Rent to Own Homes in Seattle
The below results are primarily rent to own homes in King County, WA:
Seattle is nestled between Puget Sound and Lake Washington in the Pacific Northwest region of the United States. The city is located close to several national forests and is approximately two hours away from Olympic National Park. The Seattle Metropolitan Area includes three Washington counties, and the area is known as one of the wettest places in the United States. While snow is a rarity and the temperatures rarely go to extreme highs or lows, you never know when the sky will open up and release a torrent of rain.
Seattleites dress in layers and enjoy the many outdoor amusements in the Seattle area year round. The Woodland Park Zoo and Seattle Aquarium are big attractions, and the Space Needle delivers a breathtaking view of the city from up high. For relaxation and exercise, Waterfront Park is popular. While it’s a pleasant place to walk or just sit on the bench staring out at the water, you want to step up to the observation platforms to see the best views. You can even see the Olympic Mountains on a clear day. The park is controlled by the city, so the Seattle City Council is in charge.
Buying a Home in Seattle
The Seattle housing market is extremely competitive because the number of homes on the market is quite low compared to most other cities. When a home in move-in condition located within a desirable neighborhood hits the market, it’s likely to receive multiple offers within a week. Some homes have sold within days of hitting the market, and there are always rumors of homes that sell within hours.
This intense buying environment demands that you work with a real estate agent ready to get you in to view homes as soon as they are listed. If you’re late, your dream home may have multiple offers before you step through the front door for a viewing. It’s common for home buyers to work with lawyers as well to ensure the terms of their offers are highly competitive.
Popular Neighborhoods in Seattle
Downtown Seattle provides a big city lifestyle if you want to stay close to the business district for work or prefer to walk to your favorite coffee shop and use public transportation rather than a personal vehicle. Most residents prefer to live further away from downtown and commute to work, but you may choose to go just slightly outside the downtown area in a neighborhood like Magnolia. It places you right by the heart of the city while keeping your home slightly removed from the action.
If you’re interested in single-family homes and a safe neighborhood, Green Lake is a good option. It has a family-friendly park with a pretty lake, and you can get downtown in less than a half hour without traffic. The East Side neighborhoods will put you in more of a suburban environment with many strip malls and tree-lined streets. Look to Redmond and Bellevue for examples of these neighborhoods.
If you want the true Seattle experience, look to neighborhoods close to the water like Sunset Hill. While home prices are typically higher here, you have access to Sunset Hill Park, Shilshole Bay and the Locks. Views of the Cascade Mountains are the backdrop to the neighborhood and many homes enjoy spectacular window views. The downside is that you have to drive a bit to get on the interstate, so it’s not ideal for commuters.
Buying vs. Rent to Own Homes
You want to enjoy the pride that comes with owning your home, but maybe you’re not prepared to take on all of that responsibility at once. If you’re dreaming of stepping into home ownership at a slower pace, renting to own is the answer. You start out as a renter with a landlord covering any expenses related to maintenance and repair of the home. At a scheduled time, you take out a home loan and become the owner of the property. You get to move in right away and most contracts allow part of your monthly rent to collect for use toward buying the home, so you get to feel that pride without stressing out over the loan process.
Cost of Living in Seattle
Seattle’s housing index is double that of the national average. This is due to the limited number of homes on the market, though there are times when the inventory does go up for short periods of time. The cost of goods, services groceries and utilities are roughly even with national averages, but you can expect to pay more for healthcare and transportation. No matter how you look at it, this is one of the more expensive cities in the U.S. today.
If you can overlook the high cost of living and an unusual amount of rain each year, Seattle offers enjoyable temperatures year round and spectacular views from all areas of the city. The city is surrounded by several national parks, multiple mountain ranges, Puget Sound and Lake Washington. The temperatures rarely go to extremes, so you can realistically spend your downtime outdoors year round. Whether you buy a remote home with the mountains in your backyard or stick close to the water, you’re likely to fall in love with the natural beauties of Seattle.
Rent to Own Realtors
Using a realtor for your rent to own deal can offer great benefits. Agents are well versed in real estate so they can effectively communicate opportunities and discern which of those opportunities is a legitimately good deal.
Nonetheless, not a lot of realtors will want to help with your rent to own deal because upfront profit for a realtor is minimal and the big payout down the line is not a guarantee.
That means you’ll have to do a little research to ensure that you make the best decisions, but you will save money on commission.
About Our Listings
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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.