Rent to Own Homes in Allen
Residents also have access to a variety of large parks offering trails and other outdoor adventures, including the Trails at the Woods, Bethany Lakes Park and Celebration Park. Entertainment is provided by live shows at the Allen Event Center and the local ice skating rink.
Allen city was originally named after a politician named Ebenezer Allen, but it's now a family-friendly community served by a variety of small employers and the Allen Independent School District. Students of all ages have access to quality public schools, including the popular Allen High School. Residents of all ages also appreciate a devotion to promoting the arts throughout the city. They have access to the Allen Civic Ballet, the Allen Philharmonic Orchestra and Symphony Chorus, and the community theater. These are amenities that you often see only in much larger cities.
Buying a Home in Allen?
Allen is a prestigious suburb with a thriving real estate market. The median listing price is around $450,000 most of the time, and it's common for sellers to receive more than five offers before they settle on a deal. Due to the intense competition and the high likelihood of a bidding war starting over the most desirable homes, it's important to work closely with a professional experienced in the Allen real estate market. Since most schools in the city receive high ratings, you can select a home that fits your budget and location needs without concern for the school district in which your new home may fall.
Popular Neighborhoods in Allen?
If you're searching for affordable housing in Allen, Texas, look to the Bridge Water Crossing neighborhood. This is the area surrounding the city park, and you can expect prices around $250,000. If you can afford to spend a bit more on housing and want your home to feature some upscale amenities, look in the master-planned communities like Custer Hill and Beacon Hill. Prices are generally over $300,000 in these neighborhoods, but you'll benefit from beautifully manicured lawns, community events and the organization that comes with homeowner's associations. You may also want to consider some lesser-known neighborhoods like Custer Meadows.
Buying vs. Rent to Own Homes?
It's important to pick the right time to buy a home in Allen, Texas. The homes aren't cheap, and what you end up paying each month for the mortgage will depend largely on the deal that you find and your interest rate. Spending more time preparing home ownership allows you to improve your credit report and raise your credit score, putting you in line for a lower interest rate and more reasonable mortgage payments. If you like the idea of paying less each month but don't want to wait to move, consider a rent-to-own agreement.
Not all Allen homes for sale will offer this type of contract, but it's worth seeking them out. You'll get to move into your new home right away as a renter, and you'll maintain the exclusive right to purchase the property before a specified date. This gives you time to prepare for the financing process without feeling rushed. When you do buy a home in Allen, you'll have the confidence that comes with knowing you're ready for the responsibility of home ownership.
Cost of Living in Allen?
While the overall cost of living in Texas is slightly lower than the national average, Allen takes it in the opposite direction. The cost of living here can go 20 percent or more above the national average, largely due to the high cost of housing. You can expect to pay more than 50 percent above national-average prices for your home, and you're likely to pay a bit more than average for utilities as well. The prices associated with healthcare and everyday goods and services are a bit closer to national averages, but you will still need to budget carefully if living in this city on a modest income.
Allen is a prestigious suburb located about 25 miles from downtown Dallas. While the cost of living here is much higher than in most other areas of the state, there are many perks to taking up residence. For starters, you'll have your choice of large homes with acreage, upscale homes positioned in cozy subdivisions, and neighborhoods with affordable homes positioned around lakes and family-friendly parks. Allen also has a well-respected public school system, more than 200 restaurants, four premier shopping districts and a long list of entertainment venues. This is also one of the few suburbs that you will find with their own ballet and orchestra in town.
Summary
Allen is a prestigious suburb located about 25 miles from downtown Dallas. While the cost of living here is much higher than in most other areas of the state, there are many perks to taking up residence. For starters, you'll have your choice of large homes with acreage, upscale homes positioned in cozy subdivisions, and neighborhoods with affordable homes positioned around lakes and family-friendly parks. Allen also has a well-respected public school system, more than 200 restaurants, four premier shopping districts and a long list of entertainment venues. This is also one of the few suburbs that you will find with their own ballet and orchestra in town.
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
Lease-purchase programs offer sellers more certainty than traditional rent to buy because buyers are contractually obligated to buy the condo, townhouse or house by the end of the lease term. Normally, rent to own by owner means the buyer has the option to buy and the seller has the obligation to sell.
Lease-options are more convenient for buyers. However, buyers and sellers may work out lease to purchase deals for houses and other properties when the seller is overlooking a bad credit score or a small option fee. The requirement for buyers to purchase properties makes sellers feel more comfortable leasing with no credit check because they don’t have to worry about whether buyers will opt out.
If you’re interested in looking for apartments for lease option, check out our free listings by searching for properties near me. We showcase more than just rent to own. Use our site to find cheap foreclosed homes or owner financing.
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