Rent to Own Homes in Austin
The below results are primarily rent to own homes in Travis County,...
The below results are primarily rent to own homes in Travis County, TX:
The city of Austin was named after Stephen F. Austin, the first man to bring Americans from the United States to Texas before the area achieved statehood. While the city is full of modern comforts, the Old Austin Historic Area just outside of downtown features three neighborhoods which still display architecture reminiscent of the past.
The mission of leaders today is to program Austin City for creative and artistic excellence. Music from Texas and elsewhere is broadcast on television through the concert series Austin City Limits, and Austin Studios provides space for the development of films and other creative projects. Once a year, the outdoor festival known as Art City Austin puts the spotlight on talented artists. Residents and visitors alike also enjoy visits to the Austin Museum of Art and the South Austin Museum of Popular Culture.
With warm weather almost year round and the Colorado River running right through the city, most residents spend a good bit of time enjoying public green spaces. Lake Austin is one of the most popular sections of the river because it allows some residents to live close to the water while providing spectacular views for hikers venturing to the top of Mount Bonnell. Even if you choose to live beyond downtown, you’ll find most neighborhoods feature parks, walking trails, bridges and playgrounds.
Buying a Home in Austin
Downtown Austin is where you’ll find lines of colorful food trucks, big businesses providing jobs and the highest housing prices. If you travel outside of peek traffic hours, you can get to any corner of the city within a half hour, and getting out of the city for vacation is just as easy from this central location.
If you’re willing to move 20 to 30 minutes outside of the city, you can find homes selling at much lower prices. This is partly due to greater availability of homes on the market in these areas and the high desirability of homes in the heart of Austin. If you can accept more of a commute to the downtown area and prefer a suburban living environment, look in neighborhoods outside of the city center for your new home.
Popular Neighborhoods in Austin
If you can afford to pay approximately $300,000 for your home and want to live in an upbeat, fun-loving community with unique shops, consider the North Loop neighborhood. The area is mostly covered with single-family homes, but property values are increasing as more residents catch on to the funky vibe of the community. If you prefer a more traditional suburban community, look to Cedar Park. This neighborhood features a variety of public green spaces, including a sculpture garden, playground and walking trails.
If your biggest concern is quality schools, consider a home in the Teravista neighborhood. The median home price in the area is less than $300,000, and you’ll find many upscale homes with well-kept lawns surrounded by exceptional schools.
Do you want to stay close to the downtown area without paying downtown prices? The Copperfield and Walnut Creek neighborhoods are just north of downtown, and the median home price is less than $200,000.
Buying vs. Rent to Own Homes
Home ownership is a dream most people have, but you don’t want to jump into a mortgage contract before you’re ready to accept the many responsibilities that come along with owning a house. Rent-to-own contracts are an option that can help you move into your home right away without the immediate pressure of a mortgage payment. You pay the homeowner rent for a specified period of time and purchase the home at a designated time. A portion of your rental payments are typically held in a separate account and are later used as part or all of your down payment for purchase.
Cost of Living in Austin
Cost of living indices for Austin are a bit higher than state and national averages, especially in the housing category. Housing is the largest expense for most residents, and grocery prices are the smallest expense with indices slightly lower than state and national averages. Transportation expenses are a bit lower than national averages but slightly higher than state averages. You can expect to pay prices slightly higher than average for healthcare, utilities, goods and services.
Austin is a great place to live if you enjoy spending time outdoors or are heavily vested in creative arts or music. The Colorado River wanders through the city, creating waterside neighborhoods and community swimming holes. You can live in the downtown area where housing prices are high but food trucks, businesses and entertainment venues are offered in abundance. Smaller communities away from the city offer excellent school systems and community green spaces for those more interested in the small town life. If you want to head out for a run or take your kids to the park year round without fear of snowstorms, this is a city you may want to consider calling home.
Rent to Own Realtors
Realtors can qualify buyers to get an idea of when they will be ready to purchase a rent to buy home and inform them on how long to set the lease term, but mortgage officers can do that too.
Banks can make a lot of profit off of a successful mortgage. That’s why mortgage officers will be willing to help you figure out the details of your rent to own deal. However, real estate agents don’t make enough profit off of rent to own deals to justify waiting a few years for the commission.
While real estate agents might be a logical partner in rent to own deals, you’ll have a lot of difficulties finding one to help you. For everything you think you need a realtor for, consider what other types of professionals might be able to help you, like title companies or lawyers.
About Our Listings
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.
Reported Annual Crime In Austin