Rent to Own Homes in Fort Smith
The below results are primarily rent to own homes in Sebastian County, AR:
Fort Smith is nestled up to the Arkansas/Oklahoma state line, approximately a two-hour drive from Tulsa and Little Rock. The city started out as a military post in the 1800s and is now known for the critical role it played in United States history. The Fort Smith area attracted many people heading west in search of a better life, but today it’s better known as home to the Fort Smith Regional Airport, the Fort Smith Trolley Museum and the beautifully restored historic homes located in the Belle Grove Historic District in downtown Fort Smith.
One of the biggest attractions in this western Arkansas city is the trolley-style bus that transports visitors from the historic district downtown to the Fort Smith National Historic Site. The historic site is a preserved frontier museum that transports visitors back in time. It’s also one of the best places to take a walk.
Other Fort Smith attractions include the Museum of History, the National Cemetery and the Trolley Museum. The River Valley Nature Center attracts a lot of families, and there are sightseeing tours that will show you a variety of historical sites throughout town.
Buying a Home in Fort Smith
It’s common to see median listing prices well below $200,000 in Fort Smith, and median sales prices are often below $150,000. It’s possible to find homes selling for less than $100,000 in some areas of town, but they aren’t always in move-in ready condition. It’s important to consider the surrounding neighborhood and the expense of fixing up a property in addition to your maximum home-buying power. You may also want to research the local school zones because some Fort Smith schools are rated higher than others.
Popular Neighborhoods in Fort Smith
The most family-friendly neighborhoods in Fort Smith are typically subdivisions like the Woods at Chaffee Crossing. Residents enjoy a suburban environment that is close to public schools, shopping centers and restaurants. The Woods subdivision also includes a series of trails for walking and biking, so outdoor recreation is always right outside your front door. You can find a variety of home prices in these communities, so it’s worth the time to shop a variety of subdivisions like Brighton Place and Wilson Oaks until you find a home that fits your budget.
Buying vs. Rent to Own Homes
Why stress out over the home-buying process when you can give yourself the gift of time? A rent-to-own home will allow you to move into a property that you want to buy in the future. You start out paying rent, but a portion of those rental payments may count towards your down payment when you purchase the home. The rental period gives you the opportunity to improve your credit score or take other actions that may lower your interest rate when you buy your property. You end up with your own home, but you have more time to ease into the buying process.
Cost of Living in Fort Smith
The cost of housing in Fort Smith can drop 40-50 percent lower than the national average. This drives the overall cost of living down, creating an affordable environment for most consumers. Since utilities, transportation and most everyday goods and services are typically just under national-average prices, this is a community where you can live comfortably even on a modest budget.
Fort Smith Arkansas is positioned right on the state line and keeps residents within a two-hour drive of multiple larger cities. The town is well known for the active role that it played in the expansion westward in the 1800s, and the city continues to embrace that history through restored historical homes and a variety of museums and historical sites. This is a fun city that offers local tours as well as a restored trolley that takes visitors from the historic district downtown to the largest historical site in town. For residents, the city offers an affordable housing market and reasonable cost of living.
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.
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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.
Reported Annual Crime In Fort Smith