Rent to Own Homes in Edmond
The below results are primarily rent to own homes in Oklahoma County, OK:
Edmond is located in central Oklahoma, approximately 14 miles north of downtown Oklahoma City. I-35 cuts through the center of the city heading north and south, making it easy for residents to commute to Oklahoma City for entertainment, recreation and employment opportunities. I-44 runs east and west just south of the city, so frequent travelers can easily head out of town for vacations or business trips. Within the city, residents have access to the Edmond bus service, which is otherwise known as Citylink Edmond.
This is a family-friendly city that has been recognized by the state as well as nationwide as one of the best suburbs in the United States. Its popularity is largely due to the family-friendly nature of the city and the close proximity to Oklahoma City. Residents can easily commute to the larger city for employment and entertainment, but they can return to their cozy neighborhood to raise their children or spend time with their loved ones.
Residents are served by a large school system, which includes Edmond Memorial High School and Edmond Santa Fe High School. They also have access to many small community parks, and Arcadia Lake is located on the southeastern edge of the city. While Edmond is filled with luxury homes and exclusive communities, it’s still possible live here on a more conservative budget.
Buying a Home in Edmond
Median listing and sales prices in Edmond are typically below $300,000. It’s common for home buyers to pay around $100 per square foot, but there are some upscale homes that can sell for a bit more. Since all public schools are rated highly and crime rates are low throughout the city, you can select a neighborhood based on your budget and proximity to areas of the city that you will frequent. More than 80 percent of residents own their homes here, so it’s not difficult to find a well-maintained, established neighborhood with a low vacancy rate.
Popular Neighborhoods in Edmond
One of the most popular neighborhoods in Edmond is Iron Horse Ranch. Home prices range from $300,000 to about $700,000, and residents have access to an outdoor swimming pool, clubhouse, walking trails and a variety of additional community amenities. If you want those amenities but prefer lower home prices, look to the Montague neighborhood. The area includes a clubhouse, outdoor swimming pool and fitness center, but the prices range from $200,000 to around $400,000.
Buying vs. Rent to Own Homes
Rent-to-own homes turn the traditional home-buying process upside down. Rather than starting with pre-qualification to determine how much you can afford to spend on a home, you start by selecting a home that you would like to purchase in the future. You move into the property right away, but you have a year or longer to secure financing. This gives you the opportunity to save a more substantial down payment or to improve your credit scores so that you qualify for more favorable mortgage loan terms. If you want to move right away but aren’t ready to take out that loan, these properties may work to your advantage.
Cost of Living in Edmond
The overall cost of living in Edmond is about equal to the national average. Though the real estate market can sometimes jump 10 percent or more above the national average, most goods and services are sold at average prices. Many residents report spending little on transportation, and most pay below-average rates for healthcare. If you’re on a tight budget, this is one city where you can still purchase a nice home and live comfortably.
Edmond, Oklahoma, has been recognized multiple times as one of the best suburbs in the United States. This is due to the low crime rates, the friendly nature of the residents, and the close proximity to Oklahoma City. It’s easy to commute to the larger city for employment and entertainment, but many residents prefer to stay closer to home. There are many small parks and one large lake within city limits, and many of the residential areas feature well-maintained homes with some upscale amenities.
Rent to Own Realtors
When it comes to contracts, there are usually plenty of loopholes. You don’t want to be blindsided because your counterpart in a rent to own deal knows them better than you do.
A realtor might be the logical person to ask for help with a real estate deal, but instead, you should consult with a lawyer to ensure that your lease-option contract benefits you just as much as it benefits the other party.
Realtors likely will not want to help you with a lease-option because they don’t make a lot of money off of them – at least, they don’t make a lot of money until the end of the lease, and that isn’t a guarantee.
Regardless, a lawyer will have more accurate information about your contracts anyway.
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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