Rent to Own Homes in Olathe
The below results are primarily rent to own homes in Johnson County, KS:
The seat of Johnson County government, Olathe is a bustling mid-size city with a notable reputation for providing its residents with an excellent quality of life. While about 125,000 people lived in the city during the 2010 United States Census, the population is estimated by the United States Census Bureau to have grown by more than 5 percent in 2014. Although the city is just 22 miles southwest of Kansas City, Olathe has its own identity and charm.
Residents enjoy good jobs, recreation and various services in the city. Several large employers, such as Honeywell, Farmers Insurance Group and Garmin, operate facilities here. Four school districts, including Olathe School District, provide public education for local children, and MidAmerica Nazarene University and Johnson County Community College provide higher education. Recreation and entertainment are plentiful, too, from fishing on Lake Olathe and playing in interactive Olathe parks to enjoying summer concerts and indoor winter farmers markets. Locals read the Olathe News and its partner, the Kansas City Star, to find out about local events and news of the day.
Buying a Home in Olathe
Homes are very accessible and affordable in Olathe. You can expect half of the homes in town to be more than $347,446 and half to be cheaper than that figure. Prices have stayed fairly steady over the past few months, and the average price of a home currently rests at $130 per square foot. Thirty percent of properties on the Olathe market experienced a price decrease. Available homes are generously sized and have a median square footage of 2,551 on lots of one-quarter to one-half acres.
Popular Neighborhoods in Olathe
The Millcreek neighborhood is a favorite of many families looking for good schools, mature homes and well-kept yards. Shopping and nightlife is nearby, and its convenience to HIghway 35 makes commuting to Kansas City simple. With most prices in the low $200,000s, homes are generally more affordable here than in other parts of the city. The Woods of Mahaffie neighborhood is equally appealing to established families for their large, custom-built homes. The median listing price of a home in Woods of Mahaffie is $357,475. Parkway Estates, just south of Mill Creek Streamway Park, offers terrific value. Homes here range from about $140,000 to $175,000 and give residents easy access to Highway 35.
Buying vs. Rent to Own Homes
One of the most important differences between a conventional home purchase and a rent to own home arrangement is the pace of the transaction. In conventional purchases, all of the financial paperwork, down payment and home inspections happen in a very short timeframe. With a rent to own home, tasks are spread out over a period of one to three years. While the purchaser can usually move into the property right away, the down payment and mortgage aren’t due until the agreed-upon time period concludes. This gives home buyers time to put their financial affairs in order.
Cost of Living in Olathe
Life’s necessities in Olathe are slightly higher than the national average, costing locals $1.09 for every dollar the average American spends. Twenty-seven percent more costly than the rest of the country, housing is partially responsible for this expense. Transportation and utilities are slightly higher than average, too. Locals can partly make up for those expenses with low food and health-care costs. Groceries and health are about 2 percent below the national average.
Two public lakes, countless parks and walking trails and many friendly neighborhoods add to Olathe’s high quality of life. The city has been named one of the best places to live in America for veterans, a top mid-size city for raising children, one of the country’s safest cities and the third-best city for newlyweds. Many of those accolades note Olathe’s relatively low cost of living and affordable housing seen in neighborhoods like Parkway Estates. Whether you’re looking for a comfortable home in an established neighborhood or a brand-new home in a master planned community, Olathe has it all.
Rent to Own Realtors
Realtors are highly skilled at informing potential buyers and prospective sellers about rent to own. A realtor can help find the second half of the deal you have been searching for.
Unfortunately, not many realtors are interested in rent to own because there isn’t a lot of money for them in the process. In the past, that would constitute a serious roadblock to rent to own; however, there are plenty of websites available for buyers and sellers to find each other.
Completing your rent to own deal without a realtor could save the seller a lot of money on commission. That gives the seller some wiggle room on the sale price, which attracts even more buyers.
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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