Rent to Own Homes in Lawrence
The below results are primarily rent to own homes in Douglas County, KS:
Lawrence is located in eastern Kansas, approximately 40 miles west of downtown Kansas City. The city was named after Amos Adams Lawrence, who provided financial backing for the establishment of the initial community. The area has a rich history, including a prominent massacre and the site of the Wakarusa War. Today, the town is best known has home to the Haskell Indian Nations University and the University of Kansas.
Whether you choose to make your home in east Lawrence or downtown Lawrence, you’ll probably spend some time reading the Lawrence Journal-World, visiting the Spencer Museum of Art and enjoying the great outdoors at Clinton State Park. When it’s time to work, you may find employment through the Lawrence Memorial Hospital, the University of Kansas or the Lawrence Public School system. There are also some large companies with offices in the city, including Hallmark Cards.
When you have some free time, head out to Massachusetts Street, where you’ll find a variety of interesting shops and delicious restaurants. If you need to do a little research or you want to participate in educational events with your children, the Lawrence Public Library is a must-visit spot.
Buying a Home in Lawrence
You’ll find a lot of ranch-style homes in Lawrence, and the average listing price is well under $300,000 in most areas of the city. Parents concerned about the quality of public schools should rest assured that all three local elementary schools are highly rated. The best high school is Lawrence Free State, and all three middle schools receive about the same ratings most of the time. More than half of the Lawrence community is college educated and the median age here is 31, so you may fit right in if you’re young at heart and enjoy living close to a variety of outdoor recreational areas.
Popular Neighborhoods in Lawrence
For historic homes that have been restored and maintained with all their glory, look to the Old West Lawrence neighborhood. These homes are picturesque, and a walk through the neighborhood will take you back in time. This is one of the most influential areas of town, so you can expect high real estate prices. Your neighbors will range from university professors and deans to lawyers and doctors if you choose to call this community your home. Other historic homes are found in the downtown area, but the Old West neighborhood will remove you from the activity of the city’s center.
If you’re house shopping on a tight budget, look to the East Lawrence neighborhood. You’ll find this area east of Massachusetts Street, and you may appreciate the family-friendly community vibe. The real estate prices are much lower here, but the homes are substantially smaller as well.
If you have a more substantial budget but don’t like historical homes, look to West Lawrence for the city’s newest construction projects. These homes feature many upscale subdivisions that provide a suburban living environment.
Buying vs. Rent to Own Homes
You now have alternatives to the standard home-buying process. Rather than securing pre-approval or pre-qualification for a mortgage loan before you even start looking at homes for sale in Lawrence, you have the option of searching for rent-to-own properties. These homes come with special contracts that allow you to rent now and purchase the property later. Other buyers cannot make offers on the property while you’re living in the home, and you have until a specified date to secure funding and go through with the purchase.
This is a slower path to homeownership, but it works for many people who aren’t quite ready to apply for financing for one reason or another. You can use the rental period to improve your financial standing so that you qualify for a lower interest rate or to simply adjust to the neighborhood and make sure that it’s the right home for your family.
Cost of Living in Lawrence
The overall cost of living in Lawrence, Kansas, is typically right in line with the national average. Many residents pay less-than-average prices for transportation, and the housing market can dip up to 10 percent below the national average at times. Most goods and services are sold at average prices, and healthcare is typically within 10 percentage points of the average. This all balances out to an average cost of living that most residents with a full-time job can manage comfortably.
Lawrence is home to the University of Kansas and has a young population with great interest in the arts, outdoor recreation and history. This is a place where everyone can find their place, whether that’s in the upscale historical neighborhoods or the subdivisions filled with modern homes boasting elegant features and comfort amenities. There are also some neighborhoods that offer affordable housing options, so you don’t need a substantial income to call this cozy city home.
Rent to Own Realtors
Using a realtor for your rent to own deal can offer great benefits. Agents are well versed in real estate so they can effectively communicate opportunities and discern which of those opportunities is a legitimately good deal.
Nonetheless, not a lot of realtors will want to help with your rent to own deal because upfront profit for a realtor is minimal and the big payout down the line is not a guarantee.
That means you’ll have to do a little research to ensure that you make the best decisions, but you will save money on commission.
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.