If you’re looking for a great way to buy your own home, the rent-to-own home program may be just what you need. This is a very popular option for many people in Michigan who want to purchase a home, but who may not qualify or have enough money to buy one outright.
Rent to own homes in Michigan are typically offered by real estate agents or individual sellers. They can be found in most areas of the country and are especially popular in states where there is strong demand for housing and low inventory levels. Some homeowners have even taken advantage of this option themselves when they decide to move and sell their current home before finding another one to purchase.
Rent To Own Process in Michigan
The rent-to-own process begins with signing an agreement between yourself and the seller (or their agent) that outlines all terms of your contract including monthly payments, length of time required before you can purchase the home at no additional charge, and other important details such as whether repairs will be made during this time frame, whether they will pay off any existing liens on your property or not, etc. You will then make monthly payments until the end date arrives when you have an opportunity to become a full owner of the property by paying off any outstanding balance on the property and assuming full ownership of it.
The advantage of getting an owner-financed contract is that you will have a much longer period of time to pay off the outstanding balance, which can be very helpful if you don’t have the cash on hand to purchase the property at once. You also won’t need to make any down payment or other fees associated with purchasing a home in this manner.
Is It Hard To Find Rent To Own Homes in Michigan?
As long as you have the right information, finding Michigan rent to own properties is easier than ever. You can use a website like Rent-To-OwnHomesListings, Zillow or Trulia to search for available properties, find out the asking price and contact information of owners. You can also begin looking for homes on your own using tools from HUD.gov and other resources.