Rent to Own Homes in Pasco
The below results are primarily rent to own homes in Franklin County, WA:
You’ll find the city of Pasco on the northern banks of the Columbia River in southern Washington state. It’s located approximately 30 miles from the Oregon state line and 130 miles from the Idaho state line. This central location gives residents easy access to the employment, entertainment and recreational opportunities in three states. They also enjoy access to some reputable public schools through the Pasco School District, including Pasco High School.
Tri-Cities Airport is located in the east-central region of the city, and the Sacajawea State Park rests on the banks of the Columbia and Snake Rivers in the southeastern corner. With many golf courses, parks and lakes scattered throughout the city, it’s easy to see why so many Washington residents consider the Pasco area an ideal place to settle down and enjoy a healthy lifestyle.
When moving to Pasco, you have to decide which side of the city you want to call home. West Pasco has experienced dramatic growth and now features a number of newly developed residential areas, restaurants and retail complexes. While the rest of town has gained residents as well, it hasn’t experienced the boom of modernity that has been seen in West Pasco.
The expansion in Pasco is interesting because it was historically slower in growth than most of the surrounding Washington cities. It was largely dependent on agriculture and the NP Pasco Rail yards in those days, but tourism has changed the spirit of the city.
Buying a Home in Pasco
If you need some help purchasing a home in Pasco, take advantage of the city’s Community Housing Improvement Program. Otherwise known as CHIP, this program assists low to middle-income consumers with down payments and sometimes closing costs. These expenses are one of the biggest obstacles for potential buyers, and the program can assist with the purchase of most homes located within Pasco city limits.
The median sales price for Pasco homes is typically around $200,000, and it’s common for buyers to pay more than $100 per square foot. Approximately 70 percent of residents own their homes, and it’s not difficult to find established neighborhoods with low vacancy rates.
Popular Neighborhoods in Pasco
West Pasco is the most popular neighborhood in Pasco because it has experienced the most dramatic growth. You’ll find some of the highest real estate prices in this area, but the region also places you close to some of the best schools and a variety of parks, lakes, retail centers and restaurants. If you prefer a more established neighborhood with a small-town feel, then look in the northern region of the city.
Buying vs. Rent to Own Homes
Are you interested in buying a home in Pasco? If you know that you could qualify for a more affordable interest rate if you gave yourself some time to prepare for pre-approval, you might want to check out rent-to-own homes. These properties allow you to move in as a renter with the expectation that you will purchase the home at a later date. You can use the rental phase to prepare for the loan application process, allowing you to strengthen your chances at securing the lowest interest rate available.
Cost of Living in Pasco
The cost of living in Pasco can drop 10 percent below the national average at times, but it generally stays close to average. The housing market typically stays within 10-15 percent of the national average, which is far more affordable than the overall cost of housing in the state of Washington. You can also find affordable food, goods and services in most areas of the city, making it possible for residents on a limited budget to live comfortably. Programs are also available to help those with limited income secure the down payment needed to purchase a home in Pasco.
If you follow the Columbia River through southern Washington state until it meets with the Snake River, you’ll find the southeastern corner of a city known as Pasco. This waterside city is now a popular tourist destination due to the abundance of natural beauty and opportunities for outdoor recreation. The city has experienced dramatic growth since the year 2000 and is now considered one of the best places to enjoy a healthy life in the western United States.
Rent to Own Realtors
Realtors have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
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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.