Rent to Own Homes in Lexington
The below results are primarily rent to own homes in :
The Horse Capital of the World and the seat of Fayette County, Lexington is known for its clean, safe streets; renowned Thoroughbred horse facilities and Bluegrass Country aesthetic. Its gently rolling hills, verdant pastures and convenient transportation options make it a popular spot to live. It’s one of Money magazine’s top 5 places to retire in the United States and one of Forbes magazine’s best places for business and careers.
Part of Lexington’s allure is its small-town charm brimming with big-town amenities. Culture, recreation, history and sports come alive in this city of 310,000, from the very highly respected University of Kentucky to the 1,200 acre Kentucky Horse Park. While there are countless activities here in Lexington city, families especially enjoy spending time in the Lexington Public Library, the Aviation Museum of Kentucky and the Hummel Planetarium.
Buying a Home in Lexington
Lexington’s appealing job market and city attractions carry over into its flourishing housing market. Home prices rose 10 percent over the last year, leading to a median home price of $153,500. Homes are selling more quickly in Lexington than in past years too. On average, homes sell within 77 days of being placed on the market; that’s 14 percent faster than homes sold in 2014. Even with prices climbing and homes selling faster, Lexington’s median home price is more affordable and accessible than most; the overall U.S. median home price is $219,400.
Popular Neighborhoods in Lexington
Affordable housing, plentiful professional jobs and abundant public transportation draw locals of all ages to the Southeastern Hills neighborhood, but it’s especially attractive to families and young couples. Families also appreciate the good schools and ample parks and conveniences of Indian Hills and its more upscale neighbor, Stonehill Estates. Young professionals and couples also enjoy the older homes and easy access to nightlife and shopping found in the Highlands and St. Matthews as well as the lofts and conversions in downtown. Established families and executives looking for prestigious estates have plenty of options, including Eastwood, Sahalee Estates, Ashwood and Ashford Oaks.
Buying vs. Rent to Own Homes
Lexington is a great town to enter the housing market, and rent-to-own options offer greater flexibility for home buyers. With a rent-to-own contract of one to three years, renters pay an option fee instead of a downpayment at the start of the contract. In many rent-to-own arrangements, the renter pays a premium on the monthly rent, and that premium is credited to the eventual downpayment on the home. One of the biggest advantages of renting to own, though, is that renters agree to purchase the house at today’s price. In a housing market like Lexington’s where prices are increasing, that can save buyers thousands of dollars.
Cost of Living in Lexington
Most living expenses in Lexington are below the national average, giving the city an appealing affordability. Locals can expect to pay an overall average of 5 percent less on necessities than in the rest of the country. Housing, groceries and utilities are the least expensive, costing 8 to 9 percent less than the U.S. average. Healthcare is the priciest living expense in Lexington, costing locals about 2 percent more than the national average. Transportation prices are on a par with the nation.
Located in the captivating Bluegrass region of Kentucky, Lexington is a picturesque city with an inviting array of services, neighborhoods and attractions. The highly educated populace enjoys houses that are affordable and graced with many parks, good schools, shopping centers and easy access to employers. Whether locals choose one of the more august neighborhoods like Eastwood or a comfortable, family-friendly neighborhood like Indian Hills, residents have a host of charming options. To top it all off, living in Lexington is very affordable at about 5 percent less than the national average.
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.