Rent to Own Homes in Provo
The city’s landmarks are a glimpse into the city’s history, from the grand Provo City Library housed in the old Brigham Young Academy building to the Provo City Center Temple, once the Provo Tabernacle. Perhaps Provo’s most notable landmarks, though, are its natural sites. Provo Canyon is a spectacular area, full of recreation and picturesque waterfalls and cliff faces.
Buying a Home in Provo?
In addition to terrific opportunities, Provo residents enjoy an accessible housing market. The median price of a home here is $186,300, representing a 9.5 percent increase over the last year. There’s also a healthy rental market in town, making up 54 percent of Provo’s homes. Nearly one-third of all Provo homes are valued within the $200,000 to $299,999 range, and nearly one-quarter are valued from $150,000 to $199,999. About 15 percent of homes are valued at $100,000 to $149,999, meaning that affordable homes are definitely available in the area.
Popular Neighborhoods in Provo?
Families, young couples and retirees appreciate the quiet streets and vintage homes of the Maeser neighborhood. It’s a neighborhood made for walking and casual bicycle rides, evenings on the front porch and afternoons playing in the park. North Park is similarly attractive to families with a mix of single family homes, townhomes and condominiums. It’s near excellent schools and several parks, and its homes are on large lots. The University neighborhood appeals to a wide cross-section of age groups but especially to millennials and young adults. It’s close to several museums, the university, stellar recreation and many amenities.
Buying vs. Rent to Own Homes?
Conventional home purchases can be anxiety-filled, with qualifying for a home loan, worrying about credit ratings and handling mounds of paperwork. Rent to own homes offer a more hassle-free approach. Your home loan won’t need to be finalized until the end of the contract period which is anywhere from one to three years. You won’t need a down payment yet; you’ll simply pay a nominal option fee to the current homeowner. Credit checks are usually more relaxed, and you can move into the property immediately. You will pay a small monthly rental premium, but that premium and your initial option fee are generally credited to your eventual down payment.
Cost of Living in Provo?
Between the excellent public services, many job opportunities and gorgeous scenery, it’s tough to imagine Provo offering additional benefits, but it does. The cost of living here is pretty much on par with the national average, and some expenses are well below usual costs. Utilities are 17 percent cheaper here than in most of the nation, and groceries and health care are 4 to 5 percent less expensive. Housing is slightly more expensive at 10 percent higher than the rest of the average, but it’s well balanced by other savings.
Summary Nationally recognized on many fronts, Provo is the fourth best college town in America, the best city to move to for 2015 and the seventh most innovative tech hub in the country. With all that to recommend it, Provo is a gem of the western United States. While homes are just a bit more expensive than the national average, they remain affordable for most. There’s also great diversity in home types and neighborhoods in the city, from historic areas to new subdivisions. Even with housing prices on the climb, Provo’s overall cost of living is just 2 percent above the national average.
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
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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Reported Annual Crime In Provo
Statistic | Provo | Utah | National |
---|---|---|---|
Violent crime | 207 | 4,373 | 370,388 |
Murder | 2 | 66 | 19,131 |
Rape | 70 | 1,399 | 86,726 |
Robbery | 22 | 1,027 | 152,431 |
Assault | 113 | 3,370 | 277,038 |
Property crime | 2 | 16,779 | 1,216,038 |
Burglary | 209 | 6,219 | 468,957 |
Theft | 1 | 14,148 | 1,063,593 |
Motor vehicle | 134 | 4,594 | 301,970 |
Arson | 3 | 145 | 32,898 |