Rent to Own Homes in Bellingham
Bellingham has a strong local economy... Read More
Bellingham has a strong local economy that is driven by a variety of sectors. Bellingham Bay coal mining was one of the city's first major industries. The local government is overseen by a mayor and the Bellingham City Council. In recent years, the city has embarked upon several Bellingham Bay improvement initiatives which have been designed to spur more economic growth and tourism. The city also has a large cultural arts and literary community. It is also a city steeped in activism, and hosts the longest-running peace vigil in the United States each Friday.The below results are primarily rent to own homes in Whatcom County, WA:
Bellingham has a strong local economy... Read More
Bellingham has a strong local economy that is driven by a variety of sectors. Bellingham Bay coal mining was one of the city's first major industries. The local government is overseen by a mayor and the Bellingham City Council. In recent years, the city has embarked upon several Bellingham Bay improvement initiatives which have been designed to spur more economic growth and tourism. The city also has a large cultural arts and literary community. It is also a city steeped in activism, and hosts the longest-running peace vigil in the United States each Friday.The below results are primarily rent to own homes in Whatcom County, WA:
Educational institutions in the city include the Bellingham Technical College and Northwest Indian College. The Bellingham Herald is published each day and other television media is provided by the Seattle television market. There is a strong sense of civic pride in the city. The Bellingham Sister Cities Association maintains relationships with other cities around the world.
Buying a Home in Bellingham
In recent years the cost of housing in Bellingham has shown a substantial increase. Home prices continue to rise with the current median value standing at $287,000. This is almost 50% higher than the national average. Most families who seek to purchase a home in the city are two-income households with incomes above the national median.
The average cost of a mortgage in Bellingham is $1,621 per month. Most homes in the area are less than 25 years old, and most tend to be smaller units with two bedrooms or less. One advantage of buying a home in this city is that property values have shown a steady increase year after year.
Popular Neighborhoods in Bellingham
One of the most affluent neighborhoods in Bellingham is Happy Valley, located in the southwest portion of the city. Homes here are priced in the $450,000 median and the community attracts many older married couples and retirees. Sudden Valley on the eastern border of the city is home to many younger married couples with children, and it offers homes that have a value more in line with the city average. Overall, Bellingham has been ranked as one of the 100 best places to live thanks to its exceptionally low crime rates across all areas.
Buying vs. Rent to Own Homes
Buying a home in a strong market like Bellingham can often be beyond the reach of first-time buyers who have little or no mortgage credit history. Thankfully, the option of a rent to own home in this city can provide a nice alternative to traditional financing. A portion of each month's rent can be applied to eventual ownership, and there is more flexibility should the buyer decide the home is not right for them.
Summary
With its scenic views of the Puget Sound and mild climate, Bellingham is one of the most peaceful cities in all of Washington. The low crime rates and exceptional school system are favored by families, and the city has been honored with a designation as one of the best places to live in the United States. While housing costs are high, buying a home in Bellingham can be a good investment thanks to the consistent increase of property values.
Rent to Own Realtors
When it comes to contracts, there are usually plenty of loopholes. You don’t want to be blindsided because your counterpart in a rent to own deal knows them better than you do.
A realtor might be the logical person to ask for help with a real estate deal, but instead, you should consult with a lawyer to ensure that your lease-option contract benefits you just as much as it benefits the other party.
Realtors likely will not want to help you with a lease-option because they don’t make a lot of money off of them – at least, they don’t make a lot of money until the end of the lease, and that isn’t a guarantee.
Regardless, a lawyer will have more accurate information about your contracts anyway.
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.
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