Rent to Own Homes in Cottonwood
The city of Cottonwood covers nearly 11 square miles in the Coconino National Forest of central Arizona. This region is known for its large forests, including the Prescott National Forest and the Tonto National Forest. Residents are often attracted to this region because they appreciate living a short drive from a long list of opportunities for hiking, mountain biking, camping and other outdoor activities. The city is a part of Yavapai County and is about a one-hour drive from Flagstaff and Prescott.The below results are primarily rent to own homes in :
The city of Cottonwood covers nearly 11 square miles in the Coconino National Forest of central Arizona. This region is known for its large forests, including the Prescott National Forest and the Tonto National Forest. Residents are often attracted to this region because they appreciate living a short drive from a long list of opportunities for hiking, mountain biking, camping and other outdoor activities. The city is a part of Yavapai County and is about a one-hour drive from Flagstaff and Prescott.The below results are primarily rent to own homes in :
There were more than 11,000 people living within Cottonwood city limits as of the 2010 United States Census. The small town shares some resources with surrounding communities, and many residents commute to other cities for employment. For instance, the Yavapai County Library Network serves Cottonwood as well as Clarkdale and other nearby towns. The Cottonwood Public Library is located within city limits along with the Cottonwood-Oak Creek School District. Some of the biggest attractions in this region of Arizona include the Tuzigoot National Monument, Out of Africa Wildlife Park, Montezuma Castle National Monument, Lake Montezuma and Woodchute Mountain. Some of the biggest employers in this area of the state include Northern Arizona Healthcare, Verde Valley Medical Center and retail stores like Home Depot and Walmart.
Buying vs. Rent to Own Homes
When you rent to own, you pay an option fee and rent the home for up to three years while prepping for financing approval. Then, you buy it as soon as you’re ready. When you buy a home normally, you skip to the third step of the process.
Basically, when you’re almost ready to own a home, you should consider renting to own, but when you are ready, you should go ahead and purchase it.
Rent to own gives you more time to improve your credit score or save up a greater down payment in preparation for buying a house. Ultimately, rent to own is more expensive than outright buying a property because you’re paying rent to the owner every month. However, lease-options are a much better alternative than renting a property because you’re building some equity in the home, just not as much as you will once you purchase.
Once you own a home, you will likely be making monthly payments to a mortgage. Mortgage payments are typically around the same amount as rent to own payments, but all of it – minus interest, PMI and taxes – builds equity in the property, which directly benefits you.
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
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.
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