Rent to Own Homes in Spokane
The below results are primarily rent to own homes in Spokane County, WA:
There’s a city in eastern Washington where employees eat lunch by waterfalls and stressful days are easily brightened by walks in the park. This city is the seat of Spokane County and the safe haven for many artists. With inspiring natural landscapes in every direction and a variety of small galleries always looking for someone new to feature, how could artists resist such a place? This city is Spokane, but it’s also known as the Lilac City.
The motto for the city is “Near nature. Near perfect,” and that describes the Spokane area perfectly. Downtown Spokane features Riverfront Park where the Spokane Falls bring the business district to life. The Spokane River flows through the center of the city, and there are many riverside parks that form the Water Trail. These parks allow residents to kayak, hike, swim, fish, camp and boat. Each park offers a different collection of activities, and many contribute playgrounds to their surrounding communities.
Spokane also has a rich cultural and artistic community. The city is home to a variety of art galleries, including the Fine Art Gallery at the Spokane Falls Community College. The Northwest Museum of Arts and Culture is also located in the city along with the Spokane Civic Theatre and the Bing Crosby Theatre. Spokane residents also enjoy access to a rich religious community, including the Roman Catholic Diocese of Spokane, the Cathedral of St. John Evangel and the Mormon Spokane Washington Temple District.
Buying a Home in Spokane
Spokane is unusual in that you don’t have to live in a certain region of the city to enjoy outdoor activities. There are small parks in all areas of the city, and many are located along the Spokane River. The city is also close to five resorts that offer skiing, snowboarding and other snow sports. The schools are consistently high quality in all parts of the city as well, so you can focus on finding a home in a neighborhood that fits your personal needs.
For instance, you may want to stick close to a certain road or highway if you need to commute to work. You may also select your home based on the character of the neighborhood. If you have children, you may want a close-knit community where they can play safely in the streets or walk to school. Spokane is known as a place where you can spend $300,000 for a home that would sell for over a million elsewhere, but prices are starting to rise as the city increases in popularity.
Popular Neighborhoods in Spokane
Comstock is one of the most popular neighborhoods in Spokane for families. Streets in the area are safe and pleasant to walk, and a large park is located nearby. South Hill is also popular with families, but there are many singles in the area as well. This is where you’ll find a variety of restaurants, shopping centers and pubs along with older homes with architectural character. Homes in this area sell at a variety of prices, but some of the city’s more expensive homes are located here.
Buying vs. Rent to Own Homes
If you don’t have cash to pay for a home outright, you need to go through the loan-approval process and assume responsibility for a mortgage payment each month. You also need to save up a down payment or work with a lender offering loans without down payments. If you aren’t ready to go through that process right now, consider the rent-to-own alternative. You opt into an agreement that allows you to rent a home for a number of years before you go through the loan-approval process to buy the property. This gives you the time you need to improve your credit rating, save money for the down payment or make the final determination that the home is the perfect living environment for you.
Cost of Living in Spokane
The cost of living in Spokane is approximately five percent lower than the national average and approximately 15 percent lower than the Washington average. This is mostly reflective of low housing costs which are about 20 percent lower than the national average. Utilities are also significantly lower than the national average, and that keeps your overall cost of housing much lower than you would pay in most other large cities today.
There are so many reasons to live in Spokane, and it all starts with outdoor recreation all year long. The city is dotted with small neighborhood parks, and there are many parks along the Spokane River offering kayaking, boating and water tubing adventures. Five resorts for winter sports are located within two hours of the city, and there are mountains available for hiking. It’s like living in a natural wonderland, and houses in the area are affordable as well. The cost of living in the Spokane area is about 15 percent lower than the state average, and access to so many free recreation areas makes this the perfect place to live on a budget.
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
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.