Browse Rent To Own Homes in West Valley City, UT
Are you looking for a rent to own house in West Valley City? If so, then browse the featured listings on this page, or signup to access our complete guide and listings for all lease to own properties in the West Valley City area.
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Featured Rent To Buy Houses in West Valley City, Utah
Browse the following featured properties in the West Valley City, Utah area, or click the link on this page to get access to the complete listings for West Valley City rent to own houses.
How Rent To Own Real Estate Works
Also known as a lease option, rent to buy homes are a type of owner financing tor real estate properties.
While the terms of the agreements can vary from house to house, the typical scenario is one in which the owner is looking to sell the property but is willing to accept payment over a period of time, rather than an up front settlement.
In this case, the buyer and seller both agree on the selling price of the home, and the terms of the purchase agreement, specifying things such as payment terms, interest, and length of the agreement.
Usually, owner-financed properties are paid off much sooner than a traditional bank mortgage, but by allowing the renter time to accrue equity in the house, the renter can often roll over that equity into a traditional mortgage after 1-3 years, if the need arises.
Every month the renter/buyer makes a payment to the seller. Typically, part of this payment is credited as rent, while a second part is credited towards the interest on the loan and/or equity in the home. Over time, the renter can then buy out the seller, even if the renter didn’t originally have a large downpayment or the credit needed to qualify for a traditional mortgage.
West Valley City Lease Purchase Homes and Houses
While there are many advantages to lease option, or lease to purchase homes, one of the main difficulties can be in locating the currently available properties.
Many rent to own listings are never uploaded to national or local databases, since it is common for sellers to work independently and not go through a real estate agent for these transactions. It is also common for sellers of owner financed, rent to buy properties to sell their homes casually, meaning that they are interested in selling, but are in no hurry to do so, meaning the listings are not widely publicized.
To find the full list of rent to buy properties in your area, you need to sign up for a dedicated listing service, which works to identify all of the relevant opportunities within your target geographical area.
Without a reputable listing agency, finding these properties can be extremely difficult!
Sign up below to get access to one of the most comprehensive rent to own listing services in the country.
Listings for Rent To Buy Properties in West Valley City, Utah
West Valley City is the second-largest city in Utah. West Valley is located on the northwest side of the Salt Lake Valley between Salt Lake City on the north, South Salt Lake on the east, Magna Township on the west, and Taylorsville and Kearns Township on the south. The Oquirrh Mountains loom over the city to the west, while the Jordan River marks the eastern boundary.
Is a relatively young city. Incorporated in 1980, because the city grew out of farming communities that evolved into suburbs. West Valley City is considered a good place to live with a convenient location, with great city amenities and services conveniently nearby and a friendly community.
As of the census of 2010, there were 129,480 people, 38,535 households, and 34,900 families residing in the city.
The most representative neighborhoods are Chesterfield, Redwood, East Granger, West Granger, Hunter, Lakepark, West Hunter, Woodhaven and Oquirrh.
In education, the city lies in the Granite School District. It has 21 elementary schools, four junior high schools, and two high schools – Granger, which opened in 1958, and Hunter, which opened in 1990. The city is also the location of East Hollywood High School, a charter school specializing in film education.
What makes West Valley City a great choice for living is that is solidifying its own identity and sense of place. There are lots of amenities close; the cost of living index is 2% lower than Utah and has major development plans especially in terms of infrastructure.