Getting a rent to own mobile home in Fenton MI is a great option for people who wanted to become a homeowner but do not have that big budget. With a rent to own deal, you can put your monthly rent towards developing equity in your own property. This could be your stepping stone (and a very important step) towards home ownership.
What is a manufactured home?
Like any other houses or homes, rent to own mobile homes are designed for residential purposes. The only difference is that, manufactured or mobile homes can be moved from one location to another and they are usually located in mobile home parks. With a rent to own mobile or a manufactured home, anyone can enjoy the benefits of regular housing accommodation without the hassle of paying utility and property tax bills.
Rent to own mobile homes in Fenton MI are valued the same as as the traditional stick-built houses and properties. It is usually bought and sold through real estate listings as well. A lot of people buy mobile homes my making a huge down payment and taking out a mortgage for the balance.
What is rent to own?
A rent to own agreement is an agreement or a contract wherein your rent payments will be used as a down payment for the purchase of the mobile home you are renting, if you choose to buy. In this type of agreement, the rental fee is typically higher since you are not just paying for the rent; you are also paying to eventually own the property.
With rent to own set up, you and your landlord will have a written agreement that specifies the number of years you will have to pay until you own the property. At the end of this agreement, you will then have the option to buy the manufactured or mobile home by paying the balance. If you opt not to buy for some reasons, then you are just paying a high rent the whole time. It will defeat the purpose of getting a rent to own home.
Getting a rent to own mobile home in Fenton MI is a unique and alternative purchasing method that can be your stepping stone into the real estate market. Just make sure that you fully understand the terms and conditions that are involved in your contract before signing.
How to get a rent to own manufactured home in Fenton MI
There are lots of classified ads and online listings that features rent to own manufactured homes in Fenton MI. However, most of them are old listings and outdated ones. You might find a listing that is already purchased and you might find another one that is far from what you need or wanted. If you wanted to save time and experience less or no hassle at all in finding a good rent to own manufactured home in Fenton MI, you can check out our very own manufactured homes. For more of Tyrone Woods Mobile Homes and it’s rent to own offers, you can contact us by clicking this link.
Rent to own manufactured homes considerations
Before you jump out and sign a rent to own manufactured home agreement, please read the following important notes and considerations.
Consider the current location. Yes, you can move your mobile home to another place but you can’t do that until you are fully paid. Carefully check the location where the mobile home is stationed. Is the place OK? Is the park pet friendly? Things like this must be considered first and foremost.
Understand the agreement. Since you are buying a property with a rent to own contract, there are lots of terms and conditions involved. Read them carefully and fully consider each and every statement indicated on it. Don’t skip a single phrase or sentence. Remember, it’s a legal paper and
Calculate the payment terms. Calculate the payment terms and see if the price you are paying for is fair enough. Ensure that everything is already included on your payment terms so that you can budget your finances accordingly.
Consider legal guidance. Get the services of a real estate lawyer to help you understand the contract more. You can also tell him or her all of your concerns and other important considerations that you wanted to be included in the contract. With a real estate lawyer, you can be sure that all of the terms and conditions included in the agreement are lawful and there will be no unfavorable terms in it.
If you are looking for the best rent to own homes in Fenton MI, look no further! Tyrone Woods Manufactured Home Community offers rent to own homes in Fenton MI and is located in Tyrone Township, Livingston County. Contact us today for more details!
Tyrone Woods Manufactured Home Community
8378 Hogan Rd Fenton, MI 48430, USA