Rent to Own Homes in Peoria
The below results are primarily rent to own homes in Peoria County, IL:
Peoria is both a river town and a college town, making it a prime locale to live, study, work and play. The picturesque Illinois River meanders through town, creating a popular riverfront region. The area includes the Peoria Riverfront Museum, Dome Planetarium, Giant Screen Theater, Caterpillar Visitors Center and a summertime farmers market. More entertainment is found at the Peoria Civic Center’s convention center, exhibit hall, ballroom, theater and sports arena.
Peoria township has dozens of other attractions, but the expanded Peoria area is just as scenic and fun. In Peoria Heights, you’ll find the legendary Grand View Drive that drew praise from President Theodore Roosevelt as the “world’s most beautiful drive.” West Peoria is full of small-town charm, and East Peoria sports its own lively riverfront park. These and many other suburbs make up the Peoria Metropolitan Statistical Area that encompasses 373,590 residents. The Peoria Journal Star provides local news of the day.
Buying a Home in Peoria
Homebuyers have many opportunities in today’s Peoria housing market. Local single family homes have an average selling price of $134,047, and condos sell for an average of $131,453. More than half of the 250 single family homes sold in January 2016 were purchased for less than $120,000, and a fair number of those sold for less than $80,000. About two-thirds of the condos purchased during that same time period had a selling price of less than $140,000.
Popular Neighborhoods in Peoria
Young families, singles and retirees appreciate the value and comfort of the Rolling Acres neighborhood. Houses here are mostly ranch homes from the ‘50s to ‘70s, and they offer access to some of the area’s best schools. Rolling Acres homes have a median price of $95,000. Similarly, Idyllbrook is a mature neighborhood with well-kept family homes, good schools and a median price of $195,000. Peoria also boasts several beautiful historic districts. The Randolph-Roanoke and Uplands neighborhoods have gorgeous old homes and easy access to downtown and the river. Randolph-Roanoke homes have a median list price of $220,000 and Uplands homes have a median selling price of $136,000.
Buying vs. Rent to Own Homes
Renting to own a home transforms traditional renting and home buying. Instead of making monthly rent payments and having nothing to show for them, your monthly rent payments actually go towards homeownership in rent-to-own situations. This is an ideal set-up for first-time homebuyers and those who need a little extra time to prepare financially. Rent-to-own contracts, which usually last for a period of one to three years, let you move into the home immediately. You’ll pay an option fee to start the process, and you’ll make regular monthly rent payments. You’ll also pay a pre-negotiated monthly rent premium that contributes to your eventual purchase.
Cost of Living in Peoria
If you’re looking for an affordable place to live, it’s tough to imagine a town better than Peoria. The overall cost of living in Peoria is 15 percent below the national average, and housing is a whopping 51 percent cheaper. For every dollar the average American spends on housing, Peoria residents spend only 49 cents. Other costs are closer to the national average, including groceries, health care and utilities. The only expense that is more costly than the country’s average is transportation. It runs about 11 percent more expensive than in the rest of the nation.
An All-American City, Peoria delights with a beautiful river, vibrant riverfront attractions and a host of universities and colleges. It is home to Caterpillar, Inc. headquarters, a variety of leading businesses, numerous museums and local minor league sports teams. Even its neighborhoods are lovely, with several historic districts and well-established subdivisions. Peoria’s immense appeal is made even more attractive by its affordability. Many homes here are below $120,000. This affordability keeps the overall cost of living in Peoria low as well. Overall, locals pay 15 percent less on essentials than the national average.
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.
About Our Listings
The free listings for rent to own by owner properties on this website make it easier for buyers to find rent to buy programs near me online.
Rent to buy is a good way to sell apartments or houses when the market isn’t particularly active. It’s certainly a more profitable alternative than selling them for cheap prices.
You can choose to lease-option or lease-purchase a condo, townhouse, etc – anything other than foreclosed homes works. In a lease-option, the buyer has the option to buy the home, but in a lease-purchase, the buyer must buy it.
It’s important to note that lease to purchase deals usually come with no credit check because bad credit is the tenant’s responsibility. If the tenant cannot purchase the home at the end of the lease, the seller keeps their rent and option fee. Then, the seller can find another buyer and, hopefully, market conditions are better.