Rent to Own Homes in Cookeville
Cookeville’s population is about 32,000, but it is considered the focal point of a micropolitan area – a small city which functions as a significant economic hub. The Cookeville Micropolitan Area embraces three counties and, as of the 2010 census, over 106,000 people.The below results are primarily rent to own homes in Putnam County, TN:
Cookeville’s population is about 32,000, but it is considered the focal point of a micropolitan area – a small city which functions as a significant economic hub. The Cookeville Micropolitan Area embraces three counties and, as of the 2010 census, over 106,000 people.The below results are primarily rent to own homes in Putnam County, TN:
The city is more or less equidistant from Nashville, Knoxville, and Chattanooga. Nashville is a bit closer at 80 miles away, and Knoxville and Chattanooga are each about 100 miles away.
Tennessee Technological University – commonly known as Tennessee Tech – is located in Cookeville. The university’s main focus is engineering and technology, but degrees in education, liberal arts, nursing, and agriculture are possible as well. It has undergone several name changes, but has been functioning as a university there since 1909.
Buying a Home in Cookeville
The median home price in Cookeville is $138,500, which is 25 percent below the national average. Current listings range from $74,000 to $639,000. The overall cost of living is 12 percent below the national average.
At 29.4, the median age of Cookeville’s residents is lower than most other cities; this is no doubt due to the large student population. About 36 percent of the population is married, and the median annual income for a family is about $39,600.
Cookeville is served by Putnam County Schools, which is comprised of 18 schools. Within the city limits there are six elementary, two middle, and one high school. Cookeville High School is among the four largest high schools in Tennessee.
Popular Neighborhoods in Cookeville
As the 20th largest community in the state, Cookeville is comprised of 12 constituent neighborhoods. The E 10th St/Washington Ave neighborhood is quite close to the university. The residential real estate is mainly small- to medium-sized single family homes and apartments. The residents are a mixture of owners and renters. It is a peaceful, quiet area and has above average safety ratings. It’s ranked among the top 12 percent of neighborhoods in the state for retirees. The average home cost is about $213,000.
Just to the south is the City Center. The residential landscape is similar to that mentioned above. It’s home to a number of college students and is a very walkable area. Much of the area is geared toward the student population. The median home cost is about $210,000.
Buying vs. Rent to Own Homes
Perhaps Cookeville is already tempting you with its low cost of living and mild southern climate. Financing a home, however, is a complicated process and requires pre-qualification and a sizable down payment. If you’re not quite ready for that, there is another option. Many are taking advantage of rent-to-own opportunities. Tenants pay rent as usual, but a portion of each month’s rent goes toward a down payment to eventually buy the house. It gives renters the real hope and possibility of becoming proud homeowners.
Summary
By most standards, Cookeville is considered a small city, but because it’s the largest city in the Upper Cumberlands in Tennessee, it is the center of the labor market for no less than seven counties. Both manufacturing and education are strong sectors in the city. Interstate 40, one of the major east-west US interstates, runs right through town. And 15 banks and a credit union do business there. Yes, Cookeville is a good place to plan a future.
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
Rent to Own Labs offers free listings for rent to own by owner, foreclosed homes and owner financed properties. Start looking for apartments or houses near me with the Rent to Own Labs search function.
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.
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