Rent to Own Homes in Broken Arrow
The below results are primarily rent to own homes in Tulsa County, OK:
The city of Broken Arrow is located toward the northeastern corner of Oklahoma, approximately 15 miles southeast of Tulsa. The Arkansas River flows along the southern edge of the city, and the Northeastern State University’s Broken Arrow campus attracts many young adults to the community. Families with children are also attracted to the area because the housing is affordable and quality educational programs are offered through Broken Arrow Public Schools. Broken Arrow High School is just one of the noteworthy schools in the area.
While Broken Arrow is considered a suburb of Tulsa, there are many manufacturing jobs available in town. The local government has implemented the Broken Arrow Economic Development Corporation to revitalize downtown Broken Arrow, so it’s now a thriving urban environment with a variety of restaurants, shopping centers and entertainment venues. It’s also the location of the Broken Arrow Ledger offices and the Broken Arrow Performing Arts Center.
Buying a Home in Broken Arrow
Broken Arrow has a healthy real estate market with median sales prices around $150,000 most of the time. You may notice that the median listing price for homes is more than 200,000, but there is some room to negotiate for many homes on the market. With approximately 1,000 homes for sale at any given time, it isn’t too difficult to find a property that suits your lifestyle and location needs.
If you plan to commute outside of Broken Arrow, you may want to find a home that is close to the highway. This isn’t a walkable city, so most residents rely on personal transportation. All of the public schools are rated highly, so you don’t have to worry about finding a neighborhood that will place your children in the most desirable school system.
Popular Neighborhoods in Broken Arrow
One of Broken Arrow’s most exclusive neighborhoods is called Cedar Lake. The community is centered on the loop formed by Utica Street as it forms a circle around the lake. This is just east of South Garnett Road, and most homes in the area sell for more than $1 million. For slightly lower prices, look to subdivisions like Ashton at Forest Ridge, Berwick On Cedar Ridge and Woodland Hills. Prices are typically under $700,000 in these communities.
Buying vs. Rent to own Homes
Buying a home requires you to present every detail of your financial life, going back for years. You have to prove that you use money responsibly and that you have adequate income to handle a mortgage payment plus the cost of homeowner’s insurance the maintenance expenses that come with owning a home. You may know that you’re ready to purchase a home, but you may not know that you’re ready to prove your financial stability. Perhaps you know that you’re qualified for a loan, but you also know that waiting could increase your chances of getting a lower interest rate.
Purchasing a home through a rent-to-own contract is the perfect way to make your dream of homeownership come true without going through the process of securing a loan immediately. You get to start off as a renter, settling into your property and getting to know your neighbors right away. Once you follow through with the purchase of the home, you don’t have to move because you’re already at home.
Cost of Living in Broken Arrow
Due to low prices within the housing market and the reasonable cost of goods and services, the overall cost of living in Broken Arrow can go as low as 10 percent below the national average. While there are some expensive homes in select neighborhoods, most of the city is filled with lower-priced homes and affordable supermarkets and shops. This is one Oklahoma town that can help you maintain even the most modest of budgets.
Broken Arrow is considered a southern suburb of Tulsa, but it has a thriving manufacturing economy of its own. Residents have the option of commuting to a neighboring city or finding employment closer to home. The public schools are highly rated and provide high-quality programs for children of all ages, and an economic revival program has completely transformed the downtown area. If you want to purchase a nice home in a safe neighborhood, this is a city that can accommodate your budget.
Rent to Own Realtors
An agent serves as a protection for both the buyer and the seller. They can save the buyer and seller a lot of time and money, which could offset the realtor’s commission.
However, not many realtors are interested in helping with lease-options. They make a minimal profit off of the lease portion of the deal, and the profit from the purchase is several years down the line and isn’t guaranteed.
Instead, protect yourself by communicating with lawyers, title agents and mortgage lenders to ensure that your rent to own deal works smoothly.
About Our Listings
When you rent to buy a condo or a townhouse, you’re taking the first step toward becoming a homeowner. You can take advantage of many rent to own by owner programs with no credit check. Having bad credit shouldn’t stop you from owning one of your favorite apartments or houses.
While you lease-option or lease-purchase, you’ll work on improving your credit score and saving up a down payment so that you can qualify with the bank for the house you’re interested in. The bank is frugal with mortgage approvals because they often end up selling foreclosed homes for cheap prices because people cannot afford their mortgage payments.
When you lease to purchase, you’re making yourself into a better candidate for purchasing properties. Check out Rent to Own Lab’s free listings to find properties near me that meet your family’s needs.