Rent to Own Homes in Shoreline
The below results are primarily rent to own homes in King County, WA:
The city of Shoreline rests on the eastern edge of Puget Sound, approximately 10 miles north of Seattle. Positioned within King County toward the northwestern corner of Washington state, the city is home to Richmond Beach Saltwater Park, Kruckeberg Botanic Garden, Shoreline Historical Museum and Twin Ponds Park Community Garden. There are also many small parks dotting the city’s landscape, including Innis Arden Reserve Park, Cromwell Park, Boeing Creek Park and Hamlin Park.
Families with young children and high school students are served by the Shoreline School District, which includes two high schools and the Evergreen School. Adults can take classes at Shoreline Community College, and the city is served by the Shoreline Police Department. Most residents hold jobs related to business, including many managerial positions for a variety of companies in Shoreline or nearby Seattle. Since Seattle is a short drive away, it’s common for residents to commute for jobs as well as recreational and entertainment purposes.
Buying a Home in Shoreline
When browsing homes for sale in Shoreline, expect to see prices ranging from around $500,000 to more than $2 million. The median listing price for the city often goes well beyond $500,000, but the median sales price is often a bit less. Most buyers will pay more than $200 per square foot, and the most desirable neighborhoods can easily go over $300. It’s common for sellers to receive three or more offers in this aggressive real estate market before a sale is finalized, so you may need to consider a strong offer with earnest money when you find a property that suits your needs.
Popular Neighborhoods in Shoreline
If you want to purchase a large home on the shores of Puget Sound, consider properties in the Richmond Beach area. This neighborhood fills the northwestern corner of the city and includes some luxury homes right on the water. If you want to stick toward the southern end of the city so that your commute to Seattle is more reasonable, consider the Highlands gated community. Properties in this neighborhood can soar well beyond $1 million, but it’s one of the most exclusive areas in the city. If you need more affordable home prices, look to the Parkwood neighborhood.
Buying vs. Rent to Own Homes
Why rush to purchase a home in Shoreline when you can give yourself the blessing of time? Rent-to-own homes allow you to take up residence in your new home before you actually turn over the down payment and officially purchase the property. You get to live in the home while preparing to apply for financing, and that may allow you to qualify for a lower interest rate. You may feel less pressured when purchasing a home in this manner, and you’ll get to move faster than you could afford to move when purchasing a home in any other way.
Cost of Living in Shoreline
While the cost of living in Shoreline is comparable to many other mid-sized cities with a highly educated residential base, it’s still known to jump above the national average by 30-60 percent. The biggest influence on this high cost of living is the housing market, which often more than doubles the national average. The cost of utilities is known to drop slightly below the national average, but most other expenses are 20 percent or more above average. Since the city is known to offer a variety of high-paying jobs, most residents are able to purchase homes and live comfortably as long as they have a reasonable income.
Rent to Own Realtors
Realtors are highly skilled at informing potential buyers and prospective sellers about rent to own. A realtor can help find the second half of the deal you have been searching for.
Unfortunately, not many realtors are interested in rent to own because there isn’t a lot of money for them in the process. In the past, that would constitute a serious roadblock to rent to own; however, there are plenty of websites available for buyers and sellers to find each other.
Completing your rent to own deal without a realtor could save the seller a lot of money on commission. That gives the seller some wiggle room on the sale price, which attracts even more buyers.
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.