Rent to Own Homes in Orem
The city sits on the shores of Utah Lake and is part of Utah County. It's also home to many outdoor recreational areas, including Lakeside Sports Park and the Powell Slough Waterfowl Management Area. In addition to providing many safe communities that attract families with young children, this city is a haven for many college students. Brigham Young University is located approximately five miles outside of the city, and Utah Valley University is positioned on the western edge of town.
If you're interested in making Orem your future home, consider living near some of the family-friendly entertainment venues. This includes the Hale Center Theater, the UVU School of Arts and the movie theater at University Mall. Children and teenagers of all ages also enjoy visits to the skating rink, tactical action game centers and a large mini golf course.
Buying a Home in Orem?
The median listing price for homes in Orem is typically lower than $300,000. Some communities fall closer to the $200,000 mark, but you can expect to pay around $300,000 if not a bit more for homes in the most desirable neighborhoods. Most buyers will pay a bit more than $100 per square foot, and there are some million-dollar homes that can go for much more. It's common to see a variety of homes selling for less than $300,000, but the market rarely offers properties under the $200,000 mark. Most of the city's public schools are highly rated, so you can select a home without concern over school districts.
Popular Neighborhoods in Orem?
One of the most desirable neighborhoods in Orem is located toward the northeastern corner of the city. This area is known as Orchard North or Canyon View and features home prices around $400,000. Most of these homes have more than three bedrooms and are owned by their occupants. The vacancy rate is often zero, so you may have to watch the market closely and make an offer as soon as a suitable home becomes available.
If you need more affordable prices and want to remain close to some of the best Orem schools, consider a small neighborhood on the eastern edge of town known as Sharon or Scera Park South. Real estate prices are around $300,000 here, and you can often find homes selling for a little less than that figure. Most of these homes are occupied by their owners, and the vacancy rate is typically below 8 percent. You can still find many larger homes in this neighborhood, so don't assume that lower prices mean less space for your family.
Buying vs. Rent to Own Homes?
You're ready to purchase your own home, but your finances aren't agreeing with that decision. If you know that you will have a down payment and the financial standing to secure a reasonable interest rate within the next two to three years, then you may qualify for a rent-to-own home contract. This is a unique selling tool that allows you to rent your way to home ownership.
Though you must start out as a renter under this type of contract, you have the exclusive right to purchase the property before a designated date. This means that you don't have to worry about competition from other home buyers. As long as you make the purchase within the time frame allowed, the property that you rent today will one day become your own. Not all Orem properties will offer this type of contract, but it's worth considering if you aren't quite ready to secure financing for a new home.
Cost of Living in Orem?
Professionals estimate that a single adult supporting one child will need around $42,000 per year to live comfortably in Orem. If that sounds high, blame it on the housing market. You can expect to pay approximately 10 percent above average for real estate in the city, but that is balanced out by lower-than-average prices for many goods and services. Healthcare and utility rates are also lower than average, but the overall cost of living remains slightly above the national average. As long as you can budget for above-average housing prices, it is possible to live comfortably in Orem with a reasonable income.
While Orem, Utah, is well known as home to many members of the Church of Jesus Christ of Latter-day Saints, it's also a family-friendly community with two local universities and some high-quality public schools. There are a variety of entertainment venues that suit residents all ages, including theaters, mini golf courses and community sports programs. Though the cost of housing is often a bit higher than the national average, you can still live comfortably on a reasonable budget in this city.
Summary
While Orem, Utah, is well known as home to many members of the Church of Jesus Christ of Latter-day Saints, it's also a family-friendly community with two local universities and some high-quality public schools. There are a variety of entertainment venues that suit residents all ages, including theaters, mini golf courses and community sports programs. Though the cost of housing is often a bit higher than the national average, you can still live comfortably on a reasonable budget in this city.
Rent to Own Realtors
You can plan a party without an event planner, you can go swimming without a lifeguard, and you can rent to own without a realtor.
That’s important because there isn’t as much money for realtors in rent to own deals as in traditional sales. Therefore, finding a realtor to help you is rare.
While the listed activities might be easier with a professional, they’re all possible without one. To successfully rent to own without a realtor learn all you can about it.
About Our Listings
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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.
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