Rent to Own Homes in KCMO
The below results are primarily rent to own homes in St. Louis County, MO:
The strains of Kansas City jazz and soulful blues are still heard throughout the Kansas City area, showcasing some of the city’s finest contributions to the arts and culture. Locals continue to foster that creativity, filling Kansas City with a buoyant art and entertainment scene. Beyond art, theater and music, recreation and sports are treasured sources of entertainment here. Whether locals are playing in one of the 214 Kansas City city parks or cheering on professional Sporting Kansas City soccer players, athletics are prime in Kansas City.
Nearly 500,000 people live in Kansas City proper, but the region encompasses a number of neighboring Kansas and Missouri cities, bringing the metropolitan population to 2.06 million. Services and amenities for that population are easily accessed at Kansas City City Hall in downtown, while Kansas City International Airport provides convenient flights from one of the nation’s best-liked airports.
Buying a Home in Kansas City
Buying a little piece of this picturesque metropolis is still affordable, with median home prices at $153,000. That’s a deal compared to the overall U.S. median home price of $203,867. While prices are increasing 4 to 5 percent from one month to the next, experts expect prices to remain affordable. Construction on new homes is booming, and the 4,217 homes in construction represent a 23.4 percent jump in new builds. As a result, house hunters will have a wide selection of new homes. Homebuyers also have a fair number of foreclosed properties to consider. RealtyTrac reports that 562 homes in the area are in foreclosure, offering a typical savings of 35 percent on median sales price.
Popular Neighborhoods in Kansas City
While Kansas City’s more suburban neighborhoods remain popular, Downtown Kansas City has experienced a renaissance, especially in its Crossroads Arts District, Power and Light District and River Market neighborhood. Downtown is now home to more than 21,000 residents, more than four times greater than its population 10 years ago. Living in older, restored homes and trendy high-rise condos, downtown residents delight in the city’s art galleries, restaurants and performing arts venues. Away from the downtown core, the Spanish Village-style of Country Club Plaza lures many singles and couples without kids, while families prefer the small-town community feel and old homes in Brookside.
Buying vs. Rent to Own Homes
Kansas City homes are affordable, but prices are increasing. If you don’t have a sizeable downpayment ready or need time to eliminate debt, renting to own a home may be a smart option. Rent-to-own contracts generally cover a time period of one to three years, giving buyers ample time to take care of financial issues. This extra time can remove some of the stress involved in buying or selling a home and provides a more formal system of accumulating a downpayment.
Cost of Living in Kansas City
The city’s affordable housing ensures that locals enjoy a reasonable cost of living. On average, residents pay 22 percent less on housing than residents of other towns. Healthcare and grocery expenses are also economical, costing Kansas Citians 3 and 2 percent less than the national average. That savings is balanced with a few slightly higher-than-average costs for utilities and transportation. Powering a home is about 6 percent higher and transportation is 3 percent higher than the national average.
Succulent barbeque, tree-lined boulevards and 200 burbling fountains give Kansas City its charm, and its wide range of neighborhoods add to its appeal. Whether you want a lively urban lifestyle or a quiet, closely knit community, Kansas City delivers attractive, affordable locales. Houses throughout the city are relatively inexpensive, and locals have a wide range of housing options, including new construction, established homes, new high-rise condos and distressed properties. With a median household income of $56,082, the city’s low cost of living ensures that locals have strong purchasing power. In fact, Kansas City residents have 15 percent more purchasing power than residents of St. Louis.
Rent to Own Realtors
An agent serves as a protection for both the buyer and the seller. They can save the buyer and seller a lot of time and money, which could offset the realtor’s commission.
However, not many realtors are interested in helping with lease-options. They make a minimal profit off of the lease portion of the deal, and the profit from the purchase is several years down the line and isn’t guaranteed.
Instead, protect yourself by communicating with lawyers, title agents and mortgage lenders to ensure that your rent to own deal works smoothly.
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.