Rent to Own Homes in Kenosha
You can reach many cities in northern Illinois in under an hour without traffic, making this an ideal home for those who want to live in a cozy lakeside town while enjoying relaxing weekend trips. If you decide to make Kenosha your home, you may not even want to leave town on the weekends. Residents enjoy visits to the Kenosha Public Art Gallery on 1st Avenue, which is located between Simmons Island Park and Southport Marina. Those interested in learning more about local history can spend some time at the Kenosha History Center on 51st Place, enjoying the exhibits as well as the scenic lighthouse.
When it's time for everyday life, residents of this town are served by the Kenosha Unified School District, and the University of Wisconsin-Parkside is a short drive away. There are also many golf courses and scenic areas for outdoor recreation, so it's easy to live a healthy, active lifestyle in this area of Wisconsin.
Buying a Home in Kenosha?
If you dream of buying a home in Kenosha and are willing to complete a homebuyer's education course, you could qualify for the City of Kenosha Home Ownership Program. The program is funded by the Home Program and the Neighborhood Stabilization Program to help residents over the age of 18 become homeowners. There are income restrictions and you must have good credit to qualify, but you may also qualify for a grant through the Kenosha Housing Authority to pay the required 3 percent down payment.
Whether you qualify for an assistance program or not, there are many affordable homes on the Kenosha real estate market at most times. You'll find properties selling for well under $100,000 listed alongside properties selling for more than $900,000. The median listing price is typically less than $150,000, and many homes sell for the full asking price or a little less. It's common for buyers to pay less than $100 per square foot in some neighborhoods, so this is a market that easily accommodates most budgets.
Popular Neighborhoods in Kenosha?
One of the best neighborhoods in Kenosha is located south of the Kenosha Regional Airport in the southwestern corner of the city. 60th Street serves as the northern boundary, and the community extends to I-94 in the west and route 31 in the east. The median real estate price is around $250,000 in this area, and most of the homes have at least three bedrooms. The vacancy rate typically stays under 3 percent, and most of the homes are occupied by their owners. Some of the city's highest ranked public schools are convenient to this neighborhood, so it's popular with families.
If you want to live close to the lake, venture out to a small neighborhood located east of 7th Avenue and 8th Avenue, extending right to the water's edge. 60th Street serves as the northern boundary, and the community ends at the city's southern edge. You can expect a higher vacancy rate here, but you'll find some smaller homes selling at more affordable prices while remaining close to the water. Median real estate prices are around $210,000 here, and you can find even lower prices if you venture to the lakeside homes in the northern end of the city.
Buying vs. Rent to Own Homes?
Most new homeowners are emotionally ready to purchase a home long before they're financially ready. If you're dreaming of making that transition from renter to owner but know that you aren't quite ready to apply for a mortgage loan, you have another option. You can invest in a rent-to-own home, which allows you to rent with the intention of a future purchase. You don't have to worry about competing buyers purchasing the property while you prepare to make the purchase, and you can live in the home long before it becomes your own. Not all Kenosha homes will offer this type of agreement, but it's worth the effort to seek them out if you need a little more time to secure financing.
Cost of Living in Kenosha?
Due to a housing market that is known to drop more than 40 percent below the national average at times, the overall cost of living in Kenosha is approximately 5 percent lower than the national average. The low cost of housing is often offset by higher-than-average utility expenses, but most residents pay average prices for everyday goods and services. This is city where you can purchase a luxurious home without breaking your budget, and many low-income families find affordable properties here.
The low cost of living may attract you to Kenosha, Wisconsin, but it's the scenic views of Lake Michigan and friendly attitude of the locals that may convince you to stay for a lifetime. This is a mid-sized city less than an hour away from many locations in northern Illinois, and it's home to a variety of museums, marinas, lighthouses and entertainment venues. If you're searching for affordable housing and need access to quality public schools and small university, Kenosha may serve your needs well.
Summary
The low cost of living may attract you to Kenosha, Wisconsin, but it's the scenic views of Lake Michigan and friendly attitude of the locals that may convince you to stay for a lifetime. This is a mid-sized city less than an hour away from many locations in northern Illinois, and it's home to a variety of museums, marinas, lighthouses and entertainment venues. If you're searching for affordable housing and need access to quality public schools and small university, Kenosha may serve your needs well.
Rent to Own Realtors
Working with a realtor doesn’t guarantee that you will successfully complete a rent to own deal, but their knowledge and expertise can make a big difference in your success rate.
Unfortunately, not many realtors will want to work with you on a rent to own deal. There isn’t a lot of profit for a realtor in rent to own deals.
So, you’ll need to find others with the knowledge and expertise you are looking for to ensure a successful lease-option experience. Consider consulting with a realtor, a title company and a mortgage officer instead. These professionals are better than a realtor because they are experts in their respective fields, as opposed to realtors who know a good deal about each of those rent to own factors.
About Our Listings
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.
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