Rent to Own Homes in Little Rock
The below results are primarily rent to own homes in Pulaski County, AR:
Little Rock is separated from North Little Rock by the Arkansas River and is approximately 33 miles south of Conway. Together, these three cities create the Little Rock–North Little Rock-Conway Metropolitan Statistical Area. Not only is Little Rock the most well known of the trio, but it’s also the most populous city in the state. Some noteworthy features of the city include the Bill and Hillary Clinton National Airport, Little Rock Junior College and a campus for the University of Arkansas.
Most Little Rock residents enjoy access to public green spaces because there are large parks scattered throughout the city. Rabsamen Park and Murray Park are curled into the coast of the Arkansas River. Some of the largest parks in Little Rock City include the McArthur Park Historic District, Boyle Park, Western Hills Park, Hindman Park, Knoop Park and Allsopp Park. When you also consider the Rabsamen Tennis Club, Little Rock Zoo and Little Rock Reservoir Park, it’s easy to live an active lifestyle in this area.
There are noteworthy communities throughout the city, but the central focus of life in this region is a portion of downtown Little Rock known as the River Market District. Musicians come to this area to display their talents live for residents shopping or enjoying a meal with friends. Some residents have the pleasure of working in this district, but for many, it’s a place for fun and relaxation.
Buying a Home in Little Rock
Like many cities located on a river, you can expect home prices to increase as you move closer to the water. Neighborhoods like Heights are located right on the water and within close proximity to riverside parks, so you can expect home prices around $300,000 and up. There are also some areas like Hillcrest where the median home value is closer to $200,000, but the most affordable homes are located in western areas further away from the river. You’ll also find that many of the best neighborhoods are in the northern regions of the city.
Popular Neighborhoods in Little Rock
Pleasant Valley is an established neighborhood that’s popular with many families. The homes are large and modern, and a variety of restaurants and shopping centers are nearby. The community is also close to a country club and golf course. While this is considered an affluent area of the city, home prices can range from around $200,000 to over $500,000. Chenal is a newer neighborhood also designated as a family-friendly area for home buyers with a substantial housing budget.
If you prefer planned communities and want to make sure you always have something fun to do, Otter Creek is a gated community that may suit your needs. Inside the gates, you’ll find a private racquetball club, swimming pool and nature trails. Children can run free on a private playground, and an elementary school is nearby.
Buying vs. Rent to Own Homes
If you’re struggling to save up a sizable down payment or know that your credit is too flawed to earn you a reasonable interest rate right now, you may consider an agreement that allows you to rent now and buy later. Rent-to-own contracts aren’t offered on all properties, but it may work in your favor to seek out homes that do have this option. You start out renting the home, and a portion of your monthly payment may go into a separate account for use toward your down payment in the future. When you’re ready to take out a loan and proceed with home ownership, you have the right to purchase the home and make it your own.
Cost of Living in Little Rock
While Little Rock is one of the more expensive cities in the state of Arkansas, the overall cost of living is still approximately 10 percent lower than the national average. Home prices are approximately 20 percent lower than the national average, so you can purchase more home for your money here than in many other cities across the country. This is a place where even large, modern homes in the most affluent areas often sell at prices that are considered bargains in many other large cities. Most daily expenses are also sold under national average prices, so this is a great place to live on any budget.
Little Rock may seem expensive compared to other cities in the state, but the overall cost of living is approximately 10 percent lower than the national average. Housing prices are considerably lower than the national average, and homes in the most prestigious neighborhoods are often sold for less than $300,000. The city is located on the Arkansas River, and there are large public parks within close proximity of most neighborhoods. This is a family-friendly city where you can live an active lifestyle regardless of your budget.
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
Rent to Own Labs offers more than free listings for rent to buy houses.
Our website also includes real estate owned properties, which are bank-owned foreclosed homes that didn’t sell at auction. You can buy these types of properties for cheap prices because the bank isn’t in the business of real estate; it’s just looking to get rid of the condo, townhouse, etc. that it has on the book.
Sellers directly list rent to own by owner apartments and houses as lease-option or lease-purchase programs with no credit check. On lease to purchase contracts, the buyer is contractually obligated to buy the home, and on lease to own contracts, the buyer is financially motivated. It doesn’t matter to the seller if you have a bad credit score because they know you have a lot at risk if you don’t buy the home you’re renting to own.
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