Rent to Own Homes in Erie
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Erie is positioned in the northwestern region of Pennsylvania on the shores of Lake Erie. It is part of Erie County and is within a two-hour drive of the Allegheny National Forest and Allegheny State Park. Located within Erie County, this city was once supported by industrial businesses. There are now more jobs offered in the education, healthcare and tourism sectors. Revitalization of downtown Erie has resulted in a healthy economy, and residents have easy access to Erie International Airport for travel.
While business may bring many residents to Erie, this is a fun city that offers a lot of excitement for those leading an active lifestyle. You can visit the beaches of Presque Isle State Park or sit on the banks of Lake Erie to catch fish. There are also many areas for bird watching or simply relaxing when the weather is warm. If you enjoy boating, then there are marinas available as well.
If you prefer indoor entertainment, you can visit the Erie Maritime Museum or the Tom Environmental Center. Horse racing and live shows are offered at the Presque Isle Downs & Casino, and the Erie Zoo is always a crowd pleaser. For family fun, visit Waldameer Park or Splash Lagoon.
Buying a Home in Erie
When buying a home in Erie, think about how much time you will likely spend on the lake. One of the greatest assets of this geographical area is the water, but you will pay more for homes positioned directly on the coastline. Those homes may offer spectacular views and a marine lifestyle that you find attractive, but homes a short drive from the water often sell for significantly less. This is a real estate market with many foreclosure homes, but don’t get drawn in by the low prices. You must also consider the cost of fixing up the property, especially if it isn’t suitable for living at the time of purchase.
Popular Neighborhoods in Erie
One of the most desirable Erie neighborhoods is located in the northeastern corner of the city. It’s known as Harborcreek or Owens Corners and is home to some of the area’s best schools. The median home price is less than $200,000, and you will find many larger homes selling for affordable prices. The majority of the neighborhood is owner-occupied, and the homes are typically well maintained.
Another popular neighborhood is known as Weis Library due to its proximity to the city library. Whispering Woods Golf Course is positioned on the southern edge of the area, and West 38th Street forms the northern border. The western border is Millfair Road, and the eastern border is near McCreary Road. The median home price is closer to $250,000 in this area, but you still have access to quality schools.
Buying vs. Rent to Own Homes
When you buy a home, you must go through a qualified lender to secure funding. This involves an extensive look at your financial background, and you must have your down payment ready to hand over at closing. This is a stressful process that many people dread, but rent-to-own homes can make it a bit easier. Instead of doing the paperwork to buy the home right away, you start out as a renter.
While you’re renting the property that you will one day buy, you have the opportunity to prepare so that the home-buying process is easier. You may take steps to clean up your credit report and raise your score, ensuring that you qualify for a lower interest rate when you purchase the home. You also get to settle into your home right now instead of waiting until the sale of the property is finalized.
Cost of Living in Erie
The overall cost of living in Erie is often close to 20 percent lower than the national average. This is reflective of the housing index, which typically stays more than 50 percent lower than the U.S. average. You will pay closer to average prices for most goods and services, and your utility bills may come in slightly higher than national average. Most residents find those prices easy to accept when they’re paying such low prices for their homes.
Erie, PA, is located on the shores of Lake Erie and offers some of the lowest housing prices in the United States. While you may come to the city in search of a job or to take advantage of beautiful homes located close to the water, it is the affordable cost of living and easy access to a variety of entertainment options that will keep you in town. If you enjoy living an active lifestyle, try to find property by the lake so that you can enjoy boating, fishing, swimming, bird watching and many other outdoor activities.
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
The free listings for rent to own by owner properties on this website make it easier for buyers to find rent to buy programs near me online.
Rent to buy is a good way to sell apartments or houses when the market isn’t particularly active. It’s certainly a more profitable alternative than selling them for cheap prices.
You can choose to lease-option or lease-purchase a condo, townhouse, etc – anything other than foreclosed homes works. In a lease-option, the buyer has the option to buy the home, but in a lease-purchase, the buyer must buy it.
It’s important to note that lease to purchase deals usually come with no credit check because bad credit is the tenant’s responsibility. If the tenant cannot purchase the home at the end of the lease, the seller keeps their rent and option fee. Then, the seller can find another buyer and, hopefully, market conditions are better.