Rent to Own Homes in Monroe
History runs deep in Monroe. The original settlers of the area were the Potawatomi who later gave Canadian settlers a piece of land close to the River Raisin. The area would play an important role in the War of 1812 before it emerged as the newly created Monroe which is the forerunner of today's city.The below results are primarily rent to own homes in Monroe County, MI:
History runs deep in Monroe. The original settlers of the area were the Potawatomi who later gave Canadian settlers a piece of land close to the River Raisin. The area would play an important role in the War of 1812 before it emerged as the newly created Monroe which is the forerunner of today's city.The below results are primarily rent to own homes in Monroe County, MI:
Monroe Public Schools operates the city's educational district. More than 6,000 students attend campuses across the city. There are also numerous Catholic schools, and the city is also home to the Monroe County Community College. A primary media outlet is Monroe Public Access Television which provides programming that includes the popular "Only in Monroe" cable show. Former guests and guest hosts of the program include Stephen Colbert and Eminem.
Buying a Home in Monroe
Monroe has weathered the economic downturn better than many areas in Michigan, but there are still values to be found in the local housing market. The median cost of a home in Monroe is $105,600. Those who intend to secure a mortgage to purchase their home can expect to pay an average of $1,136 per month. More than half of the housing units in Monroe are owner-occupied.
Most homes in the city have a modern design and are less than 25 years old. There are, however, some older homes which date to the 1950's and beyond. Two-thirds of the city's housing units are medium-sized to large and have three or more bedrooms.
Popular Neighborhoods in Monroe
The Steiner neighborhood in the northeast corner of Monroe includes attractions like the Sandy Creek Golf Course. It is one of the quietest neighborhoods in the city and more than half of the residents there are married couples, many of which are in the 45-64 age bracket. The Strasburg neighborhood on the west side of town is home to Monroe County Community College and has a larger number of young couples and singles. This neighborhood is within walking distance of many retail shops and restaurants.
Buying vs. Rent to Own Homes
While there are many opportunities to be found in the Monroe housing market, the standard challenges which accompany buying a home still apply. This is especially true for first-time buyers who may find it difficult to qualify for traditional financing. An excellent alternative can be a rent to own home. These opportunities allow individuals to purchase a nice home without a traditional mortgage, and provide more flexibility if housing needs change.
Summary
Monroe is surrounded by beautiful bodies of water such as Lake Erie and the River Raisin, making it an excellent place to live for those who love the great outdoors. The city's history is fascinating, and there are many local landmarks to explore. This large Michigan city continues to thrive economically, and the local housing market offers exceptional value.
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
Lease-purchase programs offer sellers more certainty than traditional rent to buy because buyers are contractually obligated to buy the condo, townhouse or house by the end of the lease term. Normally, rent to own by owner means the buyer has the option to buy and the seller has the obligation to sell.
Lease-options are more convenient for buyers. However, buyers and sellers may work out lease to purchase deals for houses and other properties when the seller is overlooking a bad credit score or a small option fee. The requirement for buyers to purchase properties makes sellers feel more comfortable leasing with no credit check because they don’t have to worry about whether buyers will opt out.
If you’re interested in looking for apartments for lease option, check out our free listings by searching for properties near me. We showcase more than just rent to own. Use our site to find cheap foreclosed homes or owner financing.
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