Rent to Own Homes in Columbia
The below results are primarily rent to own homes in Maury County, TN:
Located in south-central Tennessee about 50 miles south of Nashville, Columbia, TN has a population just over 35,000. Noted for its rich Civil War history, Columbia is widely recognized as the “Mule Capital of the World” and is also home to one of the two last surviving residences of the 11th President of the U.S., James Knox Polk. With a total area of 29.6 miles, Columbia’s small size is made up for by its scenic, small-town appeal, affordable housing, convenient location, growing music and arts scene, and overall great quality of life.
Columbia is currently experiencing a housing boom of sorts. The Tennessean, one of the largest papers in the state, featuring Columbia and the surrounding county in a recent article, noted its high value of land and housing and the many household types in various neighborhoods being constructed at affordable rates. The “full array of municipal services, high quality recreational and natural amenities and the high value in services that the city provides for Columbia” are the main attractions behind local Tennesseans, retirees, first-time homebuyers, among others choosing Columbia as a place to call home.
Buying a Home in Columbia, TN
With the Nashville metro area continuing to experience population growth the surrounding cities have become havens for new affordable residential construction projects and, thus, attractive options for aspiring homebuyers. Columbia is one such example, tripling in the amount of homes built there over the past three years alone.
The Median home value in Columbia is $138,800, slightly higher than the $136,400 Tennessee average. Just as the state’s home values are expected to rise in the coming years, so is the case for Columbia. Likely due to the growing housing demand and the wide array of affordable housing options, home values in Columbia have gone up 9.7% over the past year and Zillow predicts they will rise 4.4% within the next year.
As noted by the aforementioned Tennessean article, the following are some recent examples of projects currently under development:
– The New Homestead at Carter’s Creek subdivision in Columbia: A total of 250 homes, ranging from the $260,000s to the $350,000—significantly lower for new properties compared to the nearby Franklin county.”
– Columbia’s Arden Village subdivision: prices here range between $229,000 to $259,900.
– Cross Gate Subdivision building an additional 23 homes—these are valued at around $400,000 and are complete with four bedrooms and three full bathrooms.
Popular Neighborhoods in Columbia, TN
The southernmost neighborhood, Graymere Manor, with a median real estate price of $245,585, is not only exclusive in Columbia but the entire state. The average rental price of $1,100 is affordable for a neighborhood of its caliber. Safe, suburban, and well-kept, it is mostly made up of retirees.
Directly to the east of Graymere Manor is the McCains neighborhood with a significantly higher real estate price of $321,925, making it the most expensive neighborhood in Columbia and in more than 90 percent of the state. Somewhat ironically, it has a slightly lower rental average price of $943 and a substantially higher vacancy rate of 17.1%., perhaps due in part to the housing boom and the resulting vacancies that can result. Make no mistake, though: McCains is one of the finest neighborhoods in the state, noted as one of the best places in which to retire.
The Columbia Town Square and larger Downtown Columbia are also noteworthy areas, frequented by city residents and yearly visitors alike. The growing contemporary arts and music scene—recently fashioned as a revival in the historic Columbia—is sure to be a main attraction for lifelong residents, recent arrivals, fellow Tennesseans, and interested tourists.
Buying vs. Rent to Own Homes in Columbia
With the growing demand for housing in Columbia, many affordable options have been made available. Many of these options are new—brand new, even—as the homes continue to go up in various neighborhoods throughout the city. Whether for retirees, small families, or individuals, there is something for everybody in Columbia—hence, why people continue to pour in.
The rent-to-own option is a particularly unique one as it allows the aspiring homebuyer to first live in the home they would like to eventually own. Allowing said homebuyer time to, for instance, get finances in order by saving money or improving a credit score it provides them with the unique opportunity to purchase a home provided they pay their rent and meet whatever contractual obligations are agreed upon.
Cost of living in Columbia
Because of its location in the south where the cost of living is generally lower, Columbia is an affordable place in which to live. Like in most small cities, regional and national retail chain stores make for convenient frequenting. Smaller, unique family-owned businesses are also a feature in Columbia as are the many places in which to eat and visit—again, affordably. It’s no wonder the Volunteer state is ranked among the Top 10 tourist destinations in the US: there is much to see and do and not as much to pay.
Nice year-round weather, a convenient central location in the state, its historical significance, cultural diversity, affordable housing, and quality of life—these and more make Columbia a place to call home. An interesting generational blend between retirees and the younger professional and artsy type, Columbia is a racially diverse city around 18x smaller than the state’s capital city of Nashville. It small size is no drawback as it uniquely makes it a place in which to live the quieter peaceful life while allowing easy access for the “big” things Tennessee has to offer: world class music, numerous places of historic importance, natural beauty, national parks, famous museums, and more.
Rent to Own Realtors
Realtors have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
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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Reported Annual Crime In Columbia