Rent to Own Homes in Morgantown
Morgantown is a lively small city in West Virginia, seated on the banks of the Monongahela River. Home to West Virginia University, the city boasts a year-round population of over 31,000, plus an additional 28,000 students who make up a seasonal population of the city from May to August each academic year.
The first homestead in the area was established in around 1772, and the city was chartered with a population of 700 in 1838. There are some remaining historical buildings from the early era of Morgantown to be found through the city, including the Old Stone House and the John Rogers family home.
West Virginia University itself was originally founded as West Virginia Agricultural College. It caps off the city’s education system, served by the well-regarded Monongalia County Schools. There are eight elementary schools, four middle schools, and two high schools: University High School and Morgantown High School. Suncrest Middle School is a national Blue Ribbon School.
The city is heavily connected to convenient transportation. It boasts one of the few commercial airport in West Virginia, Morgantown Municipal Airport, and is connected to Interstates 79 and 68, West Virginia Route 43, and US Highways 19 and 119, among other major roadways. The city also has a bus system as well as Morgantown Personal Rapid Transit, a light-rail system that services five stations, connecting WVU campuses and covering 8.65 miles of territory.
Downtown Morgantown includes an array of shops, restaurants and other activities. The city has excellent athletic options as well, including parks, trails and the Morgantown Municipal Ice Arena.
Buying a Home in Morgantown
With all of the activity of a college town alongside close-knit, family-friendly communities, Morgantown is a welcoming place for a family home. The average price of homes in Morgantown is approximately $210,000, and the values and sale prices of homes have been rising consistently since 2010. 61% of families making their home in the city own their homes, so there’s a strong sense of permanence in the area.
Popular Neighborhoods in Morgantown
Suncrest is one of the oldest neighborhoods in the city, the area of what was once Fort Burris. Included in the city of Morgantown in 1949, it is home to Ruby Memorial Hospital and WVU’s medical school. Suncrest, a White House-designated Millennium Community, is home to particularly strong public schools with an outstanding reputation. On the other hand, Sunnyside is known as an area that is very student-friendly, with an active nightlife and a youthful vibe. South Park, located across from downtown Morgantown over Deckers Creek, is a nationally-recognized historic district that is today home to Morgantown High School and an excellent choice for families of teens.
Buying vs. Rent to Own Homes
You may be looking to move permanently with your family to Morgantown. While homeownership is your goal, it may seem as if it’s not quite yet achievable. In order to make your home purchase successful, you’ll need a strong credit rating for a good mortgage rate and a solid down payment. When you’re planning to buy a home but need a few more years to achieve all of your goals, rent to own homes may be an excellent choice for your family. If you can plan to achieve your goals in a set period of time, you can choose your home, move in and begin making payments toward the purchase price along with your rent with this type of home contract.
Cost of Living in Morgantown
In Morgantown, the cost of living is slightly less than the national average, by around five percentage points. Groceries, housing and health care are about eight percent less than the national average, while transportation and miscellaneous costs sit right about at the national midpoint.
With a bustling university, strong neighborhoods and great public schools, Morgantown makes an excellent family home option. With a wide range of outdoor activities, arenas, museums and activities, the city is also a great choice for athletes and sports fans. Morgantown offers strong transit and highway connections and an affordable cost of living suitable for families, singles and professionals.
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
Listing properties for traditional sale eliminates a big chunk of the buyer market. People with bad credit are left out of the traditional home buying process. Nonetheless, buyers who don’t qualify for mortgages are still in the market for apartments and houses.
Rent to own by owner programs with no credit check are an easy way for a seller to start earning money from their townhouse or condo in a market that isn’t viable, which appeals to new groups of buyers.
Through rent to buy and lease to purchase, sellers rent a property to potential buyers for a set lease term. During which, the seller earns profit through the rent buyers pay as a tenants. At the end of the lease, the buyer has the option to buy the property, or if they signed a lease-purchase agreement, they must buy it.
With a little patience, sellers can make rent money and the true value of their home from its eventual sale. Which is better than selling the home cheap and competing with bank-owned foreclosed homes that sell for less than market value.
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