Rent to Own Homes in Athens
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Athens gets its warm, welcoming atmosphere from its appealingly diverse residents. From families and university students to active retirees, Athens residents bring energy, enterprise and creativity to this Northeast Georgia town. Its University of Georgia campus also fuels the city’s success, as does the rich Athens music scene which produced REM, the B-52s and the Athens Boy Choir.
Serving this diverse population is the Athens Police Department and various other area Athens agencies. Local public schools, such as Athens High School, are operated by the Clarke County School District, and several private schools provide educational alternatives. Athens also boasts several colleges and universities, including UGA, Piedmont College and Athens Technical College. Together, these schools, businesses and residents have made Athens its own captivating city that distinguishes itself from nearby Atlanta.
Buying a Home in Athens
Athens’ real estate prices are relatively stable, with median home prices mostly unchanged in the past year. Today’s median home price is $159,900; last year’s median home price was $160,000. The city’s housing inventory is another story altogether. The number of homes on the market dropped 29 percent to 350, and homes sell within 102 days of being placed on the market. The median size of a house on today’s market is 1,632 square feet.
Popular Neighborhoods in Athens
Families, singles and retirees all appreciate the Five Points neighborhood’s walkable streets, historic districts and treasured local businesses. The neighborhood is close to the university and fine restaurants, and its homes are a diverse mix of historic and vintage homes. Houses in Five Points range from the low $300,000s to the $600,000s. Boulevard is another eminently walkable neighborhood brimming with character. The neighborhood celebrates its arts and music scenes, offers good schools and is extremely family friendly. Homes here range in price from $100,000 to $400,000, and condos are in the low $100,000s. Eastside neighborhoods have a more suburban atmosphere with mature homes, convenient recreation at Southeast Clarke Park and plenty of commercial amenities. Homes and condos here cost between the mid-$100,000s and the mid-$200,000s.
Buying vs. Rent to Own Homes
Buying a home the conventional way means having to supply a down payment and financing arrangements at the outset, and it means having to wait to move into your new home. Rent-to-own arrangements allow you to move into your new home immediately, and they give you options for financing. At the beginning of your rent-to-own contract, you’ll pay a nominal option fee. You’ll also pay a small monthly premium. Both the option fee and premium usually go into an account that contributes to your eventual home purchase. In this way, you’ll contribute incrementally toward your down payment to make the process more accessible.
Cost of Living in Athens
The cost of living in Athens is comparable to the average American town, costing 99 percent of the national average. Locals find the best local bargains in the housing market, where Athens residents pay 5 percent less than the average American spends. All other essentials are in line with the country’s average, including food, utilities, transportation and health care, which range from 4 percent cheaper to 1 percent pricier than the national average.
Athens is a beloved Georgia city, and it earns a fair amount of attention from national organizations. In the past two years, Athens has been named one of the best places to retire by Forbes magazine, the best mid-size city for graduates by My Life and the South’s best foodie cities by ConventionSouth Magazine . These accolades emphasize the city’s appeal, from its lovely historic Five Points neighborhood to its affordable housing prices. While some people would expect to pay a premium to live in a city with all of Athens’ amenities, residents are delighted to note the city’s slightly higher-than-average cost of living.
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
Listing properties for traditional sale eliminates a big chunk of the buyer market. People with bad credit are left out of the traditional home buying process. Nonetheless, buyers who don’t qualify for mortgages are still in the market for apartments and houses.
Rent to own by owner programs with no credit check are an easy way for a seller to start earning money from their townhouse or condo in a market that isn’t viable, which appeals to new groups of buyers.
Through rent to buy and lease to purchase, sellers rent a property to potential buyers for a set lease term. During which, the seller earns profit through the rent buyers pay as a tenants. At the end of the lease, the buyer has the option to buy the property, or if they signed a lease-purchase agreement, they must buy it.
With a little patience, sellers can make rent money and the true value of their home from its eventual sale. Which is better than selling the home cheap and competing with bank-owned foreclosed homes that sell for less than market value.
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