Rent to Own Homes in Salt Lake City
The Salt Lake area is ideally situated along Interstates 15 and 80, and is home to renowned Brigham Young University as well as the country’s industrial banking center. Whether you appreciate the buoyancy of the shallow Great Salt Lake and other Salt Lake Valley recreation sites or prefer Salt Lake City’s lively music and food scenes, Salt Lake City is a delight.
Buying a Home in Salt Lake City?
Local real estate experts note that Salt Lake County’s housing market is almost fully recovered from the recession, and home prices are at 88 percent of their pre-recession prices. The median sales price of a single family home in Salt Lake City is 4 percent higher than last year at $255,000, while the median sales price of condos, duplexes and townhouses is up 5 percent to $175,000. These multi-family homes account for about 18 percent of the local housing market, and about 3,000 of these units are sold each year.
Popular Neighborhoods in Salt Lake City?
Singles and couples, both gay and straight, enjoy the urban ambiance of the 9th & 9th neighborhood. From an independent movie house to plentiful shops and restaurants, 9th & 9th is always entertaining. The trendy Capitol Hill/Marmalade District near downtown Salt Lake is growing in popularity, drawing singles, couples and young families to its eclectic, historic architecture and vibrant art scene. A mix of the city’s elite athletes, executives and young families and couples often prefer the lush homes of The Avenues, where a wide range of home styles and plentiful outdoor activities create an engaging neighborhood.
Buying vs. Rent to Own Homes?
While both rent to own homes and traditional home-buying processes offer many rewards, rent to own homes favor buyers who need financial flexibility and a more-relaxed purchase timeline. Typically lasting one to three years, rent-to-own arrangements delay the need for a down payment and mortgage. Instead, rent-to-own buyers pay an initial option fee and a premium on monthly rent. These option fees and rent premiums are often credited to the buyer’s final down payment. Rent-to-own options also allow buyers to get in on today’s lower housing prices and enjoy less stringent financial requirements.
Cost of Living in Salt Lake City?
As attractive as Salt Lake City is, its overall cost of living is 15 percent more expensive than the national average. That higher expense is a result of the region’s strong housing market, accounting for expenses that are 55 percent above the national average. Most other essentials, like utilities, groceries and health care, are 19, 5 and 7 percent respectively below the national average. Transportation costs are on par with the rest of the country.
One of two major cities in the West’s Great Basin, Salt Lake City is beloved for its incredible winter sports and proximity to some of the country’s most picturesque national parks. This Crossroads of the West brims with economic opportunities, beautiful homes and charming neighborhoods. These traits make it a popular place to settle, and the city’s higher-than-average housing prices reflect that desirability. Salt Lake City’s inviting neighborhoods, gorgeous views and inexpensive food, utility and healthcare costs make up for those high housing costs and create a city that is as enticing as it is welcoming.
Summary
One of two major cities in the West’s Great Basin, Salt Lake City is beloved for its incredible winter sports and proximity to some of the country’s most picturesque national parks. This Crossroads of the West brims with economic opportunities, beautiful homes and charming neighborhoods. These traits make it a popular place to settle, and the city’s higher-than-average housing prices reflect that desirability. Salt Lake City’s inviting neighborhoods, gorgeous views and inexpensive food, utility and healthcare costs make up for those high housing costs and create a city that is as enticing as it is welcoming.
Rent to Own Realtors
Working with a realtor doesn’t guarantee that you will successfully complete a rent to own deal, but their knowledge and expertise can make a big difference in your success rate.
Unfortunately, not many realtors will want to work with you on a rent to own deal. There isn’t a lot of profit for a realtor in rent to own deals.
So, you’ll need to find others with the knowledge and expertise you are looking for to ensure a successful lease-option experience. Consider consulting with a realtor, a title company and a mortgage officer instead. These professionals are better than a realtor because they are experts in their respective fields, as opposed to realtors who know a good deal about each of those rent to own factors.
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.
Find properties near me with Rent to Own Labs.
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