Rent-to-own real estate purchases can be appealing, but there’s also the potential for some real dangers to buyers in these agreements. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that for some, rent-to-own is a fantastic opportunity to invest in a future home purchase, but for others, that same decision could be financially damaging. That’s why it’s important to weigh all the pros and cons before committing to a rent-to-own home. A rent-to-own deal, also known as a lease option agreement, allows buyers the opportunity to purchase a home after a specified amount of time while in the meantime living at the property as a tenant. A lease purchase agreement requires the renter to buy the home when the lease is up but these lease purchase agreements can come with a lot more catches than lease option agreements, and buyers should approach lease purchase agreements with caution. Check out below to see what sold in Brooklane Ridge in January 2021:
43747 Wabeck Court, Northville: 4 bedrooms, 2.1 bathrooms, 3,397 sq. feet, 3 car garage, Sold Price: $618,000
Brooklane Ridge Home Sold
January 2021
You might wonder whose responsibility is it if the bathroom light goes out? What about the bathroom plumbing? Some buyers and sellers set a dollar limit — such as, the buyer will fix anything under $500, and the seller will pay for anything over that amount. But local laws govern these details to varying degrees, so contracts may look different. For more information on Brooklane Ridge, or similar Northville or Novi neighborhoods such as Timber Ridge, Willowbrook Farms and Cascades of Northville , contact The DiMora Team today at 248-505-7728 or jim@dimora.com.