Rent to Own Homes in Bellevue
The below results are primarily rent to own homes in King County, WA:
Just across the lake from Seattle, Bellevue is one of Washington’s wealthiest communities and a thriving center for industry. More than 35,000 workers fill Downtown Bellevue’s high-rise buildings, making the district the state’s second largest city center. Moving with the times, the Bellevue City Council also works to create commerce-friendly conditions, such as office facilities located on the old Bellevue Airfield.
USA Today recently ranked the city No. 2 on its “Best Place to Live” list, but Bellevue frequently ranks nationally for its living and working conditions. These appealing conditions include a convenient Bellevue Transit Center, ample shopping and dining at Bellevue Square and an excellent Bellevue School District. The city’s diverse educational system ranges from public schools like Bellevue High School to private campuses like Bellevue Christian School.
Buying a Home in Bellevue
House hunters in Bellevue have fewer homes to consider this year, with a 15 percent decrease in inventory to 152 homes. Median home prices have also dropped slightly, going from $799,000 last year to $780,000 this year. In contrast, the average selling price of a Bellevue home increased from $919,000 to $963,000 in the same time period. Homes continue to sell at a quick pace here, selling within an average of 17 days of listing and for 100 percent of the asking price.
Popular Neighborhoods in Bellevue
Up-and-coming singles, couples and families who want the convenience of urban living enjoy the amenities of West Bellevue/Downtown. High-rise condo and apartment buildings and plenty of cultural, dining and social attractions fill the downtown core, while the neighborhood’s northern and southern sections offer a variety of single family homes. Downtown and West Bellevue homes sell for an average price ranging from $1.05 to $1.16 million. The Woodridge and Norwood Village neighborhoods are local favorites for their peaceful streets, terrific views of the lake, excellent schools and well-tended homes built in the late 1940s to late 1960s. Homes here have an average selling price of $559,817. The Eastgate-Cougar Hill area is also popular with established families and couples who want hilltop views, plenty of nearby open space and upscale homes with an average selling price of $958,288.
Buying vs. Rent to Own Homes
In a competitive market like Bellevue’s, buying a home the conventional way can be especially harrowing. Rent to own homes ease some of that financial pressure, giving buyers extra time to amass a suitable down payment and to find an appropriate mortgage. In fact, instead of requiring a down payment at the outset, rent to own homes merely ask for a nominal option fee. The down payment isn’t due until the end of the contract period. Rent to own home buyers are also able to move into the homes right away rather than waiting 30 to 90 days for title to transfer.
Cost of Living in Bellevue
Living in a highly desirable community like Bellevue isn’t inexpensive, and the city’s cost of living reflects that expense. Overall, residents pay $1.78 for every dollar the average American spends on living essentials. Much of that expense derives from the city’s high price of housing, which is more than three times as costly as housing in an average U.S. town. Groceries, health care and transportation are just slightly above the national average at 6 to 19 percent greater. Locals get a break on utilities, though, spending 8 percent less than the average citizen.
Perched on the eastern shores of Lake Washington, Bellevue is a thriving community in its own right with plenty of jobs, entertainment and community events. Excellent schools and a welcoming suburban atmosphere make the city’s neighborhoods very popular, and homes sell quickly. Home prices are fairly high here, though, and those elevated home prices lead to an overall cost of living that is notably above the national average.
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
The free listings for rent to own by owner properties on this website make it easier for buyers to find rent to buy programs near me online.
Rent to buy is a good way to sell apartments or houses when the market isn’t particularly active. It’s certainly a more profitable alternative than selling them for cheap prices.
You can choose to lease-option or lease-purchase a condo, townhouse, etc – anything other than foreclosed homes works. In a lease-option, the buyer has the option to buy the home, but in a lease-purchase, the buyer must buy it.
It’s important to note that lease to purchase deals usually come with no credit check because bad credit is the tenant’s responsibility. If the tenant cannot purchase the home at the end of the lease, the seller keeps their rent and option fee. Then, the seller can find another buyer and, hopefully, market conditions are better.