Rent to Own Homes in Opelika
Throughout the latter half of the 19th century, Opelika grew and gained a reputation as a wild, lawless town. The downtown area was full of saloons, and fights and gunfire were not unusual in the city’s streets. Even city officials tried to scam outside investors with fake railroad bonds. A full-scale riot broke out in 1882, and the militia was sent in to quell the disturbance. The city’s charter was revoked several times.The below results are primarily rent to own homes in Lee County, AL:
Throughout the latter half of the 19th century, Opelika grew and gained a reputation as a wild, lawless town. The downtown area was full of saloons, and fights and gunfire were not unusual in the city’s streets. Even city officials tried to scam outside investors with fake railroad bonds. A full-scale riot broke out in 1882, and the militia was sent in to quell the disturbance. The city’s charter was revoked several times.The below results are primarily rent to own homes in Lee County, AL:
Agriculture was the bread-and-butter of the city; Opelika Cotton Mill was established in 1900, but through the mid-20th century the city took on more of an industrial-manufacturing nature. The Northeast Opelika Industrial Park – a 2,200-acre site – was constructed in the late 1990s. Job growth is projected to exceed 35 percent over the next ten years.
Today, this city in Lee County, east Alabama is home to about 29,500. It’s just 60 miles from Montgomery, 110 miles from Birmingham, and 100 miles from Atlanta.
Buying a Home in Opelika
The median home price is $142,400, which is 23 percent below the national average. Approximately 65 percent of the residential real estate is owner occupied. Current listings in Opelika range from $29,900 to $899,999. The overall cost of living is seven percent below the national average.
Among Opelika’a residents, the median age is 38, and about 48 percent of the population is married. The median household income is $39,500.
Opelika City Schools serves the city, which operates three primary schools (PreK-2), three intermediate schools (3-5), one middle school (6-8), and Opelika High School (9-12). GreatSchools rates the schools between 4 and 7 (out of 10), so families with children in school should do some investigating when looking at neighborhoods.
Popular Neighborhoods in Opelika
The city is made up of seven constituent neighborhoods. The Roanoke Junction neighborhood is comprised mainly of small- to medium-sized single-family homes and apartment complexes, and most of the homes are owner occupied. It is an upper-middle income neighborhood, and the median home cost is $191,000.
Just to the south of Roanoke Junction is the small 1st Ave/N 10th St. neighborhood. The real estate landscape is similar to that mentioned above, with more a mixture of owners and renters. It’s also a slightly older area – many residences were built before 1970 – and the median home cost is about $174,800. It’s rated in the top 13 percent of neighborhoods in the state for first-time home buyers.
Buying vs. Rent to Own Homes
Opelika may already sound like a city worth considering. Buying a home, though, can be a complicated process requiring a large down payment and pre-qualification. If you’re not in a position to do that or think you won’t qualify, there is an alternative. Many are taking advantage of rent-to-own options, where a part of each month’s rent is set aside toward a down payment to eventually buy the house. In this way, renters have the real possibility of becoming homeowners.
Summary
Because of the city’s efforts, new life has been breathed into downtown Opelika. It is a charming area with shops, galleries, restaurants, and antique stores. The historic district is listed on the National Register of Historic Places. With a mild southern climate, low housing cost, and economy based on manufacturing and retail, Opelika is moving confidently ahead into the 21st century, and a good place to settle and put down roots.
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
When you rent to buy a condo or a townhouse, you’re taking the first step toward becoming a homeowner. You can take advantage of many rent to own by owner programs with no credit check. Having bad credit shouldn’t stop you from owning one of your favorite apartments or houses.
While you lease-option or lease-purchase, you’ll work on improving your credit score and saving up a down payment so that you can qualify with the bank for the house you’re interested in. The bank is frugal with mortgage approvals because they often end up selling foreclosed homes for cheap prices because people cannot afford their mortgage payments.
When you lease to purchase, you’re making yourself into a better candidate for purchasing properties. Check out Rent to Own Lab’s free listings to find properties near me that meet your family’s needs.
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