Rent to Own Homes in Somerset
You’ll find the town of Somerset on the shores of the Taunton River and Mount Hope Bay in southern Massachusetts. This location is just across the river from Fall River and is about 20 miles east of Providence. Taunton is about 10 miles to the north, and New Bedford is about 20 miles to the southeast. Somerset is well-known for its scenic bridges that have connected residents to surrounding communities for many years, including Shade’s Ferry Bridge, Brightman Street Bridge and Veteran’s Memorial Bridge. Due to updates over time, not all of these bridges remain in operation today.The below results are primarily rent to own homes in :
You’ll find the town of Somerset on the shores of the Taunton River and Mount Hope Bay in southern Massachusetts. This location is just across the river from Fall River and is about 20 miles east of Providence. Taunton is about 10 miles to the north, and New Bedford is about 20 miles to the southeast. Somerset is well-known for its scenic bridges that have connected residents to surrounding communities for many years, including Shade’s Ferry Bridge, Brightman Street Bridge and Veteran’s Memorial Bridge. Due to updates over time, not all of these bridges remain in operation today.The below results are primarily rent to own homes in :
Some of the biggest attractions in the Somerset area include the Battleship Cove and Maritime Museum, Pierce Playground, Village Waterfront Park, Mallard Point, Elm Street Acres, Somerset Reservoir and Quirk Mellow Conservation Area. Somerset was once a key player in the shipping and distribution industries in Massachusetts, but it is now more of a suburban community that allows many residents to commute across the river to Fall River for employment opportunities. Somerset was incorporated as a town in 1790, and the community grew to more than 1,000 residents by 1850. Consistent growth brought the town to more than 18,000 residents in 1970, and the population has remained around that size for more than four decades.
Buying vs. Rent to Own Homes
Renting to own a home is like a test drive for buying a house. It’s comparable to the car dealership letting you drive out of the lot with the car that you want (after you pay a small option fee) and telling you to come back when you have the money to pay the full price of it, as long as it is within the lease term. Then you make monthly lease payments until you’re ready to buy it.
You should lease-option when you’re close to getting financing for the home you’re looking to purchase, but need a bit more time (1-3 years) before you’re ready. And if you’re unsure about the house, you have more time to consider it from a more personal perspective.
Similarly to test driving a car, once you’re sure that this is the house you want and you have the money to purchase it, you should buy it as soon as possible. There’s no sense in paying rent money for longer than you need to. Rent to own also gives you the flexibility to close on a home whenever you’re ready to. It’s a mix of the best parts of renting and buying.
Rent to Own Realtors
Realtors can qualify buyers to get an idea of when they will be ready to purchase a rent to buy home and inform them on how long to set the lease term, but mortgage officers can do that too.
Banks can make a lot of profit off of a successful mortgage. That’s why mortgage officers will be willing to help you figure out the details of your rent to own deal. However, real estate agents don’t make enough profit off of rent to own deals to justify waiting a few years for the commission.
While real estate agents might be a logical partner in rent to own deals, you’ll have a lot of difficulties finding one to help you. For everything you think you need a realtor for, consider what other types of professionals might be able to help you, like title companies or lawyers.
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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