Rent to Own Homes in Altoona
Founded by the Pennsylvania Railroad, or PRR, Altoona is so much more than a railroad town today. Employment in the area is driven by health care facilities like University of Pittsburgh Medical Center and Healthsouth. Retail and service make up the city’s other large employment base, from restaurants in Altoona city center to Logan Valley Mall. Sheetz, the growing convenience store/gas station chain, is also headquartered in Altoona.The below results are primarily rent to own homes in Blair County, PA:
Founded by the Pennsylvania Railroad, or PRR, Altoona is so much more than a railroad town today. Employment in the area is driven by health care facilities like University of Pittsburgh Medical Center and Healthsouth. Retail and service make up the city’s other large employment base, from restaurants in Altoona city center to Logan Valley Mall. Sheetz, the growing convenience store/gas station chain, is also headquartered in Altoona.The below results are primarily rent to own homes in Blair County, PA:
While there’s plenty of recreation and entertainment to be found within Altoona city limits, the greater Altoona area also has its charms. Surrounding the city are historic areas like Hollidaysburg and nice rural communities such as Logan Township. Whether you choose to live directly in Altoona or one of the outlying communities, the this picturesque area has much to offer.
Buying a Home in Altoona?
The dream of homeownership is easy to realize in Altoona, where median home prices are $84,000. Homes sell more quickly in Altoona than in past years. In 2014, houses were on the market for more than 5 months before selling; in 2016, that pace dropped to less than 3 months. Nearly three-quarters of all homes in the area are owned, so house hunters will find a number of stable neighborhoods and houses throughout the area. More than half of the city’s homeowners pay $500 to $1,000 on monthly homeowner expenses.
Popular Neighborhoods in Altoona?
Families, professionals and students appreciate the nice homes and well-kept streets of the Wehnwood neighborhood around Penn State Altoona. Homes here are slightly more expensive than the Altoona average, but they're still very affordable. Similarly, families enjoy the outlying Lakemont neighborhood for its mature landscaping, spacious homes and access to Lakemont Park and good schools. Altoona has a variety of historic and vintage homes with plenty of character. A number of these unique homes are found in the Llyswen and Knickerbocker neighborhoods.
Buying vs. Rent to Own Homes ?
Altoona homes are already bargains, but they can become even more affordable when buyers rent to own. In contrast to stressful conventional home purchases, rent to own homes give buyers time to build up down payments, repair credit and find suitable mortgages. There’s no immediate need for a large down payment when you rent to own; a nominal option fee begins the process. House payments are delayed too. Instead, homebuyers pay a regular monthly rent and rent premium that contributes to the final purchase. This process allows homebuyers to make progress on homeownership while easing into the purchase.
Short commute times and safe neighborhoods earned Altoona its place as the happiest city in Pennsylvania. There’s even more to recommend Altoona as a hometown though. Low house prices here provide a welcome relief from escalating home prices in other Pennsylvania cities. In fact, home prices are so affordable in Altoona that nearly three-quarters of all homes are owner-occupied. This high rate of ownership creates stable, comfortable neighborhoods, from Lakemont on the outskirts of town to the university area of Wehnwood.
Summary
Short commute times and safe neighborhoods earned Altoona its place as the happiest city in Pennsylvania. There’s even more to recommend Altoona as a hometown though. Low house prices here provide a welcome relief from escalating home prices in other Pennsylvania cities. In fact, home prices are so affordable in Altoona that nearly three-quarters of all homes are owner-occupied. This high rate of ownership creates stable, comfortable neighborhoods, from Lakemont on the outskirts of town to the university area of Wehnwood.
Rent to Own Realtors
Working with a realtor doesn’t guarantee that you will successfully complete a rent to own deal, but their knowledge and expertise can make a big difference in your success rate.
Unfortunately, not many realtors will want to work with you on a rent to own deal. There isn’t a lot of profit for a realtor in rent to own deals.
So, you’ll need to find others with the knowledge and expertise you are looking for to ensure a successful lease-option experience. Consider consulting with a realtor, a title company and a mortgage officer instead. These professionals are better than a realtor because they are experts in their respective fields, as opposed to realtors who know a good deal about each of those rent to own factors.
About Our Listings
Lease-purchase programs offer sellers more certainty than traditional rent to buy because buyers are contractually obligated to buy the condo, townhouse or house by the end of the lease term. Normally, rent to own by owner means the buyer has the option to buy and the seller has the obligation to sell.
Lease-options are more convenient for buyers. However, buyers and sellers may work out lease to purchase deals for houses and other properties when the seller is overlooking a bad credit score or a small option fee. The requirement for buyers to purchase properties makes sellers feel more comfortable leasing with no credit check because they don’t have to worry about whether buyers will opt out.
If you’re interested in looking for apartments for lease option, check out our free listings by searching for properties near me. We showcase more than just rent to own. Use our site to find cheap foreclosed homes or owner financing.
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