Rent to Own Homes in Warren
The economy in the Village of Warren is tightly focused on the automotive industry. While this industry has dried up in some areas of Michigan, it continues to offer many jobs to Warren residents. The city is also home to the U.S. Army Detroit Arsenal and many large corporate offices, so there are jobs available in other fields as well.
Families are attracted to this Michigan suburb not only for the jobs but for the pleasant living environment. The landscape is dotted with parks and tree-lined residential streets, and there are a variety of educational facilities located in town or nearby. For instance, Macomb Community College is positioned on the eastern edge of the city in the Warren Woods area. Warren Tech Center is located toward the center of town by the General Motors Technical Center. Younger students are served by the city’s public school system.
Buying a Home in Warren?
The average listing price for homes in Warren is around $90,000, and many homes are sold for $100,000 or less. There are some neighborhoods were prices can push $300,000 and select home sell for even more, but most neighborhoods offer more affordable options. This is a city with tremendous variety in the real estate market, so make a list of all features that you must have before you start shopping for a home. Knowing what you want and don’t want is the fastest way to rule out properties that won’t meet your needs. Also keep in mind that the City of Warren offers closing cost assistance for select properties throughout the city.
Popular Neighborhoods in Warren?
The most popular neighborhoods in Warren are north of I-696, but there is a point where the northern communities reflect more big city sprawl than tree-lined suburban streets. Some of the neighborhoods where families tend to find nice homes within safe communities are Southfield, Auburn Hills, Fraser and Clawson. Many residents also venture just outside of city lines to live in Sterling Heights.
Buying vs. Rent to Own Homes?
Have you noticed that some homes in Warren have a rent-to-own option? These homes allow you to move in right away as a renter with the right to purchase the property before the end of your lease. The exact terms vary from one property owner to the next, but this is a step up from renting. You can use the rental period to get familiar with your new neighborhood and save up a down payment, or you may take the time to clean up your credit so that you can secure a home loan with better terms in the future.
Cost of Living in Warren?
Warren is one of those cities where you can live comfortably even with modest income. If you have a more substantial budget, you can expect to buy a large home with acreage in one of the best neighborhoods at a price substantially lower than you would pay for the same home in many other cities throughout the country. This is all due to home prices that are approximately 50 percent lower than the national average. You can also expect to pay a bit less for groceries and most goods and services, and your utility bills are likely to come out lower than the national average as well.
Warren, Michigan is a suburb of Detroit with a cost of living that favors those with limited income. The local economy is heavily hinged on the automotive industry, but there are also businesses in some other fields offering jobs to residents. Families enjoy many parks and open green spaces throughout the city, and the public schools are of good quality. There are even some options for college students interested in learning new skills.
Summary
Warren, Michigan is a suburb of Detroit with a cost of living that favors those with limited income. The local economy is heavily hinged on the automotive industry, but there are also businesses in some other fields offering jobs to residents. Families enjoy many parks and open green spaces throughout the city, and the public schools are of good quality. There are even some options for college students interested in learning new skills.
Rent to Own Realtors
Working with a realtor doesn’t guarantee that you will successfully complete a rent to own deal, but their knowledge and expertise can make a big difference in your success rate.
Unfortunately, not many realtors will want to work with you on a rent to own deal. There isn’t a lot of profit for a realtor in rent to own deals.
So, you’ll need to find others with the knowledge and expertise you are looking for to ensure a successful lease-option experience. Consider consulting with a realtor, a title company and a mortgage officer instead. These professionals are better than a realtor because they are experts in their respective fields, as opposed to realtors who know a good deal about each of those rent to own factors.
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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