Rent to Own Homes in New Bedford
The below results are primarily rent to own homes in Bristol County, MA:
The Massachusetts city known as New Bedford sits on the Atlantic coastline with Fort Taber Park occupying the southernmost tip. Surrounded by water on three sides, this is a scenic community park maintained by the Fort Rodman Historical Association. A variety of historical and educational events are featured in the park throughout the year. Residents of present-day New Bedford can also attend a variety of community events held downtown New Bedford. This area contains a community theater as well as many retail shops and restaurants.
Other noteworthy landmarks of the greater New Bedford area include the new Bedford Fire Museum, the New Bedford Whaling Museum and the New Bedford Regional Airport. There are also some unique museums in the city, including the new Bedford Museum of Glass. These museums give the city a rich cultural center that attracts new residents each year.
Buying a Home in New Bedford
If you need a little help purchasing a home in New Bedford, the Office of Housing and Community Development has multiple assistance programs that may help make your dream come true. Some of these programs provide funding to help with investment properties, but most are dedicated to assisting consumers purchasing homes that they intend to occupy personally.
While the median listing price in the city is typically around $200,000, the median sales price often dips a bit lower than that figure. These numbers can change at any time, but this shows that there are many affordable homes on the market in New Bedford. Since many of the city’s schools aren’t rated highly, you may want to select a home within close proximity to a private school. At the very least, do some research into the public school districts if you have school-aged children.
Popular Neighborhoods in New Bedford
If you want to live close to the water and within close proximity of New Bedford’s public schools, head down to the tip of the city near Fort Taber Park. If you stick with homes located south of Frederick Street, you can expect a pleasant environment with median home prices around $250,000. Most of the properties in this area are owned by their occupants, and the vacancy rate is usually lower than 10 percent. The area around Whaling City Golf Course is known as Rockdale, and you can find many homes under $300,000 in this family-friendly community.
Buying vs. Rent to Own Homes
A rent-to-own home allows you to move into your new property before you take out a home loan. You start out as a renter and have time to boost your credit score or take other actions that may lead you to a better interest rate. When you’re ready to secure a home loan, you have the option to purchase the home in which you’re already living. This is a convenient arrangement that has allowed many people to complete the journey to home ownership with far less stress than the traditional home-buying process.
Cost of Living in New Bedford
New Bedford is one of the more affordable Massachusetts cities. While the cost of housing can jump a little higher than the national average, the overall cost of living is typically within 20 percentage points of the national average. The overall cost of living is also a bit lower than the average for Massachusetts. You can expect to pay slightly higher-than-average prices for most goods and services as well as for utilities, transportation and healthcare.
New Bedford is a coastal town in Massachusetts with a rich history. There are many museums scattered throughout the city, and Fort Taber Park holds a variety of events to educate the public about local history each year. There are many residential communities positioned near the water, so you can wake up to spectacular water views in the morning and watch the sun set from the active downtown area in the evening. It’s possible to live comfortably here even on a modest budget despite the slightly higher-than-average cost of living.
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
It’s in the bank’s best interest to avoid foreclosed homes because they end up having to sell them cheap to recoup lost money. So, they try to play it safe with mortgage approvals by steering clear of people with bad credit.
That doesn’t help someone who’s working on getting their credit together to buy a condo or a townhouse. Nonetheless, rent to buy programs can help people work toward purchasing houses and apartments with no credit check.
The free listings on our site are usually rent to own by owner, so deals are more reasonable and trustworthy than big company lease to purchase properties are. Whenever you’re ready just look for lease-option or lease-purchase homes near me on the Rent to Own Labs website.
Reported Annual Crime In New Bedford