Rent to Own Homes in Chattanooga
The below results are primarily rent to own homes in Hamilton County, TN:
Living up to its Scenic City nickname, the Chattanooga area brims with engaging landscapes, fascinating historic sites and exciting new revitalization developments. Boasting the United States’ and even the Western Hemisphere’s fastest Internet service, Chattanooga’s infrastructure attracts countless logistics and manufacturing companies, start-ups and corporate offices. Many of those businesses also draw talent from Chattanooga’s many educational institutions, including Chattanooga State Community College and University of Tennessee at Chattanooga.
Recreation and culture are prized in Chattanooga, from jogging along the 13-mile Riverwalk to dining in a historic rail car at the Chattanooga Choo Choo Hotel. While many outsiders may always think of the “Chattanooga Choo Choo” song when they think of Chattanooga, residents know that there is so much more to the beautiful city.
Buying a Home in Chattanooga
The housing market in the Chattanooga area is chugging along, with a 15.2 percent increase in home closings and a 31.6 percent quicker sales pace. Currently, homes here are selling within 78 days of their listing. Homes prices have increased more modestly, with the median price rising 3.6 percent to $154,000 over the past year. The average price increased 11.2 percent to $197,772 during the same time period. In spite of these increases, home buyers have been able to negotiate some price adjustments, paying an average of 94.5 percent of the original list price.
Popular Neighborhoods in Chattanooga
Families and couples delight in NorthShore’s restored Victorians and bungalows that have an average selling price of $239,923. Residents can walk to the riverfront Coolidge Park or stroll across the Walnut Street Bridge to downtown. Downtown also has prime neighborhoods like Fortwood, where historic homes give residents easy access to University of Tennessee at Chattanooga, and Riverfront, where high-end townhouses and condos overlook the river. Families also enjoy the mix of affordable ranch homes and large, newer homes in East Brainerd. Homes are close to shopping and industry and sell for an average of $220,614. Those who want a more suburban lifestyle will find it in a variety of new subdivisions in Ooltewah.
Buying vs. Rent to Own Homes
While Chattanooga homes are already affordable, rent to own homes provide buyers with a little financial flexibility. Superb credit scores and large down payments aren’t as critical with rent to own homes. Instead, buyers pay a one-time option fee and a rent premium for the duration of the contract. At the end of the contract, which usually occurs in one to three years, buyers finalize the purchase by making a down payment and coordinating the mortgage. This gives buyers time to clean up credit ratings and save additional money for the down payment, all while living in their new home.
Cost of Living in Chattanooga
Living in a town as welcoming as Chattanooga is already a delight, but the city’s affordability is a pleasing bonus. Locals pay 12 percent less on overall living expenses than the national average. Housing is the least expensive cost at 65 percent of the country’s average. Other essentials are more on par with the national average. Groceries are 1 percent cheaper; healthcare is 5 percent less expensive, and utilities are 4 percent below the national average. Transportation is the only cost that is above the rest of the country’s, and it is just 2 percent more expensive.
Nestled between the Appalachian Mountains and the Cumberland Plateau, Chattanooga is a picturesque, engaging city, and its homes and neighborhoods are equally so. Homes sales and prices are rising, but not enough to limit local house hunters. In fact, home prices are so affordable here that the overall cost of living in Chattanooga is well below the national average. Between the city’s spectacular landscapes, historic homes, welcoming neighborhoods and vibrant atmosphere, it’s no wonder that an increasing number of people call Chattanooga home.
Rent to Own Realtors
Realtors are highly skilled at informing potential buyers and prospective sellers about rent to own. A realtor can help find the second half of the deal you have been searching for.
Unfortunately, not many realtors are interested in rent to own because there isn’t a lot of money for them in the process. In the past, that would constitute a serious roadblock to rent to own; however, there are plenty of websites available for buyers and sellers to find each other.
Completing your rent to own deal without a realtor could save the seller a lot of money on commission. That gives the seller some wiggle room on the sale price, which attracts even more buyers.
About Our Listings
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These programs are a great way to buy a condo or townhouse if you have bad credit. In fact, lease purchase and rent to buy programs usually offer cheap homes with no credit check. Just make sure you look at your lease to purchase agreement to understand whether you have the option or obligation to buy the home you’re looking at. Lease-purchase agreements require the buyer to purchase by the end of the lease term, while lease-option agreements give the buyer the option to buy.