Rent to Own Homes in Tacoma
Commencement Bay is cradled by Tacoma to the north, and Puget Sound runs along the western coast, allowing residents to take full advantage of the beautiful weather year round. The most popular area is the tip of the city surrounded by water from the bay and sound. The City of Tacoma turned this area into Point Defiance Park, and the Point Defiance Zoo and Aquarium is located nearby.
For indoor amusement, residents attend live concerts at the Tacoma Dome or theatrical performances at the Rialto. This is just one of the many theaters operating downtown Tacoma in Theater Square. The downtown area is also home to the Tacoma Art Museum and the Tacoma Glassblowing Studio. The Museum of Glass and the Bridge of Glass are also big attractions that put the city’s love affair with blown glass on display.
To get from Tacoma to Wollochet and other cities across Puget Sound, you take the Tacoma Narrows Bridge. While in town, residents are serviced by Tacoma Power and other local utility companies.
Buying a Home in Tacoma?
Many home buyers are attracted to older homes in Tacoma because they’re beautifully designed and may have historical significance. There are some large older homes for sale throughout the city, but you have to do a thorough inspection before committing to buy these properties. While you may plan to spend some money restoring or updating the property, you want to avoid older properties with foundation or structural damage that you can’t afford to fix. You may also want to consider when the home’s plumbing and electrical system was last updated.
Popular Neighborhoods in Tacoma?
North Tacoma is the most popular area of the city because it’s close to the water and the crime rates are lower than in other areas. If you want to live close to the downtown area with a more peaceful living environment, head to the North Slope neighborhood. This is the residential area just outside of the Tacoma Stadium District, and you’ll find some beautiful family-friendly homes in the neighborhood.
Old Town is another popular neighborhood within close proximity of downtown, but it delivers more waterfront access. You’ll find a lot of coffee shops and restaurants in this area, and homes are generally sold above the $300,000 price mark.
Buying vs. Rent to Own Homes?
Buying a home in Tacoma is an exciting experience, but what if you’re not quite ready to take out a home loan? Rent-to-own properties give you an alternative so that you can take action on your goal to own a home right now. Once you find a home that meets your needs, this type of agreement allows you to move in right away as a renter. You have the opportunity to purchase the property by the end of your contract, so you have some time to prepare for home ownership. If you just need a bit of time to improve your credit or make other adjustments, the rental period will give you that time while allowing you to enjoy the home.
Cost of Living in Tacoma?
The average home price in Tacoma is slightly over $300,000, and you can find homes more in the $200,000 range in select neighborhoods. The area’s overall cost of living is approximately seven percent higher than the national average and less than one percent higher than the state average. While housing is often the largest expense for residents, most can find ways to save money on groceries, goods and services. Utilities run slightly higher than the national average, but conserving electricity can bring those expenses down significantly.
Tacoma is a northwestern Washington city bordering Puget Sound and Commencement Bay. Point Defiance Park is a large public green space located on a tip of the city surrounded by water. This area is also home to a zoo and aquarium, so it’s a big attraction for families. There are also many neighborhoods in North Tacoma that attract families interested in living near the downtown area while maintaining a more suburban living environment. While you may think of Washington as a rainy state, Tacoma receives less rain than Miami on average and offers mild temperatures year round.
Summary
Tacoma is a northwestern Washington city bordering Puget Sound and Commencement Bay. Point Defiance Park is a large public green space located on a tip of the city surrounded by water. This area is also home to a zoo and aquarium, so it’s a big attraction for families. There are also many neighborhoods in North Tacoma that attract families interested in living near the downtown area while maintaining a more suburban living environment. While you may think of Washington as a rainy state, Tacoma receives less rain than Miami on average and offers mild temperatures year round.
Rent to Own Realtors
Realtors have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
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.
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