If you are looking at home rentals in Michigan, you are certainly not alone these days. Due to the poor economic conditions in Michigan it has become an increasingly popular choice, for both sellers and buyers.
In fact, one of the most popular places for making rent in Michigan home is in Grand Rapids.
Rental rent is also referred to as buying a lease or a mortgage option …. because the buyer is foreclosing the home but has the option to buy the home at an agreed price – or , in the case of a rental purchase, the home must be purchased.
Michigan House Rent Rental
There are many reasons why someone might want to rent a home in Michigan. Many individuals or couples are able to make monthly home payments due to a steady income but anyone simply does not have enough to cover for a typical payment or cannot obtain a traditional loan from to a bank due to broken credit.
So, if you decide on a Michigan home ownership lease, you can go to a beautiful home with small fee – is often referred to as a consideration option – and you can do it too bad credit, believe it or not.
How do we know this? Because as real estate investors we make rental decisions and part of what we do is help potential homeowners improve their credit score.
This credit repair is best suited to people looking to rent out the property because it allows us to get people the property they want to own, which, in turn, helps them to they will still improve their credit because they are now making regular home payments reflected in their credit records.
Also, when it comes to home buyers, we can always help that person or couple help them improve their credit so that when they are ready to use their options and buy the property , they will get the credit score they need to get a conventional loan from a bank.
In short, we help people who are sick of throwing money away from rent.
Michigan Homes For Rent – Buy Buy Side Pros
In addition to getting a home with subpar credit and not needing much money for a down payment, there are other advantages for buyers of a rent to own home in Michigan.
For example, if you opt for a home for rent in Michigan, you feel like you are a homeowner because you know you can use your options and buy the home you live in. .
Also, renting your own deals involves something called "credit credit" that the tenant will pay monthly and where applicable the home payment if the option is used. It gives the buyer the right to prove that they are paying for the final true ownership of the property.
Another advantage for buyers in the case of rental options is that they can stay home before deciding whether or not they want to buy it. You may love the house from what you see, but after 12 or 24 months living there you may decide that it is a little for a growing family, or that the neighborhood doesn't & # 39; , and then you can continue to exercise your options.
Alternatively, if you are building a home for sale in Michigan then you are obligated to buy when the term expires. This will depend on the seller’s agreement prior to signing the terms of the contract.
One last potential pro for a buyer to live on a Michigan homeowner rent is if the economy turns and value the property as you live in it, you can have a good amount of profit at the time you need to decide whether to use your options.
Obviously, if the home is worth a little, and you're in a position to buy it for improved credit and other financial reasons, then it might make sense financially.
On the other hand, if the property refuses to appreciate the value, you can simply choose not to use the option, unless you love the property and don't want to move.
Michigan Home Owner Rent – Seller Side Pros
Now, let's talk about & quot; Let's talk about the benefits for a home seller. In a sluggish economy, like the one Michigan faces today, homes are hard to sell. The potential marketers don't just & # 39; There is enough savings to keep or not get the lender loan they need to buy your home.
But if you are desperate to sell – perhaps because you bought a second home and are now making two mortgage payments, or because you lost your job or your spouse, or maybe transferred to the state – you can have someone replace your monthly mortgage payment by allowing your property to be rented in Michigan's own home.
Another great advantage you can have almost always order a high rent on the market if you do rent option …. and can always close to FMV (fair market value) for your home when negotiating the price for the option / purchase.
This is because your potential buyers are not in a position to obtain traditional bank financing to buy a home and, therefore, many are willing to pay close to the market value of your property.
Another significant benefit if you decide to sell your property as a Michigan home for rent is that, generally speaking, renters will treat the house respectfully. This is because if they buy it in the future, they will take care of it as if it were their own.
In the end, you are the seller also take care of tax deduction revenues at the time of the choice since you were in debt. Talk to your accountant about this.
Of course, once the option is made then the home buyer becomes the owner and after all the potential tax deductions they can do … but you fulfilled what you had planned: sell your home for a slow economy for good price.
A home-buying home for sale can be a Win / Win scenario for both seller and buyer alike and that is why they are so popular today.
If you are a home seller and would like our help, please visit our Sell Michigan page (http://www.buy-sell-michigan-real-estate.com/sell-michigan-home-by-owner.html) .