Rent to Own Homes in Sioux Falls
The below results are primarily rent to own homes in Minnehaha County, SD:
Enriched by the Big Sioux River falls, Sioux Falls has been a growing city since its establishment in 1865. In 1955, it merged with South Sioux Falls to create the town most know today. The largest city in South Dakota, this ever-growing population of Sioux Falls residents is served by a host of Sioux Falls school campuses. The public Sioux Falls School District serves 23,000 students and private Sioux Falls Catholic Schools also operates eight campuses. Higher education is also important here, with University of Sioux Falls, Killian Community College and a number of other universities.
The city has evolved from rock-quarries and agriculture center to an economy that includes a diverse set of industries. Financial services, healthcare, food manufacturing and retail companies all make their homes here. Forbes magazine repeatedly ranks Sioux Falls as the No. 1 Best Place for Small Business and Careers.
Buying a Home in Sioux Falls
Sioux Falls regional real estate is picking up speed, with median home prices rising 7.1 percent to $166,000. Re-sale properties saw the biggest gain over the past year, increasing 7.3 percent to $161,000. Homes in the $100,00-plus to $150,000 price range sold most quickly, staying on the market an average of 83 days. Homes above $300,000 sold most slowly at an average of 118 days on the market. Meanwhile, the number of homes available on the market decreased 23.2 percent.
Popular Neighborhoods in Sioux Falls
With the breath-taking waterfalls just north of Downtown, many families, singles and couples enjoy the convenience and beauty of the Downtown neighborhood. Residents are just a quick walk to nightlife, art galleries, dining and shopping, and houses range from nice ranch-style homes to modern apartments and condos. The average list price of a Downtown home is $259,000. Riverside is another popular neighborhood for younger families, couples and Millennials. Riverside’s population has increased 2.8 percent, drawn to the neighborhood’s small bungalows and very affordable homes dating back to the early 1900s.
Buying vs. Rent to Own Homes
Buying a home has many rewards, and rent to own homes can help home buyers achieve that dream. Conventional home purchases require large down payments and the hassle of getting a mortgage. Rent to own homes ease the process, delaying the mortgage issue until the end of the contract period,. Having a perfect score also isn’t as important in rent to own homes. Buyers also have two additional advantages with rent to own homes: they can negotiate a price in today’s market, and they can move into the property right away.
Cost of Living in Sioux Falls
Immensely affordable, Sioux Falls is known for its low cost of living. Residents here pay 12 percent less than the national average for housing, and 5 to 8 percent less on groceries, healthcare and transportation. Utilities are the only expense greater than the national average, at a 5 percent higher cost. Altogether, Sioux Falls residents can expect to pay only 95 cents for every dollar the rest of the country spends on life’s necessities.
Gaining national attention for its excellent economy and resources, Sioux Falls is ranked on a number of “best of the U.S.” lists. Residents here enjoy a wide range of homes in warm, welcoming neighborhoods like Downtown that are close to conveniences as well as recreation. While homes are increasing in price, they remain very affordable. On the whole, the cost of living in Sioux Falls is very attractive. The city recently was ranked No. 1 in personal income growth by the U.S. Bureau of Economic Analysis.
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
When you rent to buy a condo or a townhouse, you’re taking the first step toward becoming a homeowner. You can take advantage of many rent to own by owner programs with no credit check. Having bad credit shouldn’t stop you from owning one of your favorite apartments or houses.
While you lease-option or lease-purchase, you’ll work on improving your credit score and saving up a down payment so that you can qualify with the bank for the house you’re interested in. The bank is frugal with mortgage approvals because they often end up selling foreclosed homes for cheap prices because people cannot afford their mortgage payments.
When you lease to purchase, you’re making yourself into a better candidate for purchasing properties. Check out Rent to Own Lab’s free listings to find properties near me that meet your family’s needs.