Rent to Own Homes in Lake Charles
The below results are primarily rent to own homes in Calcasieu Parish, LA:
Lake Charles is located in the southwestern corner of Louisiana, less than 60 miles north of the Gulf of Mexico. Residents can reach Houston, Texas, in approximately two hours without traffic, and it takes less than three hours to reach Baton Rouge and New Orleans. The Calcasieu River runs along the western edge of town, leading into Lake Charles, Bayou Contraband and Prien Lake. The water defines the character of the city, and the western shores are home to some of the most popular entertainment venues. This includes the Golden Nugget Hotel & Casino, the Lake Charles Country Club and the Gray Plantation Golf Club.
Lake Charles is part of the Lake Charles Metropolitan Statistical Area and is often referred to as the “Lake Area” due to the number of waterways in the region. Many residents are attracted to the city because it’s home to McNeese State University, but the Golden Nugget Lake Charles Casino brings in many visitors throughout the year. Other attractions in Lake Charles City include the Lake Charles Symphony, the L’Auberge Lake Charles Resort, the Mardi Gras Museum, the Lake Charles Little Theatre and the Children’s Museum.
Buying a Home in Lake Charles
More than 60 percent of Lake Charles residents own their homes, and there are many family-friendly communities throughout the city. Pay attention to each neighborhood’s location in order to limit your commute time to schools, restaurants, shopping centers and your place of employment. The average listing price for the city as a whole can get close to $250,000 at times, but the median sales price is often a bit lower. You can find homes selling for far less than $200,000 in some areas of town, but make sure that you consider the cost of repairs if the home isn’t in move-in condition.
Popular Neighborhoods in Lake Charles
South Lake Charles is one of the most popular neighborhoods for families interested in staying close to the best public schools and professionals who want to stay close to the highway. This area falls south of I-210 and includes many subdivisions close to the golf course, parks and some of the best shopping centers. You may also want to look for homes in the Lakes at Morganfield community in the southeastern region of town. These properties overlook two lakes and offer newer constructions.
Buying vs. Rent to Own Homes
The traditional home-buying process starts with gaining pre-approval or pre-qualification for a mortgage loan. If you aren’t ready for the application process right now but know that you want to purchase a home in Lake Charles within the next five years, you may find a rent-to-own home more suitable than the traditional buying process. These contracts allow you to move into a home right away, but you start out as a renter. You have the right to purchase the home at an agreed-upon price before the end of your contract, and a portion of your rental payment may be applied to your down payment. When you do purchase the home, you instantly transition from renter to owner.
Cost of Living in Lake Charles
The cost of housing in Lake Charles is known to drop more than 30 percent lower than national average at times. This creates an overall cost of living that can go up to 20 percent below the national average. You can expect to pay slightly below-average prices for utilities, transportation and healthcare. If you carefully budget for food and everyday expense, the affordable housing market may allow you to purchase a much larger home than you could afford in many other cities around the U.S.
Lake Charles is defined by the many lakes, bayous and rivers that dot the city’s landscape. The area is also home to a long list of entertainment venues, including theaters, museums, casinos and luxury resorts. This is a great place to live if you want to enjoy time on the water, but the city is also a short drive from the Gulf of Mexico, Baton Rouge, New Orleans and Houston, Texas. Add an affordable housing market, and you see why more than 70,000 residents call Lake Charles home.
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.
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.