Rent to Own Homes in Cedar Rapids
The city itself is an important part of the Iowa economy as the state’s second largest city. The Cedar Rapids area is home to a variety of industries, including Fortune 500 Rockwell Collins, Transamerica and Quaker Oats as well as the city’s status as one of the world’s largest corn processing centers. The Cedar Rapids metropolitan region consists of 263,857 residents.
Buying a Home in Cedar Rapids?
Purchasing a home in this vibrant community is relatively easy with 1,668 homes and condos to consider. While the average price of a Cedar Rapids home has increased 12 percent in the past year, homes are still affordable at $175,900. Today’s housing market is relatively balanced, with 3.8 months of inventory and sales increasing by 23 percent to 732 a month. Foreclosures have dropped 69 percent in the last year, and the local market currently has 866 homes in a foreclosure stage throughout Linn County. The median price of a foreclosed home is $90,387.
Popular Neighborhoods in Cedar Rapids?
Millennials, couples and families with a zest for urban living relish the character, community spirit and broad amenities of the historic Czech Village and New Bohemia/Oak Hill Jackson districts. Concerted redevelopment plans add to the neighborhoods’ popularity. Oak Hill Jackson homes range from lofts in converted warehouse buildings and charming single family homes with an average selling price of $166,708. Families also enjoy the Cedar Valley neighborhood’s large lots, mix of newer and older homes and reasonable prices. Lincolnway Village offers families newer homes with open floor plans and good schools, with an average selling price of $140,897.
Buying vs. Rent to Own Homes?
Buying a home in Cedar Rapids can be very rewarding, but conventional purchase methods can be stressful and onerous. Rent to own homes can provide an excellent alternative, eliminating some of the emphasis on stellar financial track records and giving buyers time to coordinate down payments and mortgages. Rent to own home purchasers also gain a price advantage by paying today’s home prices at some point in the future, when prices could be significantly higher. Finally, rent to own home buyers can move into their new homes immediately without having to wait one to three months for escrow closings or title transfers.
Cost of Living in Cedar Rapids?
Cedar Rapids locals pay just 70 cents for every dollar the average American spends on housing, and other living expenses in this picturesque town are also affordable. Food, health care, utilities and transportation are 1 to 10 percent below the national average, giving Cedar Rapids an overall cost of living that is 11 percent cheaper than in the rest of the nation.
All-American City Cedar Rapids is well-known for its livable neighborhoods, flourishing industries and safe streets. In the past year, the city earned national recognition as one of the 10 most affordable cities, the fifth happiest zip code in America, the ninth healthiest small city in the U.S. and the No. 1 best small city to live and work. With that track record, it’s no wonder that Cedar Rapids neighborhoods are peaceful, homes prices are rising, and the cost of living is affordable.
Summary
All-American City Cedar Rapids is well-known for its livable neighborhoods, flourishing industries and safe streets. In the past year, the city earned national recognition as one of the 10 most affordable cities, the fifth happiest zip code in America, the ninth healthiest small city in the U.S. and the No. 1 best small city to live and work. With that track record, it’s no wonder that Cedar Rapids neighborhoods are peaceful, homes prices are rising, and the cost of living is affordable.
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
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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