Rent to Own Homes in Cincinatti
The below results are primarily rent to own homes in Hamilton:
Cincinatti is located on the southwestern edge of Ohio, and it’s less than a two-hour drive from Indianapolis, Columbus and Lexington. This gives residents easy access to entertainment venues and attractions in three different states. As home to the University of Cincinatti, the Cincinatti Police Department and the Cincinatti Reds, the Greater Cincinatti area also has a lot to offer residents not interested in venturing across state lines.
While the Ohio River provides a scenic backdrop to the southern edge of the city year round, Cincinatti is in the northern United States where cold winters with frequent snowstorms are expected. While some warmer cities are focused on outdoor activities, Cincinatti is known for its vibrant culinary and arts districts.
Most locals have their favorite breweries, such as Listermann and MadTree. Unique restaurants like Nada and Salazar are found in most areas of the city, and there are many theater houses offering season passes with exceptional show lineups. Residents also enjoy shopping at large farmer’s markets like Findlay Market for fresh produce, bread, fish and meat that make cooking at home more enjoyable.
Buying a Home in Cincinatti
Cincinatti is a great city for first-time home buyers as well as investors interested in purchasing rental property. There are many foreclosures in various neighborhoods which attract investors as well as anyone interested in getting a bargain price on a house. Just keep in mind that some foreclosure properties have substantial damage that may take $10,000 or more to fix. If you’re uncertain that you can handle that responsibility, a home in move-in condition is the best option.
If this is your first time buying a home or you can’t afford to spend a lot on this purchase, you may qualify for assistance through the Lift programs offered by Wells Fargo. These programs provide up to $15,000 in down payment funds for qualified Cincinatti home buyers.
Popular Neighborhoods in Cincinatti
If you want to live close to downtown and depend more on your feet for transportation than a car, look into the Over-the-Rhyne neighborhood. While most of the housing options for sale are condos, you can find the occasional single-family home on the market. The prices are a bit higher than in some other Cincinatti neighborhoods, but it places you within walking distance of most downtown attractions. This is a particularly active performing arts community because it’s close to the Cincinatti Symphony, the Cincinatti Opera and the School for Creative and Performing Arts.
If you’re searching for budget-friendly homes or foreclosure properties, you may try Price Hill. This is an older neighborhood with many homes selling for less than $50,000. If you can afford a home in the $100,000 range, Northside will deliver a healthy housing market and immediate access to the Cincinatti music scene.
Is crime a big concern for you? Look to Mount Lookout for a more affluent community with some of the lowest crime rates in the city.
Buying vs. Rent to Own Homes
Buying a home is easier in Cincinatti than many other big cities due to assistance programs and the availability of affordable properties, but it’s still a difficult process if your credit isn’t perfect or you can’t afford your preferred neighborhood right now. One way to get around this is to rent your home before you buy. A rent-to-own agreement allows you to rent your home for a specified period of time with the option to purchase at the end of the contract. You can improve your credit, save up your down payment or get qualified for an assistance program while you live in your home and look forward to one day owning the property.
Cost of Living in Cincinatti
Cincinatti is one of the few big cities where you can still stretch your dollar quite far. The overall cost of living is approximately 15 percent lower than the national average and nearly 7 percent lower than the state average. While housing is the largest expense for many people across America, it’s often the smallest expense for Cincinatti residents. Transportation and utility indexes are nearly matched with national averages, but all other expenses remain substantially lower.
If you’re living on a tight budget or just want to get more house for your dollar, Cincinatti is a great place to live. The cost of living is well below the national average, and you can choose to live close to the downtown area where performing arts, music and culinary attractions are booming. While most neighborhoods offer budget-friendly homes, there are some affluent communities with more expansive properties. Since the housing index is so low, you don’t need a millionaire’s budget to purchase a large home in an exclusive neighborhood in Cincy.
Rent to Own Realtors
Realtors can qualify buyers to get an idea of when they will be ready to purchase a rent to buy home and inform them on how long to set the lease term, but mortgage officers can do that too.
Banks can make a lot of profit off of a successful mortgage. That’s why mortgage officers will be willing to help you figure out the details of your rent to own deal. However, real estate agents don’t make enough profit off of rent to own deals to justify waiting a few years for the commission.
While real estate agents might be a logical partner in rent to own deals, you’ll have a lot of difficulties finding one to help you. For everything you think you need a realtor for, consider what other types of professionals might be able to help you, like title companies or lawyers.
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.