Rent to Own Homes in Syracuse
The below results are primarily rent to own homes in Onondaga County, NY:
You have to travel north from New York City for more than 240 miles in order to find Syracuse. This northern New York city is cradled along the southern edge of Onondaga Lake and is the primary city of the Syracuse Metropolitan Area. Syracuse University is located toward the center of the city, and Le Moyne College sits just outside city lines to the east. Other city amenities include the Syracuse Hancock International Airport, the Cathedral of the Immaculate Conception and the Oncenter War Memorial Arena. Local news is delivered through the Syracuse New Times.
Destiny USA is a major attraction for the Syracuse area, but it’s also a major employer for residents. This six-story complex combines retail stores with a variety of entertainment venues like the Amazing Mirror Maze and WonderWorks. Other entertainment venues in the area include Rosamond Gifford Zoo, NBT Bank Stadium, Landmark Theater and the interactive Museum of Science and Technology.
Syracuse residents also have many opportunities for outdoor enjoyment. Onondaga Lake Park is located on the shoreline and offers extensive nature trails and a skate park. Park space is also designated for picnicking and archery. Burnet Park covers close to 90 acres and includes a swimming pool.
Buying a Home in Syracuse
The average listing price for homes in Syracuse is approximately $110,000, but the median sales price is well under $100,000. Homes in most neighborhoods currently sell for about $95 per square foot. While you can find 100 or more foreclosed homes on the market at any point in time, those homes represent a small percentage of the single-family homes for sale throughout the city. If you’re interested in investing in a short sale or foreclosure, you may need to work closely with a realtor to identify properties that fit your needs.
Popular Neighborhoods in Syracuse
Eastwood is one of the more affordable neighborhoods for families. The average listing price is around $88,000 for the area, but prices fluctuate depending on the size of the home. Single-family homes in the area vary from small two and three-bedroom structures to large homes with four or more bedrooms. Some multi-family structures are available as well.
If you’re concerned about the quality of public schools in your neighborhood, look in the Eastside community. Listing prices are around $130,000 for single-family homes, but some of the higher-ranked schools are in the southeastern region of the neighborhood. Crime rates are lower in most parts of this community as well.
Buying vs. Rent to Own Homes
It’s common for realtors to ask potential home buyers if they’ve secured pre-approval or pre-qualification from a direct lender. They want to know that you’re a serious buyer with the financial ability to purchase a home before they spend their time showing you around the best properties on the Syracuse market. They also gain valuable information from your pre-approval that may help them match you to homes within your budget.
If you’re struggling to secure that pre-approval or advance qualification, consider homes with a rent-to-own option. You still need to obtain financing if you want to purchase the property, but you can live in the home while you work on making that happen. In many cases, saving a more substantial down payment or clearing up flaws on your credit report will lead to success with lenders. When you rent to own, you benefit from making those corrections without losing the home you love.
Cost of Living in Syracuse
The cost of housing in Syracuse is approximately 50 percent lower than the national average. Even though the price of food and other goods and services tends to run a bit higher than the national average, the low real estate prices allow the city to enjoy an overall cost of living averaging 10 percent less than the national average. While most cities with low housing prices feature upscale neighborhoods where homes are priced much higher, the most desirable neighborhoods in Syracuse stay below $150,000 when average listing prices are considered.
If you want to live in northern New York without paying New York City prices, point your compass to Syracuse. This city is located on the southern edge of Onondaga Lake and is home to a long list of parks and entertainment venues. It’s also home to Syracuse University and Syracuse Hancock International Airport. From archery in the park to working your way through mazes at Destiny USA, this is an affordable city offering nonstop fun to families and singles.
Rent to Own Realtors
Working with a realtor doesn’t guarantee that you will successfully complete a rent to own deal, but their knowledge and expertise can make a big difference in your success rate.
Unfortunately, not many realtors will want to work with you on a rent to own deal. There isn’t a lot of profit for a realtor in rent to own deals.
So, you’ll need to find others with the knowledge and expertise you are looking for to ensure a successful lease-option experience. Consider consulting with a realtor, a title company and a mortgage officer instead. These professionals are better than a realtor because they are experts in their respective fields, as opposed to realtors who know a good deal about each of those rent to own factors.
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.