Rent to Own Homes in Newark
Newark locals appreciate these convenient transportation options, but they also enjoy the city’s varied cultural and social attractions. The Prudential Center bustles with athletic matches and music concerts; lush Branch Brook Park is home to wide-ranging recreation and the country’s largest cherry blossom collection, and Newark Museum overflows with activities and engaging exhibits.
Buying a Home in Newark?
The housing market in the Newark area is going strong. Single family home sales are up 10 percent, and their median price rose 12.6 percent to $395,500. Houses are selling for 100.6 percent of the asking price. Condo sales aren’t quite as robust, although median prices are up 2.9 percent to $250,000. Condo buyers are paying 96 percent of the asking price, and the number of condo sales are down 14.5 percent. Each type of property has about six months of inventory, with 2,150 single family homes and 464 condos on the market.
Popular Neighborhoods in Newark?
With a variety of new, appealing condominium developments opening, Downtown Newark’s population has blossomed in recent years, luring students, young couples, professionals and retirees to its lively arts and cultural scene. Students, professors and professionals also appreciate University Heights for its townhouses that are just a quick walk from the city’s four universities. Ironbound is equally attractive to locals, featuring countless community events, a trendy culinary scene and the European flavor of the historic Portugese community. Established families and professionals also appreciate the stately, historic and affluent homes of Forest Hill.
Buying vs. Rent to Own Homes?
Home buyers often need to have an established, superior credit score and a large downpayment on hand to buy a home outright. If you are just starting out, though, or have a less-than-stellar credit rating, renting to own a home may be the way to go. Rent-to-own arrangements often have less stringent financial requirements, and they allow home buyers to take advantage of current home prices. Rent-to-owners won’t usually have to come up with a downpayment right away; they’ll pay a smaller option fee instead. While rent may be higher than normal in a rent-to-own arrangement, the excess rent is credited to the home’s final downpayment.
Cost of Living in Newark?
With all of Newark’s conveniences and benefits, it’s not surprising that living expenses here are higher than the national average. Overall, locals spend about 22 percent more on life’s necessities than the average American. Utilities and housing are responsible for much of this elevated living cost, running about 35 and 33 percent more than average respectively. Other expenses are a little more in line with the rest of the nation. Healthcare is 8 percent above average, transportation is 11 percent higher and groceries are 19.1 percent more expensive. Putting the costs in perspective, though, Newark rents are 47 percent cheaper than they are in nearby New York City.
Newark’s renowned and magnificent cherry blossom collection isn’t the only thing blooming in Newark. The city’s single family home market is thriving with price increases in the double digits and buyers earnest enough to pay more than the asking price. Newark’s homes are in a variety of neighborhoods, some busily urban and some peacefully suburban. Across these neighborhoods, rising home costs contribute to a cost of living in Newark that is 22 percent higher than the national average.
Summary
Newark’s renowned and magnificent cherry blossom collection isn’t the only thing blooming in Newark. The city’s single family home market is thriving with price increases in the double digits and buyers earnest enough to pay more than the asking price. Newark’s homes are in a variety of neighborhoods, some busily urban and some peacefully suburban. Across these neighborhoods, rising home costs contribute to a cost of living in Newark that is 22 percent higher than the national average.
Rent to Own Realtors
When it comes to contracts, there are usually plenty of loopholes. You don’t want to be blindsided because your counterpart in a rent to own deal knows them better than you do.
A realtor might be the logical person to ask for help with a real estate deal, but instead, you should consult with a lawyer to ensure that your lease-option contract benefits you just as much as it benefits the other party.
Realtors likely will not want to help you with a lease-option because they don’t make a lot of money off of them – at least, they don’t make a lot of money until the end of the lease, and that isn’t a guarantee.
Regardless, a lawyer will have more accurate information about your contracts anyway.
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.
- 07104
- 07105
- 07107
- 07106
- 07103
- 07112
- 07108
- 07114
- 07102
- 07101
- 7194
- 7182
- 07199
- 07198
- 07195
- 07193
- 07192
- 07191
- 07189
- 07188
- 07184
- 07175