Rent to Own Homes in Spokane Valley
The below results are primarily rent to own homes in Spokane County, WA:
The growing city that we now refer to as Spokane Valley, Washington, originated largely from the efforts of two companies. The Spokane Valley Land and Water Company built a canal to initiate irrigation in the area in 1899, allowing the first residents to take root. In 1911, the Spokane Valley Growers Union built a packing plant in the area because there were millions of apple trees growing naturally in the region. This was the beginning of economic sustenance for the area, bringing more recognition to the yet-unformed town.
The city was officially incorporated in 2003, but up until that year, it was simply referred to as “the valley” by locals. That nickname was in honor of the Spokane River valley in which the city sits. The city remained quite small and was once a hotspot for retirees who enjoyed the dry weather and affordable housing options. The development of the Spokane Valley Mall was a milestone for Spokane Valley, and the city is now the largest suburb of Spokane.
Located within Spokane County, this city surrounds Millwood on three sides and is approximately 11 miles from the Washington-Idaho state line. While many small surrounding communities started out as Spokane Valley townships, most remain neighborhoods and haven’t made it to incorporation. This makes Spokane Valley a unique place for families, retirees, and young professionals to call home.
Buying a Home in Spokane Valley
It’s common for home buyers to pay less than $100 per square foot for homes in Spokane Valley, including properties in some of the city’s most popular neighborhoods. The median listing and sales prices are typically under $200,000, and most new residents are able to find homes that fit their budget without compromising their needs. If you’re interested in purchasing a large home without paying an outrageous price or you’re shopping on a tight budget, there’s a good chance that you’ll find what you need in Spokane Valley.
Popular Neighborhoods in Spokane Valley
One of the most popular neighborhoods in Spokane Valley occupies the southern tip of the city. It falls south of East 32nd Avenue and is referred to as Mica. This small community features mostly older homes built between 1970 and 1999 plus some newer homes constructed after the year 2000. Most of the homes are owned by their occupants, and the vacancy rate typically stays below 2 percent. You can expect to pay around $300,000 for a home in this area.
If you prefer newer home developments, consider the Saltese Meadows or Twin Bridges neighborhoods. These newer communities may come with higher price tags, but the homes also feature more modern designs and upscale amenities.
Buying vs. Rent to Own Homes
If you’re searching for homes in Spokane Valley but aren’t sure that you’re ready to apply for a home loan, you might consider a rent-to-own home. This is a slower home-buying process that gives you more time to verify that you want to purchase a specific home. You can also use the extra time to save up a down payment or improve your credit so that you qualify for a lower interest rate.
How does it work? You start out as a renter, moving into your future home right away. You have until a specified date to make the purchase official, and homeownership then transfers to you. The terms of each deal vary, but the current owner may remain responsible for property repairs until the sale is official. In some cases, a portion of your rental payment is kept in escrow so that you can later apply it to the purchase of the home.
Cost of Living in Spokane Valley
The cost of housing in Spokane Valley often drops more than 10 percent lower than the national average, bringing the overall cost of living down with it. The city is approximately 10 percent lower than the average Washington cost of living as well. While many residents do pay slightly higher-than-average prices for healthcare, most other expenses are at least a few percentage points lower than national averages. This affordable cost of living is what brings many new residents into the city.
Spokane Valley was named for its position within a valley of the Spokane River. It was first known as an oasis for apple orchards, and many of the first established residents were retirees in search of dry weather and affordable housing. The cost of housing remains affordable today, and the overall cost of living is lower than averages for the state and nation. Located close to Spokane and the Washington-Idaho state line, this is a cozy suburban neighborhood that keeps residents close to larger cities with more employment opportunities.
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.
Reported Annual Crime In Spokane Valley