Rent to Own Homes in Billings

You’ll find this city in the south-central region of the state with the Yellowstone River running along the eastern border. One of the most popular neighborhoods is located in the northeastern corner of the city and is known as Billings Heights. Many residents come to the area in order to further their education at Rocky Mountain College, which was once known as the Billings Polytechnic Institute. The Montana State University Billings campus is also a major attraction.

One of the biggest perks to living in this city is the variety of entertainment and recreational opportunities. You can spend time at the Billings City Park or learn about historical settlements at the Western Heritage Center. Ancient rock paintings are on display at the Pictograph Cave and the Yellowstone Art Museum displays a variety of contemporary artwork. Other area attractions include Zoo Montana and the Rimrock Auto Arena at MetraPark.

Buying a Home in Billings

You will find hundreds of homes on the real estate market in Billings at any given time, and that includes many properties selling for $200,000 or less. The average listing price for the city is close to $280,000, but there are some neighborhoods that are far more expensive than others. Since this housing market is growing and prices are trending upwards, it’s not uncommon for buyers to get into bidding wars over the most attractive homes. Make sure that you know your maximum spending limit so that you don’t end up bidding yourself out of an affordable deal.

Popular Neighborhoods in Billings

For families interested in high-quality schools and scenic parks for outdoor recreation, the most popular Billings neighborhood is Billings Heights. This is a bedroom community that places you on the outskirts of the city while still allowing you to reach the downtown area easily. You can find a lot of affordable homes in the area, but you also have access to some upscale community amenities, including a golf course.

If you want to find a home with some acreage, look to the Billings Bench area. This region sits east of Main Street and extends almost to the river, and it offers a more rural lifestyle while remaining a short drive from the city. While there are some homes that sell for high prices due to views of the river, there are still some affordable homes in established areas of the neighborhood.

Buying vs. Rent to Own Homes

While not all Billings homes will offer a rent-to-own contract, it’s worth your time to find those that will accept applications for this type of agreement. This opens up new possibilities for your buying experience because you won’t have to go through the traditional home-buying process. Instead of working with a lender to determine how much money you can afford to spend on a home and then looking for properties that will fit your budget, you can start shopping for homes right away.

You move in first as a renter, but you have the opportunity to buy the property before your contract is up. This gives you more time to determine the best lender for your loan and to improve your chances of securing a low interest rate. If you’re ready to move but aren’t quite ready to start applying for a home loan, rent-to-own properties are worth considering.

Cost of Living in Billings

While the cost of housing in Billings, MT, is approximately 15 percent higher than the national average, the overall cost of living for the city is less than 10 percent above average. The housing prices are balanced out by below-average prices for utilities and transportation, and you can still find affordable homes that will make your personal cost of living even more affordable.

Summary

Billings is home to the Montana State University and Rocky Mountain College as well as many high-quality schools for students in elementary, middle and high school. Residents have access to jobs in multiple industries plus a variety of museums and opportunities for outdoor recreation. Though housing prices are often a bit higher than national averages, this is still a place where you can live comfortably even on a modest household budget.

Rent to Own Realtors

Realtors are highly skilled at informing potential buyers and prospective sellers about rent to own. A realtor can help find the second half of the deal you have been searching for.

Unfortunately, not many realtors are interested in rent to own because there isn’t a lot of money for them in the process. In the past, that would constitute a serious roadblock to rent to own; however, there are plenty of websites available for buyers and sellers to find each other.

Completing your rent to own deal without a realtor could save the seller a lot of money on commission. That gives the seller some wiggle room on the sale price, which attracts even more buyers.

About Our Listings

Listing properties for traditional sale eliminates a big chunk of the buyer market. People with bad credit are left out of the traditional home buying process. Nonetheless, buyers who don’t qualify for mortgages are still in the market for apartments and houses.

Rent to own by owner programs with no credit check are an easy way for a seller to start earning money from their townhouse or condo in a market that isn’t viable, which appeals to new groups of buyers.

Through rent to buy and lease to purchase, sellers rent a property to potential buyers for a set lease term. During which, the seller earns profit through the rent buyers pay as a tenants. At the end of the lease, the buyer has the option to buy the property, or if they signed a lease-purchase agreement, they must buy it.

With a little patience, sellers can make rent money and the true value of their home from its eventual sale. Which is better than selling the home cheap and competing with bank-owned foreclosed homes that sell for less than market value.

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