Rent to Own Homes in Eugene
The below results are...
The below results are primarily rent to own homes in Lane County, OR:
Named for founder Eugene Franklin Skinner, Eugene city is Oregon’s second largest town. Tucked into the southern end of Willamette Valley, Eugene is blessed with views of Skinner and Spencer buttes, forests in three directions and Willamette River winding through town. It is home to the renowned University of Oregon as well as Eugene Bible College and Lane Community College.
Most famously known as the birthplace of Nike, Eugene has developed a reputation for its track and field expertise. The city will host the world championship track and field competitions in 2021 and is a favored locale for hiking, cycling, kayaking and rafting accessibility. The Eugene area has abundant public art, sports venues, museums and countless festivals. The Eugene Weekly keeps locals up to date with all of the town’s cultural happenings.
Buying a Home in Eugene
Eugene house hunters have quite a few options with 615 homes on the market. The median price for a house in the Eugene area is currently $211,300, which is slightly higher than the U.S. median home price of $203,867. New home construction has also increased 2.6 percent over the past year, bringing 508 new homes to the market. The number of homes in foreclosure proceedings have increased 80 percent over the last year, bringing the number of homes in some stage of foreclosure to 132. The median sales price of a foreclosed home is $139,223.
Popular Neighborhoods in Eugene
Singles, retirees and families with kids adore the Willow Creek-Churchill area’s large two-story and single-story ranch homes. Fifty-nine percent of residents in this southwest neighborhood own their homes, which sell for an average of $261,880. Fairmont families enjoy their neighborhood for its safety, friendly neighbors and well-kept landscapes. Fairmont has a good mix of apartments and large homes with an average selling price of $349,702. Laurel Hill also has a low crime rate, a mixture of older and newer homes tucked in among the trees and an average home selling price of $304,525.
Buying vs. Rent to Own Homes
Unlike more conventional home purchasing methods, rent to own homes don’t require a down payment at the outset, nor do they require a mortgage right away. Instead, home buyers will pay a smaller, one-time option fee that is usually credited to the eventual down payment. With contracts often lasting one to three years, buyers have time to build more favorable credit ratings while they are living in their new homes. In markets where prices are rising, rent to own homes also have the benefit of allowing buyers to negotiate a price at today’s market rates, but pay in the future when prices may be higher for everyone else.
Cost of Living in Eugene
Buying all of life’s necessities in Eugene is a mixed bag of good news and less good news. Local food costs are 5 percent below the national average, and utilities are 10 percent cheaper. On the other hand, healthcare is 14 percent more expensive than in the rest of the nation, and transportation is 11 percent higher. Altogether, these mixed costs result in an overall cost of living that is 10 percent greater than the national average.
Eugene is often ranked as one of the most livable cities in America, and part of that livability comes from the city’s abundant recreation and comfortable homes in safe neighborhoods. With the Willamette River running right through town and the McKenzie River skirting the eastern and northern edges, there are a number of homes with river views. There are also a fair number of spacious homes with curb appeal and active neighborhood associations like Willow Creek-Churchill. The town is slightly less affordable than the national average, but its terrific spaces, homes and neighborhoods make up for the extra cost.
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
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.