Rent to Own Homes in Elgin
Living in Elgin places you less than 90 minutes away from the entertainment and business opportunities available in Chicago, but you may not want to leave town that often. The Centre of Elgin is a recreational facility that provides a safe venue for socialization, exercise and personal development. The Elgin Public Museum educates visitors on natural history and anthropology, and the Elgin Symphony Orchestra gives adults a reason to enjoy a night on the town.
Other city attractions include the Gail Borden Public Library, the Grand Victoria Casino and the Highlands Golf Course. From exploring the artwork at Side Street Studio Arts to taking a walk at the scenic Bluff Spring Fen, there's something for every personality in Elgin.
Buying a Home in Elgin?
The median listing price for Elgin homes is generally above $200,000, but the median sales price is usually closer to $150,000. When placing an offer on a home in one of the city's most desirable neighborhoods, you may have to compete with other buyers in a multiple-offer situation. That said, many homebuyers also get great deals on their dream homes without any competition. This is an active real estate market with new properties hitting the market regularly, so it's important to work closely with a professional with expertise in the Elgin market.
Popular Neighborhoods in Elgin?
If you want to secure one of the most prized addresses in Elgin, head to Randall Road. You will find some of the newest housing developments spreading out from this road, and the crime rates in the area are lower than in many other parts of town. Many families choose to live near Randall and Route 20 where children are assigned to the Burlington School District rather than Elgin public schools, but keep in mind that home prices can go over a million dollars in this area. There are some more affordable homes available, so watch the market to see what you can find. Buying vs. Rent to Own Homes
Do you break out in a sweat when you think about contacting the bank to ask for a home loan? If you know that your credit report could use a little work or you don't have enough money saved to put up a reasonable down payment, you can buy yourself a little time by opting for a rent-to-own agreement. This is a slower, less stressful path to homeownership that allows you to rent the property that you will one day own.
You get to move in right away with the contractual right to buy your home within a designated period of time. The terms of the agreement can vary from one property to another, but you may consider this an option if you're ready to buy a home but need a little time to get settled first.