Rent to Own Homes in Atlanta
The below results are primarily rent to own homes in Fulton County, GA:
Deeply historic and always convivial, Atlanta is a hotbed of activity, entertainment, industry and recreation. Ten stadiums, countless music venues and a legendary performing arts scene complement abundant recreation sites in this most heavily forested city in the United States. Drawn to this engaging mix of lifestyle options, nearly 6 million people live in the expansive Atlanta metropolitan area. From highly respected media like CNN, Atlanta Magazine and the Atlanta Journal-Constitution to exciting professional sports teams like the Atlanta Braves and Atlanta Thrashers, there are always interesting ways to spend time in Atlanta.
As a “world city,” Atlanta’s thriving businesses and ideal Southern location help make its Hartsfield-Jackson Atlanta International Airport the busiest in the world with 95 million passengers annually. Even Atlanta city politics are large, diverse and notable here, with 15 representatives serving on the Atlanta City Council and a history of memorable mayors.
Buying a Home in Atlanta
With 14,836 residences for sale at any given time, you’ll have plenty of choices for a home in this rambling city. Most months, the area’s real estate market is on the upswing. In the most recent month, 5,407 homes were placed on the market, and 4,339 single family homes were sold, representing an annual increase of 8.6 percent. Sales prices are also climbing, with median sales prices up 12.3 percent to $229,000, and average home prices up 11.5 percent to $290,000. Even with this uptick in price and inventory, buying a home remains affordable in Atlanta.
Popular Neighborhoods in Atlanta
Atlanta boasts three large high-rise business districts and 242 charming neighborhoods. While many locals aspire to the exclusivity of Buckhead, Ansley Park and Druid Hills offer similarly graceful homes at more affordable prices. For historic residences, check out Inman Park’s Colonial Revival and Queen Anne homes or the lofts in historic warehouses in the Old Fourth Ward or Westside. Students and artists feel at home in Midtown, where Georgia Tech, Savannah College of Art and Design and vibrant music, theater and art scenes reign. Young families appreciate Ornewood Park’s mix of shotgun-style homes and bungalows interspersed with new homes, while Millennials go for hip neighborhoods like Little Five Points and Ardmore. If downtown is your target, East Atlanta is the hottest neighborhood around.
Buying vs. Rent to Own Homes
Buying a home provides plenty of advantages but often requires hefty downpayments and sterling credit ratings. Atlanta homebuyers can find a solution by renting to own. Rent-to-own contracts allow homebuyers to “buy” a home at current prices while renting the property for one to three years. Instead of an initial downpayment, renters/buyers pay a smaller option fee and a slightly higher-than-normal rental fee, with the excess going toward the home’s downpayment. This gives purchasers time to repair credit, eliminate debt and qualify for a mortgage in a relaxed time frame while still enjoying today’s home prices.
Cost of Living in Atlanta
Housing in Atlanta is extremely economical, nearly 20 percent less than the national average. Utilities are 3 percent lower than the norm, but transportation, healthcare and groceries are slightly higher. Even so, Atlantans can expect to pay 3 percent less overall on living expenses than other Americans. That affordability is even more pronounced when compared to similarly sized metropolitan areas. Here, prices are 24.39 percent lower than in Washington D.C., 12.81 percent lower than in Miami and 10 percent lower than in Houston.
Sprawling over 132 square miles, Atlanta is an eclectic and welcoming mix of grand estates, modest ranch homes and chic high-rise condos. The city’s Buckhead region may be known as the Beverly Hills of the South, but Atlanta’s affordable housing, inviting neighborhoods and economical living expenses lure everyone from young college students and recent graduates to wealthy business moguls and entrepreneurs. Home prices are on the rises here, though, so those who are looking to become part of the congenial Atlanta should act quickly.
Rent to Own Realtors
Using a realtor for your rent to own deal can offer great benefits. Agents are well versed in real estate so they can effectively communicate opportunities and discern which of those opportunities is a legitimately good deal.
Nonetheless, not a lot of realtors will want to help with your rent to own deal because upfront profit for a realtor is minimal and the big payout down the line is not a guarantee.
That means you’ll have to do a little research to ensure that you make the best decisions, but you will save money on commission.
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.