Rent to Own Homes in Cleveland
The below results are primarily rent to own homes in Cuyahoga County, OH:
Tucked along the south coast of Lake Erie, Cleveland is a bustling city of 390,000 residents. With more than 3 million people in the city’s combined statistical area, the Greater Cleveland area keeps locals entertained with dynamic nightlife, flourishing art scenes and professional sports match-ups at venues like the Cleveland Browns Stadium in downtown Cleveland. Cleveland State University also provides a youthful, innovative touch to the city.
That ingenuity has a long history here, beginning with the town’s formation in 1796. Named for General Moses Cleaveland, the city featured important waterways and railways that paved the way for the city to become an important hub of manufacturing by connecting Ohio to other United States’ locales like New York City. Today, Cleveland news is filled with the city’s robust healthcare and bio-medical companies.
Buying a Home in Cleveland
With remarkably low residential real estate prices, achieving home ownership is very possible in Cleveland. The average price of a home here is $133,175, and the median price is a scant $105,000. In the Greater Cleveland area, 11,348 homes were sold in 2014, representing a slight decrease from 2013. Even so, local real estate experts report that the city has a very balanced 5.5 months of inventory. Those looking to scoop up an even better deal on a short sale or foreclosure need to act quickly because the number of distressed properties is about 50 percent lower.
Popular Neighborhoods in Cleveland
The Tremont neighborhood is known for its eclectic vibe, urban lofts, a thriving art community, the grand St. Theodosius Russian Orthodox Cathedral and the “A Christmas Story” house. Family-friendly Rocky River is perfect for those looking for good schools, waterfront living and a low crime rate, while Coventry Village offers a little of Tremont’s funky flavor and many inviting bungalows. Edgewater has upscale mansions with terrific Lake Erie views, but The Flats’ condos have water views and proximity to nightlife. For those who want to live outside the city, Shaker Heights’ 19th-century homes and excellent schools fill the bill.
Buying vs. Rent to Own Homes
Whether you’re house hunting in one of Cleveland’s urban or suburban neighborhoods, buying a home can be stressful. Some of that stress can be removed by choosing a rent-to-own option. As part of the rent-to-own contract, the seller usually charges a one-time option fee that is smaller than a downpayment. In addition to the option fee, you’ll pay rent that’s a little higher than the going rate. Part of that higher rent is put towards your downpayment, giving you an easy way to build up a strong downpayment and time to repair any financial issues before the sale is final.
Cost of Living in Cleveland
While buying groceries in Cleveland may cost about 7 percent more than in other cities, you’ll more than balance that cost with the city’s extremely affordable housing. Where the average cost of housing across the country is $100, Cleveland locals will only spend about $30 on housing. That’s a notable 70 percent difference costs, and it even makes up for other slightly local expenses like healthcare and transportation. When all of the costs measured by cost-of-living indices are tallied. Cleveland’s living expenses are 21 percent lower than the national average.
Renowned for its Rock ‘N Roll Hall of Fame and respected Cleveland Clinic, Cleveland’s cultural and professional pursuits are nearly as alluring as its excellent living conditions. Locals have many prime housing options since rent and other housing expenses are 70 percent cheaper in Cleveland than the national average. Other expenses are on par with the national average or just slightly higher, but the low housing costs leave plenty of budget left for locals to explore the city’s many attractive neighborhoods.
Rent to Own Realtors
Working with a realtor doesn’t guarantee that you will successfully complete a rent to own deal, but their knowledge and expertise can make a big difference in your success rate.
Unfortunately, not many realtors will want to work with you on a rent to own deal. There isn’t a lot of profit for a realtor in rent to own deals.
So, you’ll need to find others with the knowledge and expertise you are looking for to ensure a successful lease-option experience. Consider consulting with a realtor, a title company and a mortgage officer instead. These professionals are better than a realtor because they are experts in their respective fields, as opposed to realtors who know a good deal about each of those rent to own factors.
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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Reported Annual Crime In Cleveland