Rent to Own Homes in Federal Way
The below results are primarily rent to own homes in King County, WA:
The city that we now call Federal Way in Washington state was originally created around Federal Way School District #210. Federal Way High School opened in 1930, and the Federal Way City Council adopted the Federal Way name for the town approximately 20 years later. Sitting just south of Puget Sound, this thriving city is conveniently positioned between Seattle and Tacoma in King County. The city is home to the Federal Way Community Center, which offers a lazy river, swimming pool and health club for residents.
East Federal Way offers spectacular views of the sound as well as some homes close to the water. There are many other ways to enjoy the great outdoors in this city, including visits to the Pacific Bonsai Museum and the Rhododendron Species Botanical Garden. Dash Point State Park is the perfect place for camping, walking and other outdoor adventures while families often flock to Wild Waves & Enchanted Village to let the kids splash happily through the summer. There are also many spas and entertainment venues designed to entertain every member of the family.
Buying a Home in Federal Way
Federal Way is home to eight miles of Puget Sound coastline, and you can find some waterfront properties on the market at most times. While there aren’t many properties that deliver direct access to the water, you will find that many homes on the far east side of the city are close enough that you can enjoy pretty views of the water on a routine basis. The waterfront properties often sell for more than $600,000, and some will go over $1 million.
The median listing price for Federal Way real estate is typically around $350,000, but the median sales price is often closer to $300,000. More than 70 percent of residents own their homes, so it’s easy to find established neighborhoods with a low rate of rental properties.
Popular Neighborhoods in Federal Way
The most desirable neighborhoods in Federal Way are located in the southeastern corner of the city. Some of the most expensive and largest homes are found east of I-5 and south of South 360th Street. This triangular community is mostly owner-occupied, and the vacancy rate stays below 5 percent most of the time. This is one of the best neighborhoods for families with school-aged children, but some of the surrounding neighborhoods are just as convenient to primary and secondary schools.
If you want to live closer to the Puget Sound, look in the area around Dash Point State Park. While the crime rates appear higher near the water, you’ll find many large properties with acreage that are priced much higher than the rest of the city while maintaining peaceful surroundings.
Buying vs. Rent to Own Homes
Rent-to-own homes are becoming more popular across the country because they’re more convenient than the traditional home-buying process. These homes start out with a rental contract that is much like any other rental agreement that you may sign. The catch is that you have the right to purchase the property at an agreed-upon price if you act before a specified date. This ensures that other buyers won’t make offers on the property while you’re preparing to make the purchase. As long as you make the purchase according to guidelines in the rent-to-own agreement, you’ll eventually come out of the deal with a new home.
Cost of Living in Federal Way
The cost of housing in Federal Way often rises 30-40 percent above the national average. This drives up the overall cost of living, especially when prices for transportation, utilities and everyday goods and services spike up to 20 percent more than national averages. This results in an overall cost of living that is approximately 20 percent higher than the national average. If you control the amount that you pay for your home mortgage, you can maintain a reasonable budget despite the higher prices.
Federal Way is a thriving city in Washington state that stretches out from the shores of the Puget Sound. The city is family-friendly and offers a community center with a swimming pool and lazy river. It’s also home to botanical gardens and other relaxing venues that allow visitors to connect with the natural world. With a beautiful state park that offers walking trails and a local theme park that offers horse-drawn carriages and other fun events, there’s always something exciting to do in Federal Way.
Rent to Own Realtors
Realtors can qualify buyers to get an idea of when they will be ready to purchase a rent to buy home and inform them on how long to set the lease term, but mortgage officers can do that too.
Banks can make a lot of profit off of a successful mortgage. That’s why mortgage officers will be willing to help you figure out the details of your rent to own deal. However, real estate agents don’t make enough profit off of rent to own deals to justify waiting a few years for the commission.
While real estate agents might be a logical partner in rent to own deals, you’ll have a lot of difficulties finding one to help you. For everything you think you need a realtor for, consider what other types of professionals might be able to help you, like title companies or lawyers.
About Our Listings
When you rent to buy a condo or a townhouse, you’re taking the first step toward becoming a homeowner. You can take advantage of many rent to own by owner programs with no credit check. Having bad credit shouldn’t stop you from owning one of your favorite apartments or houses.
While you lease-option or lease-purchase, you’ll work on improving your credit score and saving up a down payment so that you can qualify with the bank for the house you’re interested in. The bank is frugal with mortgage approvals because they often end up selling foreclosed homes for cheap prices because people cannot afford their mortgage payments.
When you lease to purchase, you’re making yourself into a better candidate for purchasing properties. Check out Rent to Own Lab’s free listings to find properties near me that meet your family’s needs.