Rent to Own Homes in Bloomington
Today, the city... Read More
Today, the city has many local attractions that are enjoyed by residents year round. These include the Miller Park Zoo which is one of the most popular zoological exhibitions in the state. The Bloomington Country Club and Highland Park Golf Course provide world-class golf courses that are given the highest ratings and reviews. Overseeing the city's various recreational venues is the Bloomington Parks & Recreation Department.The below results are primarily rent to own homes in McLean County, IL:
Today, the city... Read More
Today, the city has many local attractions that are enjoyed by residents year round. These include the Miller Park Zoo which is one of the most popular zoological exhibitions in the state. The Bloomington Country Club and Highland Park Golf Course provide world-class golf courses that are given the highest ratings and reviews. Overseeing the city's various recreational venues is the Bloomington Parks & Recreation Department.The below results are primarily rent to own homes in McLean County, IL:
Couples with children are drawn to Bloomington in part due to the local school system. Both the local high school and junior high school rank among the highest in the state by placement scores. Youth sports are popular in Bloomington, but none so much as golf. Each year the city hosts the Country Youth Classic golf tournament which is open to young people between the ages of 3-22.
Buying a Home in Bloomington
The median home price in Bloomington is $162,500, slightly below that of the nation as a whole. Mortgage payments can be on the expensive side, averaging $1,445 each month. Less than 60% of residents in the city own their home, so there are ample opportunities for the home buyer.
More than 90% of the homes in Bloomington were built after 1990, making them less than 25 years old. Housing units in the city are an even mix between medium-sized to large homes with three bedrooms or more and smaller, studio-sized homes. Most families that purchase homes in Bloomington are two-income households.
Popular Neighborhoods in Bloomington
The Barnes neighborhood in the city's upper west corner is one of the most affluent in the city. While homes in this community are priced way above the city median, the crime rate is exceptionally low and the neighborhood is quiet. Residents of Barnes tend to be married urban sophisticates. More than 70% of the occupants of this neighborhood are married couples between the ages of 30-64 with children between the ages of 5-17. Twin Grove in the city's northwest corner contains homes that are priced on a par with the national median. This is one of the quietest neighborhoods in the city and its residents are mostly middle-aged married couples.
Buying vs. Rent to Own Homes
Sometimes, the happiness of buying a home can be dampened by the thought of having to qualify for financing. Many first-time home buyers simply do not have the FICO score required to obtain a loan for the house of their dreams. In this case, a rent to own home can be an excellent path to ownership. A portion of each month's rent is allocated to the purchase price of the home. If circumstances change or buyers decide they no longer want the home, they are not faced with the prospect of having to sell it before they can move.
Summary
Bloomington is a family-friendly Central Illinois city that appeals to families due to its encouragement of recreation and sporting activities. This large city hosts a yearly golf tournament for young people, has many local parks and recreation areas, and is home to one of the most popular zoological exhibits in Illinois. The homes in Bloomington are priced slightly below the national average and afford buyers an opportunity to experience one of the nicest areas Illinois has to offer.
Rent to Own Realtors
Realtors have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
About Our Listings
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.
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