Rent to Own Homes in Monee
Monee... Read More
Monee is a small village in northeastern Illinois. Chicago and Joliet are less than an hour north of the village. About 5,077 people make their homes in Monee, reporting a family median income of $64,960 at the 2010 U.S. Census. That median income is well above the 2010 national median family income of $44,495. The village is part of Will County, and it’s adjacent to University Park.The below results are primarily rent to own homes in :
Monee... Read More
Monee is a small village in northeastern Illinois. Chicago and Joliet are less than an hour north of the village. About 5,077 people make their homes in Monee, reporting a family median income of $64,960 at the 2010 U.S. Census. That median income is well above the 2010 national median family income of $44,495. The village is part of Will County, and it’s adjacent to University Park.The below results are primarily rent to own homes in :
Part of Monee’s appeal is its proximity to larger urban areas such as Chicago. Currently, many Monee residents enjoy easy access to the University Park Metra station. Metra’s electric line trains can whisk riders from University Park to the University of Chicago in less than an hour and to Chicago's Millennium Station in just an hour and 15 minutes. Riders can also access train routes to Milwaukee. A planned new Metra station in the area may make regional travel even more convenient for Monee commuters.Monee also offers its residents an innovative Monee Education Center, which is an alternative education campus operated by the Crete-Monee School District 201-U. In fact, all of Monee falls within the school district, which provides local schools such as Monee Elementary, Crete Monee Middle School and Crete Monee High School. The district is very highly regarded, known for its outstanding math program, choral music program and competitive athletics.
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
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.
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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