Rent to Own Homes in Rio Rancho
Those who call Rio Rancho home have access to quality public schools through the Rio Rancho Public School system. There is also one charter school in town, so parents do have options when it comes to selecting the best school for each of their children. One unique feature of the city is Rio Rancho Radio, which is a traditional station that airs information regarding local events and a variety of talk programs.
One of the first housing developments built in the Rio Rancho area was the Rio Rancho Estates. Many of the first residents moved into the area from New York, but the city now has a unique atmosphere that families often find comforting. City leaders are taking clear steps to build the city up so that it stands independent of Albuquerque, but many residents still commute to the larger city for employment and entertainment.
Buying a Home in Rio Rancho?
The real estate market in Rio Rancho typically features prices from less than $200,000 to well over $400,000. There are some undeveloped areas of the city remaining, so you'll often find empty plots of land available as well. This gives you the opportunity to build your dream home from the ground up if you have the budget and time to sustain the project. If you're interested in moving into an established home without the wait, you can expect to find the median listing price around $210,000.
All of the schools in Rio Rancho are well supported by the community and receive high ratings. It's best to focus on crime rates and proximity to businesses and entertainment venues when determining the ideal location for your new home.
Popular Neighborhoods in Rio Rancho?
You'll find one of the more popular neighborhoods in Rio Rancho toward the southwestern edge of the city. It falls south of 29th Avenue NW and north of 23rd Avenue SW with 8th Street NW running along the eastern edge of the community. This is a large neighborhood with many medium and large-sized homes, but prices remain reasonable. You can expect to pay around $200,000 for most homes in the area, and the vacancy rate stays under 10 percent.
If you can afford to pay closer to $300,000 for your home, consider heading more toward the eastern edge of town to a large neighborhood near the Santa Ana Star Center. Unser Boulevard NE runs along the western edge of the community, and it extends east to interstate 528. Idalia Road serves as the southern border, and you can expect to pay around $250,000 for most homes in the area. The vacancy rate is often a bit higher than 10 percent here, but most homes are still occupied by their owners and there are many large homes in the community. Buying vs. Rent to Own Homes
Why stress out over applying for a home loan when you can give yourself a little more time to prepare for the process? Securing pre-approval or pre-qualification to finance a home requires a lot of paperwork and thorough investigation of your financial standing, but rent-to-own contracts allow you to get your finances in order before submitting to the process. You start out as a renter and have the opportunity to secure financing and buy your home at a later date.
This is a good opportunity for anyone interested in buying a home in the next two or three years. The exact terms of a rent-to-own agreement vary, but you can expect to have at least two years to secure financing. During that time, other buyers are prevented from making offers on the property, so you have a clear shot at homeownership if you take action before the end of your contract.