Rent to Own Homes in Reno
Named in honor of Major General Jesse Lee Reno, the city is home to Reno Stead Airport and the University of Nevada. The Truckee River flows through the center of the city, and the Truckee River Boardwalk is one of the most popular areas for visitors and residents. The boardwalk restaurants are considered part of the most vibrant culinary district in the city, and the Wine Walk event takes place here once a month. The Sierra Nevada Mountains are also a noteworthy feature of the city because they provide a beautiful landscape and allow residents to enjoy skiing and other snow sports in the winter.
Buying a Home in Reno?
It’s easy to experience intense sticker shock when browsing the Reno real estate market. This is a leading Nevada city for million-dollar homes, and some communities do offer upscale amenities that not every homeowner can afford. Don’t get discouraged because there are some safe neighborhoods that still offer homes that are affordable to all income levels. While working with a local realtor is always the best way to gain insight into a housing market, it is more important if you’re house shopping on a tight budget in Reno.
Popular Neighborhoods in Reno?
If you can afford to pay approximately a million dollars for your home, you may enjoy the Caughlin Ranch neighborhood. This is a planned housing development with no straight roads. Every road is curved so that residents can enjoy views of the ponds and other family-friendly landscape features. The neighborhood even has its own walking trails. If you want to live near a golf course and can afford the same general price range, the Arrowcreek neighborhood is one to consider.
For a suburban community located near shopping malls and restaurants, consider Donner Springs. The homes are more in the $200,000 price range, and the community is close to two golf courses. For mountain views with reasonable real estate prices, look to the D’Andrea neighborhood. There is also an elderly community in this neighborhood where homes are reserved for owners over the age of 55.
Buying vs. Rent to Own Homes?
Are home prices in Reno testing your budget as well as your nerves? One way to reduce your overall housing expense is to secure favorable mortgage loan terms. Your interest rate could take even the more affordable Nevada homes out of your budget if you have bad credit or aren’t able to offer a substantial down payment. One way around this is to secure a rent-to-own agreement. This allows you to rent your home for a specified number of years with the right to purchase the home by a set date. You can use the rental period to improve your credit, save up a larger down payment or shop around for the best lender. You get to live in your home in the meantime.
Cost of Living in Reno?
While the cost of housing in Reno is approximately 10 percent higher than the national average, utility expenses are approximately 20 percent below the national average. Expenses for transportation, groceries, goods and services are comparable to national averages, so the overall cost of living is less than five percent higher than the current national average. The more luxurious housing developments drive up the housing index, but you can find more affordable single-family housing options throughout the city.
Think of Reno as a miniature Las Vegas with more upscale neighborhoods. Located near Lake Tahoe at the base of the Sierra Nevada Mountains, the city delivers spectacular water and mountain views for many affluent neighborhoods and planned communities. It’s also home to many large hotel casino resorts, attracting visitors just as quickly as residents. The University of Nevada also has a campus here, so the local population is a fun mix of businessmen, gamers, nature enthusiasts and students.
Summary
Think of Reno as a miniature Las Vegas with more upscale neighborhoods. Located near Lake Tahoe at the base of the Sierra Nevada Mountains, the city delivers spectacular water and mountain views for many affluent neighborhoods and planned communities. It’s also home to many large hotel casino resorts, attracting visitors just as quickly as residents. The University of Nevada also has a campus here, so the local population is a fun mix of businessmen, gamers, nature enthusiasts and students.
Rent to Own Realtors
An agent serves as a protection for both the buyer and the seller. They can save the buyer and seller a lot of time and money, which could offset the realtor’s commission.
However, not many realtors are interested in helping with lease-options. They make a minimal profit off of the lease portion of the deal, and the profit from the purchase is several years down the line and isn’t guaranteed.
Instead, protect yourself by communicating with lawyers, title agents and mortgage lenders to ensure that your rent to own deal works smoothly.
About Our Listings
Listing properties for traditional sale eliminates a big chunk of the buyer market. People with bad credit are left out of the traditional home buying process. Nonetheless, buyers who don’t qualify for mortgages are still in the market for apartments and houses.
Rent to own by owner programs with no credit check are an easy way for a seller to start earning money from their townhouse or condo in a market that isn’t viable, which appeals to new groups of buyers.
Through rent to buy and lease to purchase, sellers rent a property to potential buyers for a set lease term. During which, the seller earns profit through the rent buyers pay as a tenants. At the end of the lease, the buyer has the option to buy the property, or if they signed a lease-purchase agreement, they must buy it.
With a little patience, sellers can make rent money and the true value of their home from its eventual sale. Which is better than selling the home cheap and competing with bank-owned foreclosed homes that sell for less than market value.
Sign up for one of our free listings so that potential buyers can find you when they look for rent to own homes near me online.
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