Rent to Own Homes in Somerset
Situated... Read More
Situated in the hills of south-central Kentucky, Somerset is less than 80 miles from Lexington and about 130 miles from Louisville. Nashville, TN is about 170 miles to the southwest. Approximately 11,400 people call Somerset home.The below results are primarily rent to own homes in Pulaski County, KY:
Situated... Read More
Situated in the hills of south-central Kentucky, Somerset is less than 80 miles from Lexington and about 130 miles from Louisville. Nashville, TN is about 170 miles to the southwest. Approximately 11,400 people call Somerset home.The below results are primarily rent to own homes in Pulaski County, KY:
Just to the east is Daniel Boone National Forest. This 708,000-acre forest, which spreads over 21 counties, contains some of the most rugged terrain west of the Appalachian Mountains. Hiking, camping, picnicking, boating, hunting, fishing, and target shooting are some of the activities that the park’s visitors enjoy. Somerset was literally transformed with the formation of one of the largest man-made lakes in the world, Lake Cumberland, in 1950. Formerly a sleepy rural town, it became one of the largest recreation centers in the Bluegrass State; more than 1.7 million tourists visit every year. The Cumberland River flows just south of the city.
Until recently, Somerset was a “dry” community, but in 2012 Somerset city voters approved the sale of alcoholic beverages at stores, restaurants, and bars.
Buying a Home in Somerset
Recent home listings in Somerset range from $48,900 to $350,000. The median home price is just over $102,000, putting it an impressive 45 percent below the national average. Overall, the cost of living in this small Kentucky town is over 18 percent below the national average. The average age of Somerset’s denizens is 40, and 39 percent of the population is married.
Somerset’s violent crime rate is a remarkably low 19 (out of 100). That compares quite well with the national average of 41.4.
Students living within the city limits fall under the jurisdiction of the Somerset Independent school district. There are about 10 public schools in the Somerset area, rated between 4 and 10 (out of 10) by GreatSchools, so families with school-aged children should investigate the schools if considering a move there. Somerset Community College, a local two-year college, is also located in the city.
Popular Neighborhoods in Somerset
Eight constituent neighborhoods make up Somerset. On the southeast side is the Shafter neighborhood, which is on the Cumberland River. Residential real estate is primarily small- to medium-sized single-family homes and mobile homes, and most homes are owner occupied. It isn’t a very old neighborhood, as many of the homes were built after 1970, and some after 2000. It’s a middle income area, and the median home price is about $183,000. Beautiful riverfront homes are available in this neighborhood.
Buying vs. Rent to Own Homes
You may already be thinking about a move to Somerset because of its natural surroundings and low housing cost. But buying a home can be a complicated process. If you’re not quite ready yet, consider a rent-to-own arrangement. A part of each month’s rent goes toward a down payment to eventually buy the house. It’s doesn’t require a large outlay of cash, and renters can look forward to becoming proud homeowners.
Summary
Somerset’s beautiful and varied natural environment recommends it, especially for those who love the outdoors and outdoor activities. It’s a small town with a fun, touristy feel, and the big city isn’t far away. Together with the low cost of housing, low crime rate, and family-friendly neighborhoods, Somerset has a lot to offer. It’s a good place to call home.
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
Financially, buying apartments, houses or any other types of properties makes sense when compared to renting. You're paying roughly the same amount per month for your mortgage that you would to rent the same type of home. However, there are obstacles that make that process difficult to attain, like minimum down payments and bad credit. Those barriers prevent banks from ending up having to sell foreclosed homes.
Nonetheless, those barriers shouldn’t stop you from owning your own condo or townhouse. Through rent to buy and lease to purchase programs with no credit check, you could start working toward owning a house.
A lot of people who rent to own by owner take advantage of Rent to Own Lab’s free listings. Search our website for cheap lease-purchase or lease-option properties near me and see if rent to own could be the right option.
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