Rent to Own Homes in St. Louis
The below results are primarily rent to own homes in St. Louis City County, MO:
St. Louis is located on the eastern edge of Missouri along the Mississippi River. The river runs along the state border with Illinois and provides outdoor relaxation for visitors and residents of the St. Louis Metropolitan Area. Boat cruises are offered at scheduled times, and there are walking trails with historical and cultural attractions as well as beautiful flower landscapes to enjoy. While it’s not one of the most popular cities in the United States, there are many benefits to making your home in the Gateway City.
One of the biggest benefits is access to Forest Park. This public outdoor space is 50 percent larger than New York City’s Central Park and is home to many of the top cultural attractions in the city. For example, it’s your access point to the St. Louis Zoo, St. Louis Art Museum, St. Louis Science Center and Muny Amphitheater. Park lands surrounding these attractions offer extensive trails for biking, walking and jogging along with golf and tennis courts. It’s all cradled in one area for easy exploration, and many of the attractions are free to explore.
Downtown St. Louis is the business center of the region, but it also offers a lot of residential and retail space. Neighborhoods that cater to families and children are scattered throughout St. Louis city.
Buying a Home in St. Louis
Though the number of homes going into foreclosure has slowed in recent years, there are still many homes selling as foreclosures or short sales in St. Louis. Some of these properties have been on the market for a long time due to the need for excessive repairs, but there are new ones hitting the market regularly. The best bargains are scooped up rather quickly, so you need to monitor new listings online. Get your finances in order, and act quickly when you find a property that may fit your needs.
Foreclosures and short sales are cheap, but they aren’t right for everyone. Most require extensive repairs which can run well over $10,000. You have to consider your ability to spend that amount of money on top of your mortgage payment. If you can’t afford to delay your move-in date until a cheap home is repaired, you should consider purchasing a home without substantial damage.
Popular Neighborhoods in St. Louis
One of the more prestigious St. Louis neighborhoods is Ladue. Beautiful homes worth $500,000 or more run along safe, quiet streets with trees for shade in the summer. Golf and tennis clubs are located nearby along with private schools and parks that offer recreational activities to residents of all ages. Chesterfield is a similar neighborhood which offers exceptional public schools if you can’t afford the private schools near Ladue.
If you prefer a suburban community with more affordable homes, look to Kirkwood. You’ll enjoy the small-town vibe while staying close to restaurants, shopping centers and a wide variety of entertainment venues for the kids. If the nightlife is more your thing, then neighborhoods like Laclede’s Landing should keep you moving from sunset to sunrise.
Buying vs. Rent to Own Homes
Settling into a home that you own may satisfy one of your biggest dreams, but are you really ready to accept full responsibility for a home right now? If you aren’t sure that you can get a low interest rate on your mortgage loan or wish you had a larger down payment to offer, you may benefit from slowing the process down just a little. That doesn’t mean you can’t move into your new home right away because rent-to-own contracts are now offered on many homes in St. Louis.
This type of contract allows you to move in as a renter with the option to purchase the property at a specified time in the future. This gives you the promise of home ownership while allowing some time for you to save a more substantial down payment or improve your credit score so that your loan terms are more acceptable to your budget.
Cost of Living in St. Louis
While housing is often the largest expense for residents in large cities across the United States, housing is often the smallest expense for St. Louis residents. The housing market offers prices approximately 20-40 percent lower than the national average, depending on what source of data you consider. This largely depends on where you live in the city, since some neighborhoods offer homes far more valuable than others. The savings continue with all other price indexes, with only the cost of utilities going over the national average.
With an affordable housing market and many outdoor parks and entertainment venues, St. Louis is a Midwestern city perfect for families as well as professionals and singles looking for lively nightlife. The Mississippi River brings outdoor enjoyment to residents of Missouri as well as surrounding states, but Forest Park is truly the center of all action in this city. With a variety of cultural attractions that are free for all visitors to explore and an abundance of trails and paths for walking, jogging and biking, there’s no reason to stay cooped up in St. Louis.
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
Rent to Own Labs offers free listings for rent to own by owner, foreclosed homes and owner financed properties. Start looking for apartments or houses near me with the Rent to Own Labs search function.
These programs are a great way to buy a condo or townhouse if you have bad credit. In fact, lease purchase and rent to buy programs usually offer cheap homes with no credit check. Just make sure you look at your lease to purchase agreement to understand whether you have the option or obligation to buy the home you’re looking at. Lease-purchase agreements require the buyer to purchase by the end of the lease term, while lease-option agreements give the buyer the option to buy.
Reported Annual Crime In St. Louis