{"id":432,"date":"2015-07-08T15:40:15","date_gmt":"2015-07-08T15:40:15","guid":{"rendered":"http:\/\/thehoneybeehomes.com\/home\/?page_id=432"},"modified":"2017-06-15T13:27:21","modified_gmt":"2017-06-15T13:27:21","slug":"rent-to-own-houses-in-grand-rapids-mi","status":"publish","type":"page","link":"https:\/\/thehoneybeehomes.com\/home\/learning-center\/rent-to-own-houses-in-grand-rapids-mi\/","title":{"rendered":"Rent to Own Houses in Grand Rapids MI"},"content":{"rendered":"

How Does Rent to Own Work?<\/h1>\n

Rent to own houses in Grand Rapids, otherwise known as lease options, can be a great choice\u00a0for both buyers and sellers in the right situation. \u00a0Let’s cover some essentials\u00a0on the rent to own process as it works in Michigan.<\/p>\n

The Basics<\/strong><\/p>\n

In a rent to own house in Grand Rapids, the owner will rent their home to a tenant-buyer. \u00a0The tenant-buyer\u00a0makes monthly rent payments in exchange for the right to live in the home. \u00a0\u00a0In addition, they\u00a0have the right to purchase the home\u00a0during the length of the contract.<\/p>\n

\"Computer\"<\/a>Why would a seller offer their home as a rent to own?<\/strong><\/p>\n

This type of sale offers many benefits for the\u00a0seller. \u00a0First, it can\u00a0be faster to find a buyer if you are selling as a rent to own house in Grand Rapids. \u00a0The traditional sale process often takes a long time, and by offering your home as a rent-to-own, you expand your potential buying pool. \u00a0So if you need to sell your home quickly (or don’t want to make two mortgage payments), this can be a great choice.<\/p>\n

Secondly, if you don’t have much equity in your house, this can be a good way to sell your home without bringing money to the table. \u00a0Because these transactions often don’t involve Realtors, you can save on commission, and you often get\u00a0higher offers with a rent to own house.<\/p>\n

Third, if you are a landlord, and want to continue receiving monthly income from a property with fewer\u00a0headaches, this can be a good choice.<\/p>\n

Tenant-buyers typically take excellent care of the property, because they are actively working to buy the home. \u00a0If you choose to work with a company that guarantees payments and takes care of maintenance and\u00a0repairs, like we do at Honeybee Homes, you can reduce your stress even further.<\/p>\n

\"House\"<\/a>Why would a buyer choose a rent to own home?<\/strong><\/p>\n

Often, a buyer will fall in love with a home. \u00a0However, if they lack the funds for the down payment on a loan, that home could slip away. \u00a0A lease option is a great way for them to get into their dream home while saving up the capital necessary to get their mortgage.<\/p>\n

Additionally, some buyers may need time to repair their credit. \u00a0Sometimes, even if a buyer has a solid income, savings, and payment history, they may have past issues that are preventing them from getting a mortgage. \u00a0A rent to own gives them a bit more time to rebuild their credit while they live where they want.<\/p>\n

Some buyers aren’t certain they will want to live in a house or neighborhood long-term. \u00a0This type of transaction allows them to live in a very nice house, with an option to purchase, while they finalize their plans.<\/p>\n

Potential Challenges<\/strong><\/p>\n

Rent to own houses in Grand Rapids are often bought and sold directly from seller to buyer. \u00a0Therefore, it is very important to have a clear agreement and correct contracts from the start. \u00a0By laying out the arrangement in black-and-white terms, you can avoid a lot of stress down the road.<\/p>\n

Remember that in this situation, the tenant-buyer is technically renting the property. \u00a0Therefore, all Michigan tenant-landlord laws apply, such as lead paint disclosures and late fee regulations. \u00a0Again, while tenant-buyers typically take excellent care of the property (and handle all maintenance and repairs), it is good to be aware of these laws.<\/p>\n

\"Garage\"<\/a>It is possible that the tenant-buyer will not ultimately exercise their option to buy. \u00a0While both parties hope that the lease option will end with a successful closing, it does not work out 100% of the time. \u00a0Knowing this from the start can help your peace of mind if the tenant-buyer ends up not closing on the home.<\/p>\n

Finally, remember that a lease option transaction is\u00a0an ongoing relationship. \u00a0You and the other parties\u00a0will be working together for at least a few months, while payments are made and you\u00a0work towards closing. \u00a0Before you sign any paperwork, make sure that you are getting into business with the right people. \u00a0A good professional relationship will help all of your interactions run smoothly.<\/p>\n

As always, feel free to contact us at Honeybee Homes at (616) 606-3390 for additional help regarding your home.<\/p>\n","protected":false},"excerpt":{"rendered":"

How Does Rent to Own Work? Rent to own houses in Grand Rapids, otherwise known as lease options, can be a great choice\u00a0for both buyers and sellers in the right situation. \u00a0Let’s cover some essentials\u00a0on the rent to own process as it works in Michigan. The Basics In a rent to own house in Grand Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":445,"menu_order":60,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-432","page","type-page","status-publish","hentry"],"yoast_head":"\nRent to Own Houses in Grand Rapids MI | Honeybee Homes, LLC | We Buy and Sell Grand Rapids Real Estate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thehoneybeehomes.com\/home\/learning-center\/rent-to-own-houses-in-grand-rapids-mi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rent to Own Houses in Grand Rapids MI | Honeybee Homes, LLC | We Buy and Sell Grand Rapids Real Estate\" \/>\n<meta property=\"og:description\" content=\"How Does Rent to Own Work? Rent to own houses in Grand Rapids, otherwise known as lease options, can be a great choice\u00a0for both buyers and sellers in the right situation. \u00a0Let’s cover some essentials\u00a0on the rent to own process as it works in Michigan. 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