Rent to Own Homes in Coeur D'alene
Just 30 miles from Spokane, Wash.,... Read More
Just 30 miles from Spokane, Wash., Coeur d’Alene is home to more than 51,000 residents. The town is the main city in the Coeur d’Alene Metropolitan Statistical Area, which encompasses nearly 145,000 people. The area’s population is rapidly growing, mainly thanks to increasing tourism to the entire Coeur d’Alene-Spokane area.The below results are primarily rent to own homes in :
Just 30 miles from Spokane, Wash.,... Read More
Just 30 miles from Spokane, Wash., Coeur d’Alene is home to more than 51,000 residents. The town is the main city in the Coeur d’Alene Metropolitan Statistical Area, which encompasses nearly 145,000 people. The area’s population is rapidly growing, mainly thanks to increasing tourism to the entire Coeur d’Alene-Spokane area.The below results are primarily rent to own homes in :
Part of Coeur d’Alene’s appeal is its scenic location on the north shore of Lake Coeur d’Alene and the north banks of the Spokane River. Destinations like Coeur d’Alene Resort are also a large draw. With a lush golf course, spa, marina, restaurants and beach, the lakeside Coeur d’Alene Resort is rated as one of the best travel destinations by travel organizations and publications like Conde Nast Traveler, Oyster, Travel+Leisure Magazine and Zagat. Other popular local attractions include Silver Mountain Resort, Silverwood Theme Park, Raptor Reef Indoor Water Park and Triple Play Water Park. In addition to all of the recreation offered by Lake Coeur d’Alene, there are many other state parks and recreation areas within quick driving distance of town. Lake Hayden is just northeast of town as is the expansive Coeur d’Alene National Forest. Transportation to and from the area is convenient for Coeur d’Alene residents and visitors. Coeur d’Alene Airport is just a few minutes outside of town for private air travel, and Spokane International Airport is just 40 miles away. Interstate 90 runs through the middle of Coeur d’Alene, leading west to Spokane and east through Coeur d’Alene National Forest. The town itself is named for the Coeur d’Alene People, Native Americans who thrived in this region for thousands of years.
Buying vs. Rent to Own Homes
Rent to own gives you anywhere between a few months and three years time to prepare for buying a home. It’s more costly than buying outright because you’ll be paying rent to the owner instead of building equity by paying off the mortgage; but, it’s much better than renting because you have the option to buy and stop the rent payment process whenever you’re ready.
Lease-options help set you up for a home purchase in the not-so-distant future.
That’s not to say that because you aren’t ready to buy you should rent to own. If you need more than three years before you’re ready to purchase a home, you shouldn’t rent to own. Instead, you should wait until you’re at least less than three years away from qualifying to buy a home before signing your lease-option because, if the lease term ends and you’re not ready to buy, you’ll lose the money you invested in an option fee and any other money you’ve negotiated from the seller.
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.
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These programs are a great way to buy a condo or townhouse if you have bad credit. In fact, lease purchase and rent to buy programs usually offer cheap homes with no credit check. Just make sure you look at your lease to purchase agreement to understand whether you have the option or obligation to buy the home you’re looking at. Lease-purchase agreements require the buyer to purchase by the end of the lease term, while lease-option agreements give the buyer the option to buy.