If you live in Michigan and haven’t heard about the benefits of rent to own houses, you could be missing out on a great opportunity for home ownership. After all, Michigan was among the hardest-hit states during the late 2000s. Severe job losses and an increase in foreclosures damaged many potential buyers’ credit, making it hard to buy via normal means.
While Michigan has begun to recover, the housing market remains sluggish as of 2013. Banks simply aren’t willing to approve many new buyers, and many prospective sellers have become discouraged. If you want to buy your own home, checking out rent to own homes in Michigan could be an excellent way to get started. Here are five reasons that this state is especially good for people who want to buy via the rent to own process.
1. Rent to Own Homes are Perfect for Existing Homeowners
Many people in Michigan would love to buy a new house if they could only sell their current one. Unfortunately, the market is still poor, and homes can stay unsold for a very long time. Rent to own homes in Michigan allow you to get into a new house and begin working toward ownership, even if your old property is still on the market. Since the owners of rent to own homes are capable of adjusting their contracts in ways that conventional lenders won’t, you may be able to get very favorable terms.
2. Rent to Own Provides Flexibility
Some people don’t know if they’re ready to sign up for a mortgage. After all, if you aren’t sure about your income over the course of the next decade or you might be moving, you may not want to commit to a 30 year loan. While you will need to pay a little extra in rent to retain the option of buying your home, the rent to own process lets you stay flexible. If you decide to stay, the money you’ve paid in rent will be put toward the value of the home. If you encounter a better opportunity elsewhere, however, you lose nothing.
3. These Rentals Don’t Stay Empty
Because so many people know about the benefits of rent to own homes in Michigan, they don’t spend much time empty. Sellers and landlords like this benefit because it helps them receive a regular income, but prospective home buyers can benefit, too. A continuously-occupied home is more likely to get regular maintenance and the right kind of upkeep. It’ll also need less work before you can move in. According to Builder Magazine, rent to own homes in Michigan rent within one to two months of being listed.
4. The Benefits of Both Worlds
Rent to own homes in Michigan offer many of the benefits associated with both renting and buying. For the duration of your rental period, your landlord remains responsible for the upkeep of your house. If you have specific preferences, however, most sellers will be happy to allow you to take over as though you already owned the property. You’ll usually have more latitude when it comes to remodeling the property, and you’ll be able to get used to owning before you make any serious commitments. That can be a great benefit for anyone who isn’t sure they’re ready to own outright.
Anyone who wants to own a home but feels as though the current Michigan market or economy won’t allow them to sign a mortgage should check out rent to own homes. These surprisingly flexible home buying agreements could be the perfect choice for you.