Rent to Own Homes in Louisville
The Ohio River runs along the northern and western edge of the city, giving an otherwise landlocked area of the United States an enjoyable water feature. Louisville Waterfront Park is located close to downtown Louisville and provides play areas for children as well as space for picnics and public events that entertain the entire Louisville area. The University of Louisville is also located downtown, and local residents enjoy cheering the Louisville Cardinals to victory in all university sports.
Louisville is also home to some interesting neighborhoods, such as Old Louisville. This area features preserved buildings from the Victorian Era, so you can get a sense of the past just by walking down the street. The Theater District is another interesting area and is the location of the popular Louisville Palace. The Louisville International Airport is located a short distance from downtown and is easily accessible from all areas of the city.
Buying a Home in Louisville?
Since Louisville is so close to Indiana and Ohio, you may have more neighborhood options than you realize at first. Many residents of the Louisville Metro Area take advantage of employment opportunities in Louisville while living just over the Indiana border. The Metro area feels like one big community once you learn your way around the highways.
It's not uncommon to find homes in Louisville selling for incredibly low prices. When you find one that seems unrealistically cheap, look into the condition of the home and the location. In most cases, you'll find that those $20,000 homes need at least double that amount for renovations or are in undesirable neighborhoods that may not make you feel safe and secure.
Popular Neighborhoods in Louisville?
One of the most popular Louisville neighborhoods today is NuLu. That name is short for New Louisville and is an accurate description of what you will find in this area of Market Street running between downtown and the Highlands neighborhood. From trendy restaurants, art galleries and coffee shops to antique shops, this area is a newer neighborhood with a modern community vibe. You can contrast it to Old Louisville where grand Victorian homes are a stark contrast to the apartments and condos of NuLu.
If you're shopping on a budget and don't mind purchasing an older home, Crescent Hill is a great neighborhood to consider. It has a revitalized business center and the local residents tend to know one another and help one another out as needed. You'll find some of the cheapest homes in Clifton, but note that many are in need of renovation.
For mid-priced homes that are convenient to the highway and local shopping centers, Springhurst is a larger neighborhood with a lot of housing available. If you want a more luxurious home in a more modern neighborhood, you can't go wrong with Mockingbird Gardens. If you're willing to go just outside of city lines and want a more rural environment, look for Poplar Woods in Goshen.
Buying vs. Rent to Own Homes?
A rent-to-own home agreement allows you to rent your home for a certain number of years with the option to purchase the home within a specified period of time. While this delays the process of home ownership and forces you to submit to the rules of your landlord for a year or longer, it also gives you some time to secure a home loan with favorable terms. If you don't feel confident that you can secure a reasonable interest rate today, this type of agreement can buy you some time to clear up issues with your credit or save for a larger down payment.
Cost of Living in Louisville?
The cost of living in Louisville is approximately 10% lower than the national average. The housing index is approximately 20% lower than the national average, and some sources believe it is up to 30% lower. The costs of groceries and other goods and services are also a bit below national averages, so you can expect to stretch your dollar a bit further in most areas of the city.
Louisville is located on the edge of the Ohio River on the Kentucky side of the Indiana/Kentucky border. The city gives easy access to southwestern Ohio as well as southern Indiana, and it features a variety of hiking trails, parks and other outdoor amusements. With an affordable cost of living and homes within all price ranges, this is a versatile city that fits virtually any lifestyle and budget.
Summary
Louisville is located on the edge of the Ohio River on the Kentucky side of the Indiana/Kentucky border. The city gives easy access to southwestern Ohio as well as southern Indiana, and it features a variety of hiking trails, parks and other outdoor amusements. With an affordable cost of living and homes within all price ranges, this is a versatile city that fits virtually any lifestyle and budget.
Rent to Own Realtors
Rent to own is beneficial to both buyers and sellers, but that’s not common knowledge. A lot of people look to realtors as a credible source of information for their counterpart in a rent to own deal about the benefits of the program.
However, you likely won’t find a realtor who is interested in helping you. There’s not a lot of profit for realtors in rent to own deals.
Instead, you’ll have to become a credible expert on the process yourself. Honestly, that’s not a bad thing. It’s better that you know everything you need to about the process you’re investing so much time and money into.
About Our Listings
Financially, buying apartments, houses or any other types of properties makes sense when compared to renting. You're paying roughly the same amount per month for your mortgage that you would to rent the same type of home. However, there are obstacles that make that process difficult to attain, like minimum down payments and bad credit. Those barriers prevent banks from ending up having to sell foreclosed homes.
Nonetheless, those barriers shouldn’t stop you from owning your own condo or townhouse. Through rent to buy and lease to purchase programs with no credit check, you could start working toward owning a house.
A lot of people who rent to own by owner take advantage of Rent to Own Lab’s free listings. Search our website for cheap lease-purchase or lease-option properties near me and see if rent to own could be the right option.
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