Rent to Own Homes in Columbia
The South Carolina state capitol, Columbia is the second largest city in the state and Richland County’s seat of government. While the name Columbia was chosen to represent the entire U.S. in reference to Christopher Columbus, the city’s name nearly became Washington during a State Senate vote in 1786.
With 767,598 in the Columbia metropolitan area, the city has a broad range of services, entertainment and recreation sites. The Saluda and Broad rivers merge near downtown Columbia, forming the picturesque Congaree River and its paddling and hiking trails. The city also offers ample employment ranging from government work related to the South Carolina Capitol and University of South Carolina to health care leaders like Palmetto Health and military installations like Fort Jackson, the United States’ largest basic training camp.
Buying a Home in Columbia
Columbia house hunters have 1,992 homes on the market to consider, with a median price of $154,900. That median price represents just a $900 gain over last year’s median price. These are much more affordable prices compared to other notable South Carolina towns, like Charleston where homes have a median price of $232,500. There are 1,296 Columbia homes in the foreclosure process, offering a median foreclosed home price of $94,250.
Popular Neighborhoods in Columbia
Millennials, couples and young families appreciate the urban setting and peaceful vintage bungalows of the Cottonwood neighborhood in Downtown Columbia. Homes have an average price of $136,800, featuring a wide range of architectural styles and proximity to restaurants, shops, entertainment and health centers. Just outside of downtown, the Shandon neighborhood is a graceful old local favorite, with easy access to Five Points and shopping and well-kept bungalows and grand homes with an average price of $366,275. Nearby Rosewood is a more affordable version of Shandon in a location that’s ideal for those who work at USC, Fort Jackson or Midlands Tech. Rosewood homes have an average price of $139,629.
Buying vs. Rent to Own Homes
Rent to own homes allow home buyers to live in the homes they’re purchasing while building up an adequate down payment and securing a mortgage. Most rent-to-own contracts last one to three years and place very little emphasis on the buyer’s initial credit score. Buyers pay a small, one-time option fee to get the process started and continue with monthly rent payments. Rent to own homes give buyers a price advantage, particularly if home prices are expected to rise. That’s because buyers agree to a price that’s based on today’s market, and they pay that price when the contract is up, even if prices have climbed in the meantime.
Cost of Living in Columbia
Columbia residents enjoy a relatively average cost of living, saving 5 percent on overall expenses compared to the national average. Health care, housing and transportation costs are 2 to 5 percent less than the average American pays, while utilities and groceries are 4 to 9 percent more expensive. These figures are even more impressive when compared to other major South Carolina towns. Columbia’s cost of living is 11 percent cheaper than Charleston’s, and its housing is a noteworthy 30 percent less expensive.
Charming Columbia often appears on national rankings for its quality of life and strong economy. Kiplinger recently named the city one of the best places to live, and Columbia has gained attention for its sports climate, retirement locale, business and careers and livability. The city’s neighborhoods range from historic to new, and homes are affordably priced. The national accolades don’t seem to affect Columbia’s cost of living, though, since locals delight in low-to-average living expenses.
Rent to Own Realtors
Most realtors aren’t going to want to work with a client looking for a rent to own deal. The upfront profit for a realtor is minimal, and the largest chunk of the commission isn’t guaranteed – even after the contract is signed. Successful rent to own deals make the bulk of commission for realtors as far as three years in the future.
Good realtors know that if they’ve done their job qualifying and showing a buyer options that meet their tastes and budgets, a rent to own deal has a great chance of success. But good realtors are rare.
Instead of using a realtor, learn about rent to own yourself and meet with professionals in the title, mortgage and legal industries to increase your chances of success.
About Our Listings
It’s in the bank’s best interest to avoid foreclosed homes because they end up having to sell them cheap to recoup lost money. So, they try to play it safe with mortgage approvals by steering clear of people with bad credit.
That doesn’t help someone who’s working on getting their credit together to buy a condo or a townhouse. Nonetheless, rent to buy programs can help people work toward purchasing houses and apartments with no credit check.
The free listings on our site are usually rent to own by owner, so deals are more reasonable and trustworthy than big company lease to purchase properties are. Whenever you’re ready just look for lease-option or lease-purchase homes near me on the Rent to Own Labs website.