Rent to Own Homes in Staten Island
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Staten Island is the smallest borough of New York City by population with about 480,000 residents. Most of these residents live on the north side of the island in neighborhoods such as Stapleton, Tompkinsville and St. George, which are convenient for commuting to other New York City boroughs.The below results are primarily rent to own homes in :
Staten... Read More
Staten Island is the smallest borough of New York City by population with about 480,000 residents. Most of these residents live on the north side of the island in neighborhoods such as Stapleton, Tompkinsville and St. George, which are convenient for commuting to other New York City boroughs.The below results are primarily rent to own homes in :
Staten Island is located at the southernmost part of the city, sitting at the New York State border with New Jersey. Staten Island is connected to New York by the Verrazano-Narrows Bridge that spans New York Bay. It’s connected to New Jersey on the north via Bayonne Bridge, on the northwest by Goethals Bridge and on the southwest by Outerbridge Crossing. Commuting Staten Island residents enjoy a variety of transit options. Staten Island Expressway runs through the borough, connecting westbound travelers to Elizabeth, New Jersey, and eastbound drivers to Brooklyn. The Staten Island Ferry provides quick transport between Staten Island and lower Manhattan, and Express buses are convenient from several points around the borough. For those traveling around Staten Island, the Staten Island Railway is often the transportation option of choice, running along the borough's eastern side 24 hours a day, between Tottenville and St. George. Millions of visitors come to the borough via the free Staten Island Ferry that offers incredible views of the Statue of Liberty and the Manhattan skyline. Once on the island, visitors and Staten Island residents alike enjoy exploring the Staten Island Zoo. The Staten Island Zoo features wildlife and sea life from around the planet, with exhibits including a tropical forest, an aquarium, rare Amur leopards and an animal nursery. Other local attractions include Snug Harbor Cultural Center, Historic Richmond Town, Fort Wadsworth and the Staten Island Greenbelt, which is three times bigger than Manhattan’s Central Park.
Buying vs. Rent to Own Homes
Rent to own gives you anywhere between a few months and three years time to prepare for buying a home. It’s more costly than buying outright because you’ll be paying rent to the owner instead of building equity by paying off the mortgage; but, it’s much better than renting because you have the option to buy and stop the rent payment process whenever you’re ready.
Lease-options help set you up for a home purchase in the not-so-distant future.
That’s not to say that because you aren’t ready to buy you should rent to own. If you need more than three years before you’re ready to purchase a home, you shouldn’t rent to own. Instead, you should wait until you’re at least less than three years away from qualifying to buy a home before signing your lease-option because, if the lease term ends and you’re not ready to buy, you’ll lose the money you invested in an option fee and any other money you’ve negotiated from the seller.
Rent to Own Realtors
Rent to own is beneficial to both buyers and sellers, but that’s not common knowledge. A lot of people look to realtors as a credible source of information for their counterpart in a rent to own deal about the benefits of the program.
However, you likely won’t find a realtor who is interested in helping you. There’s not a lot of profit for realtors in rent to own deals.
Instead, you’ll have to become a credible expert on the process yourself. Honestly, that’s not a bad thing. It’s better that you know everything you need to about the process you’re investing so much time and money into.
About Our Listings
Financially, buying apartments, houses or any other types of properties makes sense when compared to renting. You're paying roughly the same amount per month for your mortgage that you would to rent the same type of home. However, there are obstacles that make that process difficult to attain, like minimum down payments and bad credit. Those barriers prevent banks from ending up having to sell foreclosed homes.
Nonetheless, those barriers shouldn’t stop you from owning your own condo or townhouse. Through rent to buy and lease to purchase programs with no credit check, you could start working toward owning a house.
A lot of people who rent to own by owner take advantage of Rent to Own Lab’s free listings. Search our website for cheap lease-purchase or lease-option properties near me and see if rent to own could be the right option.
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