Rent to Own Homes in Saginaw
The city of Saginaw is often confused with the Saginaw Charter Township, which is positioned approximately six miles northwest of the city. Saginaw was once a core city in the automobile manufacturing industry, but rapid decline in the industry caused massive layoffs in the 21st century. The Saginaw city government started the process of rejuvenating the downtown area in 2013, initiating the process of bringing the city back to life.
Some of the most prominent attractions in the city include the Castle Museum, the Celebration Square Children's Museum, the Mid-Michigan Children's Museum and the Saginaw Art Museum. There are several large parks offering outdoor recreation, and the Dow Event Center offers entertainment throughout the year.
Buying a Home in Saginaw?
Saginaw, Michigan, is one of the few places where you can still find well-maintained homes with three or four bedrooms selling for around $200,000. In some areas of town, you may also find homes of a similar size selling for less than $100,000. The market often includes foreclosure homes selling at incredibly low prices, but you will need to conduct an inspection before purchasing those properties. Consider the money that you may spend renovating a foreclosure property as well as the time that you may need to wait before moving into the home.
Popular Neighborhoods in Saginaw?
Shattuckville is one of the most desirable Saginaw neighborhoods. It's located on the western edge of the city, running west of North Center Road, north of Shattuck Road and south of Tittabawassee Road. The Tittabawassee River runs along the western edge of this neighborhood. This area includes Imerman Memorial Park and the Harvey Randall Wickes Recreational Area. You can expect to see real estate prices close to $200,000 in this community, but the area features many newer homes with at least three bedrooms. The vacancy rate typically stays below 5 percent.
If you're searching for more reasonable real estate prices, consider homes in Indian Town. This neighborhood fills the northeastern corner of the city and features prices a little under $100,000. The community is established, and most of the homes were built prior to year 2000.
Buying vs. Rent to Own Homes?
Home prices in Saginaw are affordable, but you still may need some time to prepare for the home-buying process. Rent-to-own properties give you the opportunity to move into a new home right away even if you're still preparing to purchase a house. You simply rent the property until you're ready to secure funding and make it your own. The current owner may assume responsibility for property repairs until you officially become the owner, and in some cases, a portion of your rental payment is used toward your future down payment. The terms vary from one property to another, but it's worth considering rent-to-own homes in Saginaw.
Cost of Living in Saginaw?
It's common for the cost of housing in Saginaw to drop more than 60 percent below the national average, and that has a big influence on the city's overall cost of living. Some residents may pay more than average for utilities, transportation and healthcare, but most other expenses are comparable to the national average. This balances out to a reasonable cost of living that suits residents at all income levels.
Like many other Michigan cities, Saginaw was once booming with business from the automobile industry. Drastic layoffs sent many residents running to neighboring cities and states, but downtown renovation projects are now bringing new employment opportunities to the city. With an affordable cost of living and a variety of outdoor recreational opportunities within and surrounding the city, Saginaw now attracts growing families as well as singles interested in living comfortably in a city that is actively reviving.
Summary
Like many other Michigan cities, Saginaw was once booming with business from the automobile industry. Drastic layoffs sent many residents running to neighboring cities and states, but downtown renovation projects are now bringing new employment opportunities to the city. With an affordable cost of living and a variety of outdoor recreational opportunities within and surrounding the city, Saginaw now attracts growing families as well as singles interested in living comfortably in a city that is actively reviving.
Rent to Own Realtors
Realtors are highly skilled at informing potential buyers and prospective sellers about rent to own. A realtor can help find the second half of the deal you have been searching for.
Unfortunately, not many realtors are interested in rent to own because there isn’t a lot of money for them in the process. In the past, that would constitute a serious roadblock to rent to own; however, there are plenty of websites available for buyers and sellers to find each other.
Completing your rent to own deal without a realtor could save the seller a lot of money on commission. That gives the seller some wiggle room on the sale price, which attracts even more buyers.
About Our Listings
The free listings for rent to own by owner properties on this website make it easier for buyers to find rent to buy programs near me online.
Rent to buy is a good way to sell apartments or houses when the market isn’t particularly active. It’s certainly a more profitable alternative than selling them for cheap prices.
You can choose to lease-option or lease-purchase a condo, townhouse, etc – anything other than foreclosed homes works. In a lease-option, the buyer has the option to buy the home, but in a lease-purchase, the buyer must buy it.
It’s important to note that lease to purchase deals usually come with no credit check because bad credit is the tenant’s responsibility. If the tenant cannot purchase the home at the end of the lease, the seller keeps their rent and option fee. Then, the seller can find another buyer and, hopefully, market conditions are better.
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