Rent to Own Homes in Norman

This southern region of the United States was in a state of fluctuation when Abner Norman came to this central Oklahoma town, and today’s city is still undergoing its fair share of change. Due to a revitalization plan for downtown Norman, the area is guaranteed to change significantly through year 2020, but the Norman City Council is still working hard to ensure that residents continue to enjoy the natural landscapes that bring many people to the state.

You may consider making Norman your home if you want to attend the University of Oklahoma, but this is also a great place to raise a family or find a new job. You can spend time in the wild outdoors by visiting Lake Thunderbird State Park or take your family to the Sam Noble Oklahoma Museum of Natural History. Play with dangerous animals at Andy Alligator’s Fun Park. Test your luck at the Riverwind Casino. Become one with nature at Discovery Cove. There’s always something fun to do in Norman.

Buying a Home in Norman

The median listing price for homes in Norman often rests around $200,000, and you won’t struggle to find affordable foreclosure homes that may sell for considerably less. When purchasing foreclosure homes, it’s important to consider the cost of renovations and the time that it may take to get the property in move-in-ready condition. There are many affordable homes that you can move into right away, so foreclosures aren’t always the best option when your budget is limited.

If you’re moving into town with your family, make sure to pay attention to the communities that feature neighborhood parks and schools with many glowing reviews from Norman parents. There are nearly 10 high schools and more than 20 elementary and middle schools in the city, and many of these schools are in desirable neighborhoods with medium to large homes. It’s important to match the neighborhood to your budget so that everyone is happy with your new house.

Popular Neighborhoods in Norman

To find one of the most desirable regions of Norman, travel to the western border of the city. The neighborhood west of I-35 and south of West Indian Hills Road is home to some of the best public schools. This is also an area with low crime and vacancy rates, and most of the community consists of owner-occupied property. Median listing prices are under $300,000, but most homes sell quickly when they hit the market.

If you’re shopping on a tight budget but still want to find a safe neighborhood, go to the eastern edge of the city around Lake Thunderbird State Park. This is the Little Axe neighborhood, and the home prices are closer to $100,000 in the area. The vacancy rate is still quite low, and you benefit from a community that is mostly owner-occupied.

Buying vs. Rent to Own Homes

You’re probably familiar with the traditional home-buying process, but what about nontraditional rent-to-own contracts? This is an innovative home-buying option that allows you to move into your new home before you buy it. The current owner will often continue to pay for basic maintenance while you settle into the property and make sure that it’s the right location for your household.

When you’re ready, you take the right steps to secure a mortgage loan and take over as the homeowner. There is typically a date by which you must take this step or you will have to move out of the home to give another future buyer a chance. If you’re still saving up for your down payment but want to move right away, this is an option that may beat the traditional home-buying process.

Cost of Living in Norman

In 2014, Norman, OK, was named the second most affordable city in the United States. You can expect to pay less than national averages for all goods and services as well as for housing, utilities and transportation. The housing index often falls close to 20 percent lower than the national average, and the cost of healthcare is notoriously low.

Summary

The incredibly low cost of living and affordable housing prices may put Norman, Oklahoma, on your radar, but it’s the beautiful landscapes and tight-knit communities that may convince you to stay for a lifetime. There are many quality public schools in the area, and even the most desirable and safest neighborhoods regularly feature homes selling for under $200,000. Whether you dream of purchasing a country home surrounded by open land or you want to live in the newly revitalized downtown area, Norman has the right home for your lifestyle and 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 free listings for rent to own by owner, foreclosed homes and owner financed properties. Start looking for apartments or houses near me with the Rent to Own Labs search function.

These programs are a great way to buy a condo or townhouse if you have bad credit. In fact, lease purchase and rent to buy programs usually offer cheap homes with no credit check. Just make sure you look at your lease to purchase agreement to understand whether you have the option or obligation to buy the home you’re looking at. Lease-purchase agreements require the buyer to purchase by the end of the lease term, while lease-option agreements give the buyer the option to buy.