Rent to Own Homes in Roanoke
If you visit or move into this city, make sure to stop by the City Market in downtown Roanoke for great prices on fresh produce. This thriving city center is also the best place to shop, dine and spend time with friends and family. There are many community events held in this area throughout the year, including the Budweiser Summer Series, a yearly St. Patrick's Day parade, the annual Harvest Festival and a variety of events for the holiday season.
For entertainment, residents often book tickets for events at the Berglund Center. Once known as the Roanoke Civic Center, this venue features a variety of musical and theatrical events throughout the year. Other local attractions include the Roanoke Star, the Blue Ridge Parkway and the Mill Mountain Theatre.
Buying a Home in Roanoke?
Due to a large number of foreclosures in the area, there are many homes selling for less than $100,000 in Roanoke. If you decide to invest in one of these properties, make sure that you consider what you will spend renovating and updating the property and the time that doing so may take. Some properties may have damage that you don't see during the initial inspection, and that can dramatically increase the amount you must invest just to make the property livable.
The median sales price for homes throughout the city is around $160,000, which reflects the low-priced foreclosure properties for sale. There are many move-in ready homes that sell for $400,000 and above in some of the best neighborhoods. Consider the local schools, commute times for work and other lifestyle factors when selecting the best Roanoke neighborhood for your household.
Popular Neighborhoods in Roanoke?
Eastgate is one of the most established Roanoke neighborhoods. Positioned on the eastern edge of town near Tinker Creek, this community was once a rural residential area outside of city limits. It was annexed into Roanoke in 1976 and has since taken on the characteristics of a suburban neighborhood. This is a good place to look for affordable homes that were built in the 1970s, including some foreclosure homes and low-priced homes in move-in condition. Garden City is another annexed neighborhood that is now an affordable suburban community. If you're interested in larger homes, look to neighborhoods like Mountain View and Hurt Park.
Buying vs. Rent to Own Homes?
Determining the right time to invest in a new home is one of the most important decisions that you will make in your life. You may want to move into that home right now, but you may not have your financial life in line. One alternative to the standard home-buying process allows you to start out as a renter. You move into the property right away, and the current owner may assume all financial responsibility for upkeep of the property. Once you purchase the home, you take over ownership as well as responsibility. If that sounds like the ideal way to ease into home ownership, then you're a good candidate for a rent-to-own home.
Cost of Living in Roanoke?
The cost of housing in Roanoke can drop up to 30 percent lower than the national average. Most daily living expenses are just a bit lower than national averages, and most residents spend less than average on transportation. Even though utility prices are often on par with the national average, the overall cost of living is close to 20 percent lower than average. This is a good place to live if you want to purchase a home but don't have a substantial budget or if you simply want to live a comfortable suburban life without stressing out over finances.
With a reasonable cost of living and close proximity to the Appalachian and Blue Ridge Mountains, there are many reasons that locals love Roanoke, Virginia. The city has grown tremendously over the years, largely by annexing smaller surrounding communities. The annexed cities have grown into family-friendly suburban communities with convenient access to public schools. The downtown area is thriving with restaurants, and there's no shortage of craft beer here. This is a great place to live if you want to stay on the east coast in a family-friendly neighborhood with lots of outdoor activities and street festivals available.
Summary
With a reasonable cost of living and close proximity to the Appalachian and Blue Ridge Mountains, there are many reasons that locals love Roanoke, Virginia. The city has grown tremendously over the years, largely by annexing smaller surrounding communities. The annexed cities have grown into family-friendly suburban communities with convenient access to public schools. The downtown area is thriving with restaurants, and there's no shortage of craft beer here. This is a great place to live if you want to stay on the east coast in a family-friendly neighborhood with lots of outdoor activities and street festivals available.
Rent to Own Realtors
When it comes to contracts, there are usually plenty of loopholes. You don’t want to be blindsided because your counterpart in a rent to own deal knows them better than you do.
A realtor might be the logical person to ask for help with a real estate deal, but instead, you should consult with a lawyer to ensure that your lease-option contract benefits you just as much as it benefits the other party.
Realtors likely will not want to help you with a lease-option because they don’t make a lot of money off of them – at least, they don’t make a lot of money until the end of the lease, and that isn’t a guarantee.
Regardless, a lawyer will have more accurate information about your contracts anyway.
About Our Listings
Rent to Own Labs offers more than free listings for rent to buy houses.
Our website also includes real estate owned properties, which are bank-owned foreclosed homes that didn’t sell at auction. You can buy these types of properties for cheap prices because the bank isn’t in the business of real estate; it’s just looking to get rid of the condo, townhouse, etc. that it has on the book.
Sellers directly list rent to own by owner apartments and houses as lease-option or lease-purchase programs with no credit check. On lease to purchase contracts, the buyer is contractually obligated to buy the home, and on lease to own contracts, the buyer is financially motivated. It doesn’t matter to the seller if you have a bad credit score because they know you have a lot at risk if you don’t buy the home you’re renting to own.
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