Rent to Own Homes in Bloomington

The city features a number of historically designated sites, including Bloomington City Hall, the Elias Abel House, Monroe County Courthouse and an entire Bloomington West Side Historic District. The nationally recognized district includes residential, industrial and commercial buildings.

Many people choose to live in the Bloomington Metropolitan Statistical Area of southern Illinois because its scenic beauty makes it a great option for outdoor activities. Many more people join the Bloomington community because of the draw of the IU central campus and its affiliated institutions. Bloomington is home to large employers in technology, education, manufacturing and health care. Recognized as one of the best cities in the US for doing business, Bloomington holds extra appeal for entrepreneurs.

Buying a Home in Bloomington

Home listing prices and sale prices in Bloomington generally hover just below $200,000. The value of homes in the city has been on an upward trend since 2007, with home values expected to continue to rise in the coming period. The City of Bloomington has a Home Buyers Club program that provides a class for first-time homebuyers. This class aims to explore options in home ownership, including budgeting, mortgages, home inspections and accessing neighborhood resources. The city’s Housing and Neighborhood Development (HAND) department can also provide some assistance to qualified purchasers.

Popular Neighborhoods in Bloomington

There are a range of neighborhoods in Bloomington; some areas feature more housing for students at Indiana University, while other neighborhoods are particularly well-suited for families. Bloomington is known for its excellent public school system. Elm Heights, south of the IU campus, provides a range of single-family homes while in an easy 15-minute walking distance of campus. The city’s downtown features a range of apartment and condo buildings, some of which cater to students and others to professionals. Green Acres provides a mixture of student and family housing within a 20 minute walking distance of campus.

Buying vs. Rent to Own Homes

When you’re looking to settle in Bloomington, you may find the qualification process for a mortgage to be difficult, or struggle to save up a large down payment. Nevertheless, you’d like to get started with homeownership. One helpful solution for homeowners-to-be has been the rent-to-own process. You can rent one of these homes for a specific time period, with the understanding that you are working towards eventually purchasing the property. If you are planning to buy a home in the next few years but want to move now, a rent-to-own home can be a perfect entry into Bloomington real estate.

Cost of Living in Bloomington

The cost of living in Bloomington hovers just below the national average, at about 93% of the US average cost of living. Housing is one of the more affordable categories in Bloomington, coming in at only 88% of the national cost of living average. Utilities are another cost savings area in the city. The city is an accessible choice for a wide range of individuals and families, with diverse economic options.

Summary

Bloomington is home to Indiana University Bloomington, historical areas and a range of advanced employment opportunities. As a gateway to southern Indiana, this small city offers a wide range of diverse opportunities. From historical landmarks to independent cafes and restaurants, Bloomington offers a great place to settle. With a mixture of family homes and student living, the city offers excellent educational opportunities and access to diverse recreational and cultural options.

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

Rent to Own Labs offers more than free listings for rent to buy houses.

Our website also includes real estate owned properties, which are bank-owned foreclosed homes that didn’t sell at auction. You can buy these types of properties for cheap prices because the bank isn’t in the business of real estate; it’s just looking to get rid of the condo, townhouse, etc. that it has on the book.

Sellers directly list rent to own by owner apartments and houses as lease-option or lease-purchase programs with no credit check. On lease to purchase contracts, the buyer is contractually obligated to buy the home, and on lease to own contracts, the buyer is financially motivated. It doesn’t matter to the seller if you have a bad credit score because they know you have a lot at risk if you don’t buy the home you’re renting to own.

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