Understanding Financing Options In Traverse City, Michigan | Lease-to-Own
Understanding Financing options in traverse city, michigan | Lease-to-own
Surrounded by nature, water, and recreation, Traverse City is a prime location to live. Buying a home in Traverse City can sometimes be difficult, but there are different options for purchasing a property in this lovely location. Below, we will discuss rental-purchase, also known as lease-to-own, agreements in Traverse City.
These contracts have many names and variations, including rental-purchase agreements, rent-to-own, lease-to-own, and lease with the option to buy. All involve renting a property with the intent to purchase it at the end of the leasing/rental term. These agreements are recorded by both parties in a contract that outlines what is expected of both the lessee and the lessor and what will happen if one breaches the contract.
What Does a Rental-Purchase Agreement Involve?
In Michigan, rental-purchase agreements are for residential, personal properties, and need to include the following:
Price of the home to reach for the lessee to acquire ownership, amount of initial payments, a timespan and recurring payment amount, statement of conditions for lease termination for either party and any other prerequisite actions the tenant must take before they can enact their option to buy the property. Eastwood Homes will design a Lease-to-Own Program tailored to your situation.
The Benefits of Lease-to-Own
Eastwood Custom Homes offers a Lease-to-Own Program that customizes each agreement to fit your needs, allowing you an opportunity to own a brand new, stick-build Eastwood home. The Lease-to-Own program provides a shorter route to homeownership by allowing the lessee to pay a lease fee instead of a mortgage with a locked-in home purchasing price, allowing you to improve and customize your property while leasing.
Visit our Lease-to-Own Program page to review your eligibility, and call us at 231-929-4663 to get you started on your custom homeownership journey.