Rent to Own Homes in Savannah
The below results are primarily rent to own homes in Chatham County, GA:
The oldest city in Georgia, Savannah is a lush, welcoming community with an abundance of charm, history and industry. In downtown Savannah, the Savannah River and its waterfront River Street mark the northernmost edge of the Savannah Historic District. A few blocks to the south are the legendary Savannah Victorian Historic District, Savannah College of Art and Design and the Savannah Civic Center.
The city’s tourism industry flourishes with visitors who are drawn to the compelling architecture of the Savannah Historic District, neighboring Savannah Victorian Historic area, and the often-salacious tales of those who lived there. The Savannah River further propels the local economy via the Port of Savannah, and famous eateries like the Lady and Sons and Leopold’s Ice Cream are just part of the city’s delectable food scene.
Buying a Home in Savannah
Beautiful Savannah’s housing market is blooming, with a recent 7 percent increase in the median home price. Even with this increase, the city’s median home price of $188,675 is affordable by many standards. Reflecting the city’s desirability and affordability, home sales have also increased, rising by 17 percent to 613 home-sale closings in a one-month period. House hunters don’t have to feel pushed into making a quick decision, though, since homes here stay on the market about 115 days before selling.
Popular Neighborhoods in Savannah
Flourishing Midtown increased in population by 3.4 percent in the past year, attracting residents who enjoy living close to downtown and within walking distance of shops and restaurants, Midtown features a wide range of historic and modern homes with an average selling price of $77,465. The Starland/Thomas Square neighborhood spans the distance between Midtown and the Victorian Historic District, and offers its own 19th-century homes and vibrant art scene. Of course, the dream for many is to live in historic downtown or the Victorian Historic District, both of which are walkable communities with plenty of culture and recreation. Average home prices in the Victorian District range from $263,500 to $313,000, while downtown homes are pricier at an average of $641,347.
Buying vs. Rent to Own Homes
Making a conventional home purchase has plenty of rewards, but buying a rent to own home is often simpler for buyers with less-than-perfect credit. Rent to own homes offer a price benefit to buyers in rising markets like Savannah’s because buyers pay today’s home prices even if homes are more expensive at the conclusion of the rent-to-own contract period. Rent to own home buyers also can move into their properties immediately, while conventional buyers must wait 30 to 90 days for escrow to close.
Cost of Living in Savannah
Living in Savannah is comfortably affordable, costing residents just 83 cents for every dollar other Americans spend on life’s essentials. Part of that affordability comes from the city’s economical real estate market where homes cost 45 percent less than the national average. Other necessities are equally cheap, with health care, food and transportation costing 3 to 5 percent less than in the rest of the country. These savings easily balance the city’s utility costs, which are 7 percent pricier than the national average.
Made infamous with the book and movie, “Midnight in the Garden of Good and Evil,” Savannah’s Mercer House is just one of many gorgeous old homes with a fascinating past in the picturesque Historic District. This coastal city has plenty of mystique and appeal, most recently ranking No. 3 in Travel + Leisure’s best North American cities. Living here is desirable and attainable, with lovely historic homes in laid-back neighborhoods just steps from legendary dining. While home prices are on the climb, they are still affordable and contribute to an overall cost of living that is 17 percent below the national average.
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.
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These programs are a great way to buy a condo or townhouse if you have bad credit. In fact, lease purchase and rent to buy programs usually offer cheap homes with no credit check. Just make sure you look at your lease to purchase agreement to understand whether you have the option or obligation to buy the home you’re looking at. Lease-purchase agreements require the buyer to purchase by the end of the lease term, while lease-option agreements give the buyer the option to buy.