Rent to Own Homes in St Charles
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Hop on I-64 or I-70 heading westbound out of St. Louis, and you’ll reach the city of Saint Charles in approximately 30 minutes without traffic. This eastern Missouri city rests on the western banks of the Missouri River and was one of the first cities formed in the state. A French fur trader originally named the area Les Petites Côtes, which translates to “The Little Hills.” It was also known as San Carlos before being incorporated as St. Charles in the early 1800s.
Many residents move to St. Charles because they need to commute to St. Louis for employment but prefer to live outside of the larger city. Others are attracted to the family-friendly communities found throughout St. Charles. The local school system includes two high schools, St. Charles High School and St. Charles West. There are also multiple private schools serving local students, including the popular St. Charles Borromeo.
If you choose to make St. Charles home, you won’t have to commute to surrounding cities to find a job. Some of the major employers for the city include Amistar Casinos, St. Charles County and the St. Joseph Health Center. There are also some interesting attractions that bring visitors to the city, including the First Missouri State Capitol State Historic Site, the Missouri Botanical Garden and the Lewis and Clark Boat House.
Buying a Home in Saint Charles
You can expect to pay at least $100 per square foot when purchasing a home in Saint Charles. The average listing price for this real estate market is typically around $250,000, and you will find at least 200 homes on the market at any given time. More than 80 percent of residents own their homes in this city, and that’s partly due to the availability of cheap homes on the market at all times.
When determining the best neighborhood for your Saint Charles home, consider zoning for the local school system. If you prefer to send your child to a private school, you should select a neighborhood close to the school of your choice. You may also want to stick to communities close to the highway if you commute to St. Louis regularly.
Popular Neighborhoods in Saint Charles
Some of the most in-demand Saint Charles neighborhoods are located along the city’s southwestern tail. One of the most prestigious options is a community known as Weldon Spring Heights. It surrounds the Whitmoor Country Club and incorporates the Missouri Bluffs Golf Club. This area falls south of Route 94 and west of Pitman Hill Road, and the Missouri River flows along the southern edge of the community. The median real estate price is typically over $300,000 in this area, but it’s a well-established neighborhood with a low vacancy rate and few rental properties.
If you’re shopping on a more restrictive budget but want to stay close to some of the best schools, look in the large northern community that falls around the Pelican Island Natural Area. The vacancy rate is a bit higher here and some of the homes are older than in other neighborhoods, but it’s still an established community with real estate prices typically falling below $150,000.
Buying vs. Rent to Own Homes
If you’re not ready to apply for a home loan just yet, don’t limit yourself to standard rental homes or apartments. You have another option if you consider rent-to-own homes in Saint Charles. When you sign this type of contract, you move into your new home right away as a renter. Some contracts even designate a portion of your monthly rental payment to go towards the eventual purchase of the property. When you’re ready to secure financing, you have the right to buy the property at a designated price. This is a good option if you want to move right away but need some time to prepare for the home-buying process.
Cost of Living in Saint Charles
The cost of living in Saint Charles is a bit higher than that of St. Louis, but it typically stays within a reasonable percentage of the national average. The biggest difference between St. Louis and St. Charles is the housing market. You can find more cheap homes for sale in St. Louis, but prices are still reasonable in St. Charles. Crime rates are also impressively low in this city, so residents can select homes that fit their budgets without concern for crime.
You could think of Saint Charles as a suburb of St. Louis because it’s close enough for a reasonable commute time, but residents of this smaller city don’t have to leave town to find employment, entertainment and quality educational opportunities. The local school system offers many highly rated public schools, and there are multiple private schools giving students alternatives. The city is home to a variety of historical sites, well-maintained parks and active employers. There are also some affordable housing options, making this one of the more attractive Missouri cities for professionals as well as families.
Rent to Own Realtors
Most realtors aren’t going to want to work with a client looking for a rent to own deal. The upfront profit for a realtor is minimal, and the largest chunk of the commission isn’t guaranteed – even after the contract is signed. Successful rent to own deals make the bulk of commission for realtors as far as three years in the future.
Good realtors know that if they’ve done their job qualifying and showing a buyer options that meet their tastes and budgets, a rent to own deal has a great chance of success. But good realtors are rare.
Instead of using a realtor, learn about rent to own yourself and meet with professionals in the title, mortgage and legal industries to increase your chances of success.
About Our Listings
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.