Rent to Own Homes in Albany
The below results are primarily rent to own homes in Albany County, NY:
Albany is positioned in the heart of Upstate New York and is home to the Empire State Plaza. This governmental development covers nearly 100 acres of land and is a major tourist attraction as well as a hotspot for employment. Many Fortune 500 companies also maintain offices in this part of Albany County, making this an ideal place to live for recent college graduates as well as seasoned professionals.
Sitting on the banks of the Hudson River, this is also a beautiful city with a variety of outdoor recreational opportunities available year-round. You can walk through Empire State Plaza while listening to live music or take in the colorful flowers planted throughout the Washington Park Historic District. How about exploring the walking trails and cliffs at the John Boyd Thacher State Park? There are also a variety of mansions, museums and churches providing cultural texture to the city.
Albany is also home to SUNY Albany, and many residents take great pride in their baseball team, the ValleyCats, and their hockey team, the Albany Devils. The city is approximately 150 miles away from New York City and offers easy access to Albany International Airport. Community events and services are effectively managed through Albany City Hall, which houses the Common Council Chamber and the mayor’s office.
Buying a Home in Albany
Albany is one of those unusual cities where it’s not uncommon for homes to sell for more than their asking price. There are many affordable homes on the market and the median listing price is typically well below $200,000, but you may still encounter a bidding war on the most desirable properties. This is more likely to happen in some neighborhoods than others, and an experienced real estate agent can help you determine how to approach this market when you find a home that meets your needs.
If you have young children, you may want to select a home that falls within the Bethlehem Central Senior High School district. This is the highest-ranked high school in the city, and most of the elementary and middle schools receive high rankings as well.
Popular Neighborhoods in Albany
Beverwyck is one of the most popular Albany neighborhoods for students of the University of Albany. It may also appeal to families, since there are ball fields in the area and the streets are typically peaceful. Homes typically sell for less than $250,000 in this area, and you’ll find many properties selling for less than $100,000. For single-family homes selling in the $200,000 – $300,000 range, look to Buckingham Lake. Positioned around a beautiful lake, this area incorporates walking trails and features large homes suitable for families in need of three or more bedrooms.
Buying vs. Rent to Own Homes
Purchasing a home is a stressful experience, but there are some new contract options that can make it a bit easier. One of those options is the rent-to-own contract. Rather than going through the paperwork to secure preapproval or prequalification for a mortgage loan right away, you can rent your property now and make the purchase later.
You will have a specified date by which you must officially purchase the home, and you get to live in the home until you take that step. This gives you more time to prepare for the loan approval process, increasing your chances of qualifying for the best interest rate. That could make a substantial difference in the amount of your mortgage payment, so you could save a lot of money in the future just for going a bit slower in the beginning.
Cost of Living in Albany
Even though the cost of housing in Albany can drop up to 10 percent lower than the national average at times, the overall cost of living is typically a little above average. This is due to higher-than-average prices for transportation and healthcare. Many goods and services are up to 20 percent higher than the national average as well, but there are ways to find bargains on groceries and many other products. Since affordable housing is easy to find throughout the city, it is possible to live on a modest budget if you shop carefully and control your transportation expenditures.
Many residents are attracted to Albany, New York, because it’s home to a large governmental complex and many Fortune 500 companies. This equates to a lot of job opportunities in professional fields that pay well, and there are multiple universities bringing college students into the city as well. You may also want to make Albany your new home if you’re interested in enjoying an active lifestyle year-round. From beautiful parks to annual community festivals and sports programs for younger children, there are many reasons the locals consider this a family-friendly city.
Rent to Own Realtors
Realtors have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
About Our Listings
When you’re looking for your first townhouse or condo, you learn pretty quickly that it’s difficult to secure financing for houses when you have bad credit. However, you can find properties, like apartments, in our free listings that might meet your needs.
Our database includes free listings for cheap properties available for lease-purchase, rent to own by owner, foreclosed homes and owner financing. Many of these programs will work with you with no credit check.
The convenient part of rent to buy and lease to purchase agreements is that they give buyers time to prepare to purchase a home by saving up a down payment and improving their credit score. Owner financing often has less stringent requirements than conventional financing. Search for properties near me to find the program that’s most convenient.