Rent to Own Homes in Piscataway
Piscataway is a township that stretches around Interstate 287 in eastern New Jersey. The Raritan River runs along the western edge of the township, and the Raritan Bay is less than 15 miles to the east. Residents have easy access to a variety of community recreational spaces within the township, including Johnson Park, Raritan Landing Golf Course, Lake Nelson, Lake Nelson Park, Byrne Park and Day Park.The below results are primarily rent to own homes in :
Piscataway is a township that stretches around Interstate 287 in eastern New Jersey. The Raritan River runs along the western edge of the township, and the Raritan Bay is less than 15 miles to the east. Residents have easy access to a variety of community recreational spaces within the township, including Johnson Park, Raritan Landing Golf Course, Lake Nelson, Lake Nelson Park, Byrne Park and Day Park.The below results are primarily rent to own homes in :
There are even more recreational areas surrounding Piscataway Township, including Washington Valley Park, Rutgers Gardens, Colonial Park, Cheesequake State Park and Crystal Springs Family Water Park. There are a variety of additional small parks dotting this region of the state, making it easy for residents of all ages to enjoy a healthy, active lifestyle. Piscataway was one of the first 104 townships to form in New Jersey. While it was first established as a community in 1666, it wasn't officially recognized as a township until 1798. Present-day Piscataway Township is a bit smaller because portions of the community were annexed to create multiple surrounding townships. The township is now a part of Middlesex County and is home to more than 50,000 residents. The area is served by Piscataway Township Schools, which is a public-school system including Piscataway Township High School plus elementary, intermediary and middle schools.
Buying vs. Rent to Own Homes
The difference between buying a home and signing up for a lease-option depends on your timeframe and how much money you spend on buying the house.
When you buy a house outright, you pay for the fair market value of the home plus interest and other fees charged by your financial lender, if you have one. You buy the property today and immediately start building equity in it.
However, when you rent to own, you won’t own the home until you close on the property, which could be as far as three years from today. You’ll also pay rent monthly, and you don’t get that money back.
There are some fees that you pay for rent to own that you’ll get back as a credit towards the price of your home, like option fees and rent credits. These count as equity on the home, but they’re not on the scale of equity you would build with a mortgage. Therefore, these don’t add anything on to the price you pay for the home the way that rent does.
Rent to Own Realtors
Most realtors aren’t going to want to work with a client looking for a rent to own deal. The upfront profit for a realtor is minimal, and the largest chunk of the commission isn’t guaranteed – even after the contract is signed. Successful rent to own deals make the bulk of commission for realtors as far as three years in the future.
Good realtors know that if they’ve done their job qualifying and showing a buyer options that meet their tastes and budgets, a rent to own deal has a great chance of success. But good realtors are rare.
Instead of using a realtor, learn about rent to own yourself and meet with professionals in the title, mortgage and legal industries to increase your chances of success.
About Our Listings
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.
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