Rent to Own Homes in Providence
Providence’s compact and interesting streets make walking around town a pleasure, even if the area is hilly. Much of Providence’s current vibrant flair derives from its many colleges and universities, including Ivy League Brown University, private Providence College and colorful Rhode Island School of Design. Providence city leaders, artists, academics and residents also have a hand in continuously revitalizing the city with events like WaterFire and public spaces like the Riverwalk. From Pawtucket Red Sox baseball games to the Providence Athenaeum, there’s never a dull moment in Providence.
Buying a Home in Providence?
Homes sales in Providence are down 3.5 percent from last year, and the East Side of the city saw an even greater drop of 29 percent. Even so, prices are strong, with the median price of a home in Providence costing $115,000, and East Side homes costing $399,500. These homes stay on the market an average of 61 days before selling, but they linger a little longer on the East Side at 81 days on the market. Both areas of town have experienced a marked decline in the number of available foreclosed and distressed properties.
Popular Neighborhoods in Providence?
Locals relish the unique mix of architecture, bike paths and community spirit of the Blackstone neighborhood. Homes span architectural styles, have an average selling price of $452,733 and keep residents social with a farmer’s market. Also on the East Side, College Hill’s historic architecture and proximity to Brown University and RISD attract residents of all ages. College Hill homes have an average selling price of $503,465 and give residents easy access to shops and restaurants at the base of the hill. In the northwest section of town, more modest homes and modern townhouses fill the Elmhurst neighborhood. Elmhurst is close to Roger Williams Medical Center and Providence College, and its homes have an average selling price of $162,820.
Buying vs. Rent to Own Homes?
With home prices in Providence at more affordable levels, now is the time to consider buying a home. While many home buyers may automatically turn to traditional purchases, there are numerous benefits to choosing rent to own homes. First, renting to own puts less emphasis on stellar credit scores and large down payments. Instead, buyers pay a small option fee and a monthly rent premium, and the option fee and rent excess are usually credited to the down payment. Also, unlike a traditional purchase that forces buyers to wait 30 to 90 days to move into their new homes, rent to own homes usually allow buyers to move in right away.
Cost of Living in Providence?
The price of living in Providence is a bit costlier than in the rest of the country, averaging about 6 percent more than the national average. The one discrepancy, though, lies in Providence’s lower housing costs. Rent and home prices are actually 19 percent cheaper in Providence than in the rest of the country. Other expenses, including groceries, healthcare, utilities and transportation range from 6 to 28 percent higher than average.
Providence is a haven for those who revel in living among history, higher education and thoroughly walkable streets. This compact town is filled with historically significant neighborhoods like Blackstone and Federal Hill with interesting homes and plentiful amenities. Although some homes here can be pricey, especially on the East Side, overall housing costs are well below the national average. While residents pay 6 percent more on total living expenses in Providence, their costs are still 55 percent cheaper than in nearby Boston.
Summary
Providence is a haven for those who revel in living among history, higher education and thoroughly walkable streets. This compact town is filled with historically significant neighborhoods like Blackstone and Federal Hill with interesting homes and plentiful amenities. Although some homes here can be pricey, especially on the East Side, overall housing costs are well below the national average. While residents pay 6 percent more on total living expenses in Providence, their costs are still 55 percent cheaper than in nearby Boston.
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
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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