Rent to Own Homes in Bristol
Bristol, a city of about 27,000 in Sullivan County in... Read More
Bristol, a city of about 27,000 in Sullivan County in northeastern Tennessee, is actually a twin city – the other half is Bristol, Virginia, just across the state line. The site was originally a large plantation owned by James King, whose son-on-law, upon learning that the railroad was coming, apportioned some of the land for a town which he named Bristol. That was in 1852. By 1900 the population had exceeded the 5,000 mark, and finally reached 20,000 by 1970.The below results are primarily rent to own homes in Sullivan County, TN:
Bristol, a city of about 27,000 in Sullivan County in... Read More
Bristol, a city of about 27,000 in Sullivan County in northeastern Tennessee, is actually a twin city – the other half is Bristol, Virginia, just across the state line. The site was originally a large plantation owned by James King, whose son-on-law, upon learning that the railroad was coming, apportioned some of the land for a town which he named Bristol. That was in 1852. By 1900 the population had exceeded the 5,000 mark, and finally reached 20,000 by 1970.The below results are primarily rent to own homes in Sullivan County, TN:
The city is approximately 110 miles from Knoxville, and Charlotte, North Carolina is 160 miles to the southeast. It is in the heart of the Appalachian Mountains, so beautiful scenery is in every direction. The most visited national park in the nation – Great Smoky Mountain National Park – is less than 100 miles to the southwest. Attractions within the city include the Bristol Dragway and the Birthplace of Country Music Museum.
Buying a Home in Bristol
The median home cost in Bristol is $106,500, which is an impressive 43 percent below the national average. Approximately 72 percent of the residential real estate is owner occupied. Home listings in Bristol currently range from $29,999 to $860,000. The overall cost of living is approximately 16 percent below the national average.
Exactly half of Bristol’s residents are married, and the median age of the population is 42. The median household income is about $36,000.
The city is served by Bristol Tennessee City Schools, which is made up of five elementary, one middle, and one high school. GreatSchools rates the schools from 5 to 9 (out of 10), so families with children in school should do their own homework when looking for a neighborhood.
Popular Neighborhoods in Bristol
Twelve constituent neighborhoods make up Bristol area. Touching the state line is the Paperville/Ridgefield neighborhood. The residential property is mainly medium- to large-sized single-family homes and apartment complexes, and most is owner occupied. Many residences were built after 1970, while several were built before that time. It is a middle-income neighborhood, and the median home cost is about $218,500.
The Holston Hills/Oak Hill neighborhood is, overall, a bit older than the Paperville/Ridgefield area, although there are some modern homes there. They are mainly small- to medium-sized single-family homes and mobile homes. It is rated in the top nine percent of neighborhoods for retirees in the entire state. The median home cost is $159,000.
Buying vs. Rent to Own Homes
Perhaps Bristol is already calling to you with its mountain scenery and low housing cost. Financing a home, however, requires a down payment and pre-qualification, and you may think that puts you out of the running. However, many are taking advantage of rent-to-own arrangements, where renters agree to live in a home for a predetermined period of time, and then they have the option to buy. A portion of the rent each month is set aside for a down payment to eventually buy the home. It’s a convenient way for renters to become proud homeowners.
Summary
Bristol’s Appalachian roots and location give it its own special charm; mountains and country music are an intrinsic part of this Tennessee community. Affordable housing, good schools, and mild weather all contribute to make this an attractive place worth considering if you are thinking about a move.
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
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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