Rent to Own Homes in Fayetteville
The original Fayetteville settlers named the town Washington, but the present name was adopted in 1829, Today, the city has a mixed demographic that includes college students, young adults, married couples with children, and retirees. The local economy is enhanced by large corporations such as WalMart and Tyson Foods which are located in nearby cities, and these businesses also have an impact on Fayetteville through their connections to the University of Arkansas.The below results are primarily rent to own homes in Washington County, AR:
The original Fayetteville settlers named the town Washington, but the present name was adopted in 1829, Today, the city has a mixed demographic that includes college students, young adults, married couples with children, and retirees. The local economy is enhanced by large corporations such as WalMart and Tyson Foods which are located in nearby cities, and these businesses also have an impact on Fayetteville through their connections to the University of Arkansas.The below results are primarily rent to own homes in Washington County, AR:
Local attractions include the Fayetteville Historic Square which has been at the center of the city since it was founded. Near the square is the Fayetteville Public Library. Originally founded in 1916, the library is now housed in a $23 million dollar "green" building that is part of a sprawling complex which includes coffee shops and venues for film festivals and speaking engagements by noted authors. The Fayetteville Schools District has 15 campuses throughout the city, and the local high school has been honored as one of the top 350 high schools in the nation according to placement scores.
Buying a Home in Fayetteville
The beautiful countryside and excellent schools make Fayetteville a popular choice for both first-time home buyers and those who wish to relocate. The median price of a home in the city is roughly $180,000 which is only $12,500 less than the national average. A monthly mortgage in Fayetteville averages $1,350.
Almost 94% of the homes in the city are less than 25 years old, and the local housing market is thriving. Just 37% of the local homes are owner-occupied, with a majority of housing units being rentals. There is an almost even mix of homes with three or more bedrooms and smaller units with two bedrooms or less. Prospective buyers should note that the abundance of rental homes can be largely attributed to the presence of the University of Arkansas.
Popular Neighborhoods in Fayetteville
The neighborhoods in Fayetteville are very diverse. Some contain homes that are priced at $500,000 or above while others have units priced below the city median. The Wheeler/White Rock neighborhood is situated on the city's east side and contains a mix of medium-sized and small single-family homes as well as a number of mobile homes. While the neighborhood has a mix of young and old residents, most of those living in this area are married. The Hall Avenue & North Shiloh Dr. neighborhood at the city's northern tip will appeal to singles, couples, and college students. It borders the Blessings Golf Club and has a trendy vibe.
Buying vs. Rent to Own Homes
While there are many homes for sale in the Fayetteville area, buying a home here can be fraught with challenges. This is especially true for the first-time home buyer. When traditional qualifying is difficult, a rent to own home may provide another pathway to ownership. Because of the large number of rental units in this city, rent to own opportunities can often be easier to find. A portion of each month's rent becomes an investment that can ultimately lead to ownership, often in a shorter period of time than that allowed by standard home financing.
Summary
Families will love the vibe of beautiful Fayetteville, Arkansas. It's youthful vigor is manifested in a large college community that takes great pride in their school. This historic town has a mild climate that affords four-season living, a top-rated public school system, and a variety of outdoor activities that include hiking the Ozark mountains. The strong local economy and housing market are two reasons to consider a home in Fayetteville.
Rent to Own Realtors
Using a realtor for your rent to own deal can offer great benefits. Agents are well versed in real estate so they can effectively communicate opportunities and discern which of those opportunities is a legitimately good deal.
Nonetheless, not a lot of realtors will want to help with your rent to own deal because upfront profit for a realtor is minimal and the big payout down the line is not a guarantee.
That means you’ll have to do a little research to ensure that you make the best decisions, but you will save money on commission.
About Our Listings
Rent to Own Labs offers free listings for rent to own by owner, foreclosed homes and owner financed properties. Start looking for apartments or houses near me with the Rent to Own Labs search function.
These programs are a great way to buy a condo or townhouse if you have bad credit. In fact, lease purchase and rent to buy programs usually offer cheap homes with no credit check. Just make sure you look at your lease to purchase agreement to understand whether you have the option or obligation to buy the home you’re looking at. Lease-purchase agreements require the buyer to purchase by the end of the lease term, while lease-option agreements give the buyer the option to buy.
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