bad thing. It’s better that you know everything you need to about the process you’re investing so much time and money into.
About Our Listings
Financially, buying apartments, houses or any other types of properties makes sense when compared to renting. You're paying roughly the same amount per month for your mortgage that you would to rent the same type of home. However, there are obstacles that make that process difficult to attain, like minimum down payments and bad credit. Those barriers prevent banks from ending up having to sell foreclosed homes.
Nonetheless, those barriers shouldn’t stop you from owning your own condo or townhouse. Through rent to buy and lease to purchase programs with no credit check, you could start working toward owning a house.
A lot of people who rent to own by owner take advantage of Rent to Own Lab’s free listings. Search our website for cheap lease-purchase or lease-option properties near me and see if rent to own could be the right option.
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