Rent to Own Homes in Scottsdale
The below results are primarily rent to own homes in Maricopa County,...
The below results are primarily rent to own homes in Maricopa County, AZ:
Overflowing with chic resorts and dubbed “a desert version of Miami’s South Beach” by the New York Times, Scottsdale has a reputation as an elite community with abundant sunshine, upscale shops and wealthy residents. At its heart, though, Scottsdale is a historic Western community that’s devoted to art, recreation and culture.
Old downtown Scottsdale is the heart of the city. There, locals and visitors can shop at the immense Scottsdale Fashion Square Mall, wander through Scottsdale Museum of Contemporary Art or dance the night away in a host of nightclubs. South Scottsdale is more serious, boasting corporate research and development departments and Arizona State University’s research center. At the other end of town, North Scottsdale is home to the busy Scottsdale Municipal Airport and countless new home developments.
Buying a Home in Scottsdale
The Scottsdale area’s real estate scene is quickly becoming a seller’s market. The number of home listings declined 36 percent to 16,191 in the past year, and those figures bring the region’s home inventory down to a very-low two months. Home prices are significantly higher this year as well. The average selling price of a home is now $562,000, a 29 percent increase over last year. Even with this tightening of the market, there is some good news for home buyers. Homes are staying on the market for 94 days, giving house hunters plenty of time to find a home.
Popular Neighborhoods in Scottsdale
Young couples, singles and families love old downtown’s high-end condos and lofts that cost an average of $508,410. Downtown homes brim with upscale amenities and put every conceivable desire within walking distance. Families looking for a more-reserved lifestyle enjoy the nice homes, schools and shopping centers in South Scottsdale where the median home price is $248,900. McCormick Ranch offers newer subdivisions that blend spacious ranch homes and affluent residences with well-kept apartments. Homes in McCormick Ranch cost an average of $452,025. Exclusive living is found at Pinnacle Peak, where executives and well-off families pay an average of $773,929 for living in the lap of luxury.
Buying vs. Rent to Own Homes
Buying a home often entails a protracted house hunt, stressful price negotiations, a painfully large down payment and the task of finding the right mortgage. Rent to own homes relax that to-do list a bit and move the process at a more relaxed pace. Rent-to-own contracts are usually in place for one to three years. During that time, rent-to-owners pay a monthly rent, a monthly rent premium and a one-time option fee. Rent-to-owners can also use that time to repair a credit rating and save more money for a down payment.
Cost of Living in Scottsdale
Upscale communities often have higher living expenses, and Scottsdale is a case in point. Overall, residents pay 41 percent more than the national average for life’s essentials. Housing is an even greater expense, costing residents 126 percent more than the norm. Transportation and groceries are also higher, costing 6 and 2 percent more than the national average respectively. Healthcare and utilities are the only living expenses to fall below the national average, saving residents 1 percent on healthcare and 8 percent on utilities.
The high-end enclave and resort city of Scottsdale attracts many locals who want to live in nice neighborhoods with plentiful entertainment, a rousing nightlife and good schools. Residents pay for the privilege of living in beautiful Scottsdale, though, with home prices that are well above the state and national average. Never bland, Scottsdale offers neighborhoods with a good mix of income levels, lifestyles and aesthetics. Whether home buyers choose the luxury of Pinnacle Peak or the more diverse McCormick Ranch, they will find a cost of living that is significantly higher than the national average.
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
The free listings for rent to own by owner properties on this website make it easier for buyers to find rent to buy programs near me online.
Rent to buy is a good way to sell apartments or houses when the market isn’t particularly active. It’s certainly a more profitable alternative than selling them for cheap prices.
You can choose to lease-option or lease-purchase a condo, townhouse, etc – anything other than foreclosed homes works. In a lease-option, the buyer has the option to buy the home, but in a lease-purchase, the buyer must buy it.
It’s important to note that lease to purchase deals usually come with no credit check because bad credit is the tenant’s responsibility. If the tenant cannot purchase the home at the end of the lease, the seller keeps their rent and option fee. Then, the seller can find another buyer and, hopefully, market conditions are better.