Rent to Own Homes in Mansfield
Named after the city’s planner, Jared Mansfield, this quaint north-central Ohio town is becoming known for its dynamic art and music scenes. Residents enjoy heading to the downtown Carrousel District to enjoy performances of the Mansfield Symphony, Mansfield Youth Symphony and Mid-Ohio Opera. The Mansfield City Council holds meetings in its Carrousel District chambers, and public safety operations are directed from the downtown office of the Mansfield Police Department. The below results are primarily rent to own homes in Richland County, OH:
Named after the city’s planner, Jared Mansfield, this quaint north-central Ohio town is becoming known for its dynamic art and music scenes. Residents enjoy heading to the downtown Carrousel District to enjoy performances of the Mansfield Symphony, Mansfield Youth Symphony and Mid-Ohio Opera. The Mansfield City Council holds meetings in its Carrousel District chambers, and public safety operations are directed from the downtown office of the Mansfield Police Department. The below results are primarily rent to own homes in Richland County, OH:
Many of Mansfield’s most picturesque and welcoming neighborhoods are in Southwest Mansfield, including Bennington Heights and Lexview. Parks, golf courses and other recreation sites are scattered throughout these neighborhoods, making Mansfield a comfortable place to live.
Buying a Home in Mansfield
Ranked as one of the top 10 affordable small cities by Money magazine, Mansfield is a good entry market for new homebuyers. More than 90 percent of its homes are classified as affordable, many ranging from $50,000 to $100,000. While home prices in other nearby towns are climbing steeply, Mansfield’s neighborhoods remain a good bargain.
Local homes are even better deals when you take advantage of local, state and federal homebuyer assistance programs. These programs fund downpayments, closing costs and various other expenses associated with purchasing a home. While many of these programs are restricted to first-time homebuyers or purchasers with low incomes, some are available to middle-income families.
Popular Neighborhoods in Mansfield
Southwest Mansfield is full of family-friendly neighborhoods. Bennington Heights, for instance, is a mature neighborhood filled with spacious homes ranging from $114,000 to $184,000. Near Bennington Heights is the historic neighborhood of Woodland. Homes here offer vintage charm, ranging from brick beauties from the 1920s to traditional Cape Cod homes. The neighborhood is close to local attractions like the Mansfield Art Center and Sterkel Park. If you want to live in historic lofts in the heart of city entertainment, downtown’s Carrousel District is a good choice. The district’s Victorian buildings are steps away from music venues, restaurants, yoga studios, coffee houses and dozens of festivals.
Buying vs. Rent to Own Homes
Buying a home outright is full of stressful requirements, from defending your credit score to handling all of the mortgage paperwork. Renting to own a home eliminates some of that stress, loosening requirements on credit histories and providing you time to build up an adequate downpayment. You can move into your new home right away, paying monthly rent premiums that eventually contribute to your purchase price. For first-time homebuyers and buyers with shaky credit, renting to own a home is often a workable way to purchase a house.
Summary
There’s a lot to like about one of the country’s most affordable small towns. Mansfield is full of historic neighborhoods and landmarks, recreation, entertainment and growing job opportunities. With numerous homes selling for less than $100,000, the local housing market is ripe for first-time homebuyers and investment purchases. A variety of homebuying assistance programs make Mansfield homes even more affordable, and quiet, tree-shaded neighborhoods like Woodland are an idyllic break from over-crowded urban neighborhoods.
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.
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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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