Rent to Own Homes in Toledo
The U.S. Census shows Toledo as having a slightly younger population than the rest of Ohio, and the city’s many cultural attractions and amenities appeal to these families and students. University of Toledo and its activities are the main attractions for college-aged residents, although many of them also appreciate the city’s colorful art scene and nightlife. Families also enjoy Toledo museums and activities such as the Toledo Zoo, Imagination Station and Toledo Museum of Art.
Buying a Home in Toledo?
While house prices in Toledo are increasing, they remain very affordable. The median sales price of Toledo homes is $116,200, a 20 percent increase over last year. Even with this price hike, Toledo homes are still much more affordable than the national median home price of $219,400. Sales volume is also up 9 percent, even though the actual number of homes sold decreased slightly. The average sale price of a home in Toledo currently stands at $134,612.
Popular Neighborhoods in Toledo?
Locals who want to be in the heart of the action are moving to Toledo’s Warehouse District. This Downtown Toledo neighborhood is home to singles, small families and recent college graduates who are drawn to its ample employment, activities and walkability. Interest in nearby Old West End and Harvard Terrace is also growing, attracting more established professionals to their neighborhoods’ captivating historic architecture, cultural attractions and community events. For proximity to University of Toledo, higher property values and graceful architecture, the Old Orchard neighborhood is prime. Those who want more suburban lifestyles enjoy the nearby upscale Ottawa Hills and the new homes in Perrysburg.
Buying vs. Rent to Own Homes?
Even with Toledo’s low home prices, moving through the buying process can be stressful. Renting to own a home offers several advantages. First, it takes some of the time pressure off the sellers and buyers by offering a one-to-three-year time frame to finalize the sale. Financial requirements are also often more relaxed with rent-to-own arrangements, and the extra time gives buyers a chance to take care of any financial problems. Finally, renting to own puts that monthly rent check to good use by applying some of the elevated rent toward the downpayment that is due at the end of the contract period.
Cost of Living in Toledo?
With such low home prices, it’s natural that Toledo’s cost of living index is a very affordable 77. That means locals spend 23 percent less on life’s necessities than the average American. Housing is the least expensive commodity, costing just 31 percent of the national average. Other expenses are closer to the national average. Groceries and utilities are equal to the average, while healthcare costs 5 percent less here and transportation costs 2 percent less.
Blessed with a picturesque landscape, plentiful jobs, affordable homes and a low cost of living, Toledo is an excellent hometown. Recognizing the city’s booming solar and green industries and low rental and home prices, ZipRecruiter recently named Toledo one of the best up-and-coming towns for college graduates. It’s actually a great value for people of all ages and circumstances, with median home prices nearly half the price of the national median and a cost of living that is 23 percent lower than the national average. Toledo’s neighborhoods themselves are equally appealing, offering welcoming downtown districts, historic residential areas and peaceful suburbs.
Summary
Blessed with a picturesque landscape, plentiful jobs, affordable homes and a low cost of living, Toledo is an excellent hometown. Recognizing the city’s booming solar and green industries and low rental and home prices, ZipRecruiter recently named Toledo one of the best up-and-coming towns for college graduates. It’s actually a great value for people of all ages and circumstances, with median home prices nearly half the price of the national median and a cost of living that is 23 percent lower than the national average. Toledo’s neighborhoods themselves are equally appealing, offering welcoming downtown districts, historic residential areas and peaceful suburbs.
Rent to Own Realtors
An agent serves as a protection for both the buyer and the seller. They can save the buyer and seller a lot of time and money, which could offset the realtor’s commission.
However, not many realtors are interested in helping with lease-options. They make a minimal profit off of the lease portion of the deal, and the profit from the purchase is several years down the line and isn’t guaranteed.
Instead, protect yourself by communicating with lawyers, title agents and mortgage lenders to ensure that your rent to own deal works smoothly.
About Our Listings
When you rent to buy a condo or a townhouse, you’re taking the first step toward becoming a homeowner. You can take advantage of many rent to own by owner programs with no credit check. Having bad credit shouldn’t stop you from owning one of your favorite apartments or houses.
While you lease-option or lease-purchase, you’ll work on improving your credit score and saving up a down payment so that you can qualify with the bank for the house you’re interested in. The bank is frugal with mortgage approvals because they often end up selling foreclosed homes for cheap prices because people cannot afford their mortgage payments.
When you lease to purchase, you’re making yourself into a better candidate for purchasing properties. Check out Rent to Own Lab’s free listings to find properties near me that meet your family’s needs.
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