Rent to Own Homes in Oklahoma City
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Oklahoma City is located in the center of Oklahoma, approximately 107 miles west of Tulsa. While the Oklahoma City area is often remembered for the bombing that took place in 1995 at the Alfred P. Murrah Federal Building, this is an affordable city that’s also known as a friendly, safe community for families. Some of the most popular family-friendly features of the city include the Oklahoma City Zoo, Myriad Botanical Gardens and the Frontier City amusement park. White Water Bay is another option during the summer.
Downtown Oklahoma City is going through a revitalization phase and new apartments and condos are bringing more people into the area. Just east of downtown, the Bricktown neighborhood now offers a variety of restaurants and boutiques in addition to a canal where you can drift along the water in a relaxing fashion. If you prefer to get your adrenaline racing in your downtime, Rocktown Climbing Gym offers indoor and outdoor climbing obstacles. Can you make it to the top of the 90-foot grain elevator?
When it’s time to put the fun aside, Oklahoma City is a place for education and business. Educational options include Oklahoma City University and Oklahoma City Community College, and jobs are available downtown as well as in South Oklahoma City and other areas.
Buying a Home in Oklahoma City
You can dream a little when purchasing a home in Oklahoma City. This is one of the most affordable big cities in the United States, so you can get more home for your money. The average price per square foot is less than $100, and many homes sell for well under $200,000 even in the most desirable neighborhoods. Prices are starting to come up and property values are predicted to make gains in the coming years, so right now is the perfect time to invest in the Oklahoma City real estate market.
Popular Neighborhoods in Oklahoma City
Quail Creek and Rivendell are two of the most expensive neighborhoods in the city, but they also represent some of the more pleasant communities. Homes are commonly listed for $500,000 or more in Rivendell, but prices are a bit more affordable in Quail Creek. You can find homes closer to $200,000 in both neighborhoods, and there are some foreclosures that may offer cheaper prices at times.
Prices are often high in the downtown area, but that area also features more apartments and condos than single-family homes. While Bricktown is a popular entertainment district, it isn’t a popular neighborhood for growing families. You may look in that area if you’re younger and want easy access to restaurants, bars and downtown amusements.
Buying vs. Rent to Own Homes
There are few things that compare to buying your own home, especially for the first time. This is one of the most exciting accomplishments in your adult life, but it’s also one of the scariest times. You have to jump through hoops to secure preapproval for a home loan, and then you assume long-term responsibility for your mortgage and the upkeep of your property.
This is a move toward security, but you may feel you’re not ready to make it through those hoops. That’s when you should consider a rent-to-own contract. You start out as a renter, but you have the option to purchase the home within a designated period of time. You get the excitement and stability of home ownership, but you don’t have to jump into the risk without time for preparation.
Cost of Living in Oklahoma City
If you’re forced to live on a strict budget or have your fair share of broke weeks, there’s no better place in the United States than Oklahoma City. While many big cities currently have affordable housing options, this is one of the few cities where everything is affordable. Housing is considerably lower than the national average, and all other expense indices are at least a few percentage points lower than national averages.
Oklahoma City is one of the most affordable big cities in the United States, and it’s packed with family-friendly attractions. You can spend an afternoon wandering through lush botanical gardens, and then relax on a canal before going to dinner in Bricktown. You can work downtown and live in the suburbs or live downtown and vacation in the suburbs. In this city, even the most desirable neighborhoods have affordable houses on the market most of the time, and the low prices mean you can get more home without stretching your budget.
Rent to Own Realtors
Working with a realtor doesn’t guarantee that you will successfully complete a rent to own deal, but their knowledge and expertise can make a big difference in your success rate.
Unfortunately, not many realtors will want to work with you on a rent to own deal. There isn’t a lot of profit for a realtor in rent to own deals.
So, you’ll need to find others with the knowledge and expertise you are looking for to ensure a successful lease-option experience. Consider consulting with a realtor, a title company and a mortgage officer instead. These professionals are better than a realtor because they are experts in their respective fields, as opposed to realtors who know a good deal about each of those rent to own factors.
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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