Rent to Own Homes in Merrillville
Residents also have access to a variety of fun outdoor adventures. For instance, they can brave the treetop trails at Deep River Park or head off for tee time at the Turkey Creek Golf Course. Other Merrillville attractions include the Merrillville Community Planetarium, the Innsbrook Country Club and the SS Constantine and Helen Cathedral.The below results are primarily rent to own homes in Lake County, IN:
Residents also have access to a variety of fun outdoor adventures. For instance, they can brave the treetop trails at Deep River Park or head off for tee time at the Turkey Creek Golf Course. Other Merrillville attractions include the Merrillville Community Planetarium, the Innsbrook Country Club and the SS Constantine and Helen Cathedral.The below results are primarily rent to own homes in Lake County, IN:
The median income for households in Merrillville was around $50,000 in 2010, and the average family size was around three people. Families with children are served by the Merrillville Community School Corporation, but parents also have the option of sending their children to the Roman Catholic high school located in town.
Buying a Home in Merrillville?
You can expect to see most homes in Merrillville listed for less than $150,000. The median home value is often around $120,000, but the median listing price tends to run a bit higher. You can expect to pay at least $60 per square foot, but there are some neighborhoods that may demand a much higher price. Approximately 70 percent of Merrillville residents own the homes in which they live, so it's not difficult to find stable neighborhoods with low vacancy and resident turnover rates.
Popular Neighborhoods in Merrillville?
One of the most desirable Merrillville neighborhoods is found along the southern edge of the city. It falls mostly south of Highway 30 and is a short drive from Southlake Mall. The median home price is often around $150,000 in this area, so you can expect to pay a bit more than you would in most other neighborhoods. You'll find some of the newest and largest homes in this community, and the vacancy rate tends to stay well below 10 percent.
For more affordable real estate prices, look in the Turkey Creek Meadows neighborhood. It's located west of Interstate 65 between 73rd Avenue and West 61st Avenue. The median home price tends to stay below $150,000 in this area, and most of the houses were built between 1940 and 1969.
Buying vs. Rent to Own Homes?
Are you ready to buy a home in Merrillville? If you're not quite ready to apply for a mortgage loan but homeownership is your ultimate goal, you might want to consider rent-to-own homes. These properties are up for sale, but the owners have agreed to allow one buyer to rent their way to ownership. You start out as a renter, and a portion of your rental payment may go toward the eventual purchase of the property. Once you secure financing and buy the home, you become the proud owner. This also means that you assume responsibility for maintenance and upkeep on your new home.
Cost of Living in Merrillville?
While the cost of living in Indiana is usually up to 20 percent below the national average, prices are a bit higher in Merrillville. The cost of housing is known to drop up to 40 percent below average at times, but the overall cost of living remains about equal to the national average. This is largely due to above-average prices for transportation and food. Transportation and utilities are often the biggest expenses for residents, but those are also expenses that you can control if you select your home wisely.
The city of Merrillville, Indiana, places you a short drive from Lake Michigan. The city is also home to a variety of fun attractions, including treetop trails, a waterpark and a popular golf course. Many residents are attracted to the city because it offers opportunity for a variety of outdoor adventures as well as many affordable housing options. The cost of living for the city is comparable to the national average, which makes it a bit more expensive than many other Indiana cities.
Summary
The city of Merrillville, Indiana, places you a short drive from Lake Michigan. The city is also home to a variety of fun attractions, including treetop trails, a waterpark and a popular golf course. Many residents are attracted to the city because it offers opportunity for a variety of outdoor adventures as well as many affordable housing options. The cost of living for the city is comparable to the national average, which makes it a bit more expensive than many other Indiana cities.
Rent to Own Realtors
Realtors have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
About Our Listings
When you rent to buy a condo or a townhouse, you’re taking the first step toward becoming a homeowner. You can take advantage of many rent to own by owner programs with no credit check. Having bad credit shouldn’t stop you from owning one of your favorite apartments or houses.
While you lease-option or lease-purchase, you’ll work on improving your credit score and saving up a down payment so that you can qualify with the bank for the house you’re interested in. The bank is frugal with mortgage approvals because they often end up selling foreclosed homes for cheap prices because people cannot afford their mortgage payments.
When you lease to purchase, you’re making yourself into a better candidate for purchasing properties. Check out Rent to Own Lab’s free listings to find properties near me that meet your family’s needs.
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