Rent to Own Homes in Aurora
The below results are primarily rent to own homes...
The below results are primarily rent to own homes in Kane County, IL:
Drawn to Aurora’s picturesque streets, the inviting Fox River and the city’s abundant museums and activities, nearly 200,000 people make their homes in Aurora. This ever-growing population makes Aurora the second largest city in Illinois, big enough to offer urban services like a Metra Train stop, but small enough to retain a quaint suburban feel.
The Fox River divides the city into West Aurora and East Aurora and is the focus of revitalizing downtown Aurora. Families in the Aurora area delight in bountiful activities, from browsing the Aurora Public Library and exploring the SciTech Hands on Museum to cheering on the cross-city rivalry between West Aurora High and East Aurora High. Meanwhile there is plenty of entertainment for adults, too, with the riverside Hollywood Casino, art galleries at Aurora University and downtown pubs.
Buying a Home in Aurora
There are 3,536 homes available in the Aurora area, selling for a median price of $219,250. That median price is a significant jump over the $171,000 median price of homes a year ago. In that same time period, home values appreciated nearly 30 percent, and the selling pace rose from 106 days to 102 days on the market. Foreclosures and short sales decreased dramatically over the past year, representing only 20 percent of the market today. For the foreclosed and distressed properties on the market currently, though, the median sales price is $113,000.
Popular Neighborhoods in Aurora
Many new neighborhoods like Tanglewood Oaks and Stonehaven are concentrated on Aurora’s west and southeast edges. Families appreciate these modern homes and their proximity to shopping centers and transportation. Residents of all ages relish the shady landscaping and architecture of the University area. Mostly built between 1910 and 1950, University-area homes vary in style from Tudor to Craftsman and provide convenient access to the university and downtown. Millennials and home buyers who want a more urban lifestyle revel in the new downtown loft condos. These lofts offer incredible views of the Fox River and are just steps from unique shops, coffee houses, nightclubs, the casino and community festivals.
Buying vs. Rent to Own Homes
Buying one of Aurora’s beautiful older homes or spacious newer homes can be daunting, especially for inexperienced home buyers. Rent to own homes offer a great solution to the stress of traditional home buying. With rent to own homes, there’s less emphasis on perfect credit ratings; buyers have a little extra time to save up for a down payment, and move-in can occur right away. In home markets like Aurora’s, the biggest benefit of rent to own homes are their pricing. Buyers negotiate purchase prices based on today’s market, but have the length of the rent-to-own contracts to finalize the purchase.
Cost of Living in Aurora
Aurora residents enjoy an affordable lifestyle in this riverside city, paying 3 percent less than the national average for all of life’s necessities combined. While many of the individual categories measured are slightly above the national average, their expense is balanced out by Aurora’s extremely low cost of housing. In fact, Aurora residents can expect to spend only 79 cents on housing for every dollar most Americans spend. Groceries, healthcare, utilities and transportation range from 2 to 12 percent above the national average.
Aurora boasts a lively urban center surrounded by safe, welcoming and amenity-filled neighborhoods. Beautiful homes are found throughout the city from modern downtown lofts to peaceful Craftsman homes and beyond to the newer subdivisions. An increasing number of people are discovering the many charms of Aurora, and property and home values are increasing as a result. Even with this increase, though, Aurora homes are still 21 percent more affordable than the average American home, and the overall cost of living in this congenial town is low.
Rent to Own Realtors
Rent to own is beneficial to both buyers and sellers, but that’s not common knowledge. A lot of people look to realtors as a credible source of information for their counterpart in a rent to own deal about the benefits of the program.
However, you likely won’t find a realtor who is interested in helping you. There’s not a lot of profit for realtors in rent to own deals.
Instead, you’ll have to become a credible expert on the process yourself. Honestly, that’s not a bad thing. It’s better that you know everything you need to about the process you’re investing so much time and money into.
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.