Rent to Own Homes in Georgetown
Today, this city of 32,000 is the county seat of Scott County and the home of Georgetown College, a liberal arts college in the downtown area. Toyota opened a manufacturing plant there in 1985; it is, by far, the top employer in the area. The Camry, the best-selling car in the United States, is manufactured there. From 1990 to 2015, the population of Georgetown increased by nearly 300 percent.The below results are primarily rent to own homes in Scott County, KY:
Today, this city of 32,000 is the county seat of Scott County and the home of Georgetown College, a liberal arts college in the downtown area. Toyota opened a manufacturing plant there in 1985; it is, by far, the top employer in the area. The Camry, the best-selling car in the United States, is manufactured there. From 1990 to 2015, the population of Georgetown increased by nearly 300 percent.The below results are primarily rent to own homes in Scott County, KY:
Georgetown is just north of Lexington, the capital of Frankfort is just 20 miles to the west, and Louisville is 70 miles away. The city of Cincinnati, Ohio is 70 miles to the north.
Buying a Home in Georgetown
At $155,000, the median home price in Georgetown comes in at 17 percent below the national average. Home listings in the city currently range from $69,000 to $995,000, and about 67 percent of the population live in their own homes. The overall cost of living is about nine percent below the national average.
The median age of the city’s residents is 32.3, and approximately 53 percent of the population is married. The median household income is about $56,800.
The Scott County School System serves the city, and it is comprised of eight elementary schools, three middle schools, and a high school. GreatSchools rates them from 2 to 9 (out of 10) – Northern Elementary School got the 10 – so families with children should do their own homework when looking at neighborhoods.
Popular Neighborhoods in Georgetown
The city is made up of 12 constituent neighborhoods. The Toyota plant is located in the Delaplain/Oxford area. This upper-middle income area features medium- to large-sized single-family homes and apartment buildings. Most of the residences are owner-occupied. It is ranked in the top seven percent of neighborhoods in the Bluegrass State for an executive lifestyle. The median home cost is about $350,000.
The southwestern part of the city is the Paynes Depot/White Sulphur area. The residential landscape is similar to that mentioned above, and because of the good schools and low crime, it is rated in the top three percent of family-friendly neighborhoods in the entire state. The median home cost is about $302,000.
Buying vs. Rent to Own Homes
The low housing cost and family-friendly neighborhoods may already have you thinking about Georgetown. But buying a home is easier said than done. It requires pre-qualification and a sizable down payment. You may feel that you won’t qualify, or you just don’t have the cash. Consider a rent-to-own arrangement. A portion of each month’s rent is applied toward a down payment to buy the house. Even if you can’t afford a large down payment, the possibility still exists for you to eventually own your own home.
Summary
The mild climate, beautiful scenery, and good quality of life in Georgetown make it a place its residents are proud to call home. And job growth is projected to be nearly 34 percent over the next ten years. The city’s proximity to several large metropolitan centers is also a plus, as well as the low housing cost and reasonable cost of living. Georgetown, Kentucky is a place worth looking at if you’re considering a move.
Rent to Own Realtors
Realtors have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
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.
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