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Rent to own homes in Independence
Rent to Own Homes in Kentucky
Kentucky is known for the huge cave systems like Mammoth Caves and Lost River Cave. It is home to the Kentucky Derby Museum, Kentucky Horse Park, Churchill Downs, and so on.
Residents can enjoy a variety of family-friendly attractions all year round, including the Kentucky Kingdom water park, Louisville Zoo, and Newport Aquarium. There are also a lot of historic sites that showcase the history of the United States. It’s Abraham Lincoln’s birthplace.
Buying a House in Kentucky
Kentucky communities include plenty of beautiful neighborhoods and comfortable homes. This state offers a wide range of housing options from foreclosures and luxury apartments to small single-family homes, condos, and large townhomes with backyards. The listing prices of homes for sale in Kentucky go from $130,000 to $300,000 in most cities.
If you are interested in purchasing a property in this state, you should take advantage of Homebuyer Assistance Programs. These programs are usually geared toward first-time buyers with a good credit score.
Try to qualify for a home loan or a mortgage on a home, especially if you’re a low-income homebuyer. That will allow you to put money toward a down payment. If you can’t get approved for a loan and cannot afford to buy a house right away, search for rent-to-own homes instead.
Popular Neighborhoods
Finding your ideal neighborhood will greatly impace your search to find the perfect home. Make sure there are good schools and friendly communities when you move to a new neighborhood. You should take note of rising home prices, growing household incomes, and safety.
If you want to find affordable housing, you need to look for neighborhoods around and within big city centers. Check out Louisville, Lexington, Bowling Green, Covington, and Owensboro. They all have large business districts in the downtown areas as well as suburban regions with family-friendly communities.
Those with substantial budgets should consider living in a smaller community such as Nobourne Estates – a Louisville suburb. The median value of homes goes over $330,000 in this area.
Crestview Hills boasts a family-friendly community and affordable housing too. Over 3,000 people live in this small area. The median value of homes in Crestview Hills is $188,000.
Rent to Own vs Buying
RTO programs are a good alternative to the traditional home-buying process. It’s especially helpful for people who have difficulty saving money for the inspection fees, closing costs, or down payments.
It should be noted that lease-option is not the same as a lease-purchase contract. The former gives buyers the option to purchase the house without any buying commitment, while the latter obligates them to buy the rent-to-own properties when their lease runs out. Keep this in mind before entering into an agreement.
You will have a hard time bringing a bad credit up high enough to get approved for a loan. This is where a RTO plan come in. They will allow you to get started with a low credit score and increase it gradually during your lease. It makes a big difference in qualifying for a mortgage or a home loan.
That said, you need to make good use of your time and work on boosting your score. You will be able to save for a mortgage at the same time. That will enable you to buy a rent-to-own house home in a neighborhood of your choice.
You need to consider hiring a real estate agent to help you find the ideal rent-to-own homes in Kentucky. The real estate agents can also help you go through the purchase process smoothly and save you a lot of headaches. Take a look at reviews, phone numbers, and directions for the local rental services in Kentucky.
Living Expenses in Kentucky
The cost of living is surprisingly affordable in Kentucky. It’s about 15 percent lower than the national average. Housing is one of the largest expenses that Kentucky homeowners face.
Groceries and utilities are more affordable or in line with the same expenses in other states. The same is true for transportation, healthcare, goods, and services. This makes Kentucky one of the more budget-friendly states where most homeowners can afford mortgage payments.
Conclusion
Kentucky offers a broad range of exciting attractions from the Louisville Zoo and Mammoth Caves to Churchill Downs. Both visitors and residents like to tour the spectacular byway of the Ohio River and have fun at the amusement park of Kentucky Kingdom.
This thriving state also offers a lot of educational opportunities through community colleges and local universities. Large cities provide numerous job opportunities and housing options to people on a limited budget. Take the time to view listing photos and check out rent-to-own properties, including homes for sale by owner and auction properties.
Reported Annual Crime In Kentucky
| Statistic | Kentucky | National |
|---|---|---|
| Violent crime | 3,438 | 370,388 |
| Murder | 85 | 19,131 |
| Rape | 858 | 86,726 |
| Robbery | 1,183 | 152,431 |
| Assault | 1,334 | 277,038 |
| Property crime | 19,813 | 1,216,038 |
| Burglary | 5,802 | 468,957 |
| Theft | 14,159 | 1,063,593 |
| Motor vehicle | 2,620 | 301,970 |
| Arson | 262 | 32,898 |