Rent to Own Homes in Oak Lawn
The Village of Oak Lawn is a suburb of Chicago located in the northeastern corner of Illinois. This location is less than 15 miles west of Lake Michigan, approximately five miles south of the Chicago Midway International Airport and about 15 miles southwest of Chicago. Many residents commute to the larger city for employment, but the commute can take more than an hour one way in rush hour traffic. Those unwilling to commute have some job options within Oak Lawn, and there are additional opportunities in nearby towns like Orland Park and Cicero.The below results are primarily rent to own homes in :
The Village of Oak Lawn is a suburb of Chicago located in the northeastern corner of Illinois. This location is less than 15 miles west of Lake Michigan, approximately five miles south of the Chicago Midway International Airport and about 15 miles southwest of Chicago. Many residents commute to the larger city for employment, but the commute can take more than an hour one way in rush hour traffic. Those unwilling to commute have some job options within Oak Lawn, and there are additional opportunities in nearby towns like Orland Park and Cicero.The below results are primarily rent to own homes in :
Some of the biggest attractions within or surrounding Oak Lawn include the Stony Creek Golf Course Complex, Wolf Wildlife Refuge, Mt. Greenwood Park, Lawn Manor Park, Oak Lawn Spartan Athletic Complex, Camp Bullfrog Lake and Dan Ryan Woods. The village is connected to surrounding cities by U.S. Route 20, State Route 50 and Interstate 294. This part of the state is well known for its long list of cemeteries, memorial gardens and large golf courses. Village residents are served by a small public school system that includes Oak Lawn Community High School. Some students choose to attend one of the local private schools instead, and Christ Hospital offers an EMS training program. All residents have access to the Oak Lawn Public Library.
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
Working with a realtor doesn’t guarantee that you will successfully complete a rent to own deal, but their knowledge and expertise can make a big difference in your success rate.
Unfortunately, not many realtors will want to work with you on a rent to own deal. There isn’t a lot of profit for a realtor in rent to own deals.
So, you’ll need to find others with the knowledge and expertise you are looking for to ensure a successful lease-option experience. Consider consulting with a realtor, a title company and a mortgage officer instead. These professionals are better than a realtor because they are experts in their respective fields, as opposed to realtors who know a good deal about each of those rent to own factors.
About Our Listings
Listing properties for traditional sale eliminates a big chunk of the buyer market. People with bad credit are left out of the traditional home buying process. Nonetheless, buyers who don’t qualify for mortgages are still in the market for apartments and houses.
Rent to own by owner programs with no credit check are an easy way for a seller to start earning money from their townhouse or condo in a market that isn’t viable, which appeals to new groups of buyers.
Through rent to buy and lease to purchase, sellers rent a property to potential buyers for a set lease term. During which, the seller earns profit through the rent buyers pay as a tenants. At the end of the lease, the buyer has the option to buy the property, or if they signed a lease-purchase agreement, they must buy it.
With a little patience, sellers can make rent money and the true value of their home from its eventual sale. Which is better than selling the home cheap and competing with bank-owned foreclosed homes that sell for less than market value.
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