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 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. Rent-to-own contracts can be negotiated to fit the needs of both the buyer and the seller. Check out below to see what sold in Arcadia Ridge in February 2020:
16613 Johnson Creek Drive, Northville: 4 bedrooms, 3.2 bathrooms, 3,219 sq. feet, 2.5 car garage, Sold Price: $530,000
Arcadia Ridge Home Sold
February 2020
16327 Johnson Creek Drive, Northville: 4 bedrooms, 4.2 bathrooms, 3,243 sq. feet, 2 car garage, Sold Price: $568,000
Arcadia Ridge Home Sold
February 2020
The contract will set a fixed purchase price of the home. This number might be a little higher than current market value because the seller needs some kind of motivation to wait several years to sell rather than selling now. For more information on Arcadia Ridge, or similar Northville or Novi neighborhoods such as Walden Woods, Windridge Place and Brookstone Village, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.