Rent to Own Homes in Dallas
The below results are primarily rent to own homes in Dallas County, TX:
You may think of Dallas, Texas as a city where everything is larger than life. The Texas state fair is held here annually, and it’s the largest state fair in the United States. You could also consider the heat index larger than life. But contrary to popular belief, most residents live rather calm lives, and unlike in most major cities, the people are very friendly. From running and biking Katy Trail to visiting the Dallas Zoo and Dallas Arboretum, there’s always a way to relax and have fun. Dallas is a great place for travel lovers to live, given that it is in the middle part of the United States.
Buying a Home in Dallas
Since the Dallas area attracts a lot of new and existing Texas residents, the housing market is quite competitive. While it’s always advisable to work with a real estate agent familiar with the local market, it’s critical in this market. Your goal is to catch the best homes right when they go on the market and act fast when you find something that meets your needs and fits within your budget. You can find your dream home, but it may take a bit more work than it would in less popular areas of the state.
Popular Neighborhoods in Dallas
If you want to work and live in the same community, look for housing in the West Plano area. This neighborhood has exploded in recent years as many big businesses moved offices into the area, including a massive complex for Toyota. New homes and apartments as well as retail shops followed, creating a safe neighborhood with many employment opportunities. If you do need to commute, North Central Plano gives direct access to four major highways and features some of the best Dallas public schools.
Does your ideal home have acreage? If so, look to Colleyville in North Dallas. While more commercial and retail spaces are starting to develop in some areas, much of this neighborhood features homes with acreage and large parks with long walking trails.
The Spirit of Dallas
When you have a day off, there’s nothing like a day at the Dallas Museum of Art or the Dallas Jockey Club. An evening with the Dallas Symphony Orchestra will melt your stress away, and excitement picks up when the Reunion Tower lights start changing colors for the holidays. The tower, also known as “the big ball,” even features a revolving restaurant.
You might spend an afternoon sitting on the M-Line Trolley, enjoying the ambience of the restored street car and while traveling from uptown to downtown. You could take a trip to the local farmers market to buy fresh foods. Or go to the Bishop Arts District and enjoy strolling through the shops and restaurants. Locals and tourists love the shopping in Dallas. The area is home to over 20 malls.
Pack up your family or friend and head out to Six Flags Over Texas, a great place to enjoy a day on thrill rides. Six Flags is a great place for locals and tourist. You might also enjoy a day at the Dallas World Aquarium or the Dallas Zoo. If you’re an adult, and you like this kind of fun, head over to the truck yard, which is basically an amusement park for adults.
If you enjoy spending time outdoors or prefer to walk or bike to work, the Dallas County trails system offers more than 100 miles of paved trails. This project will eventually allow residents to walk, jog or bike from one end of the county to the other. Whether you live and work in downtown Dallas or South Dallas, this commitment to developing green space in the city allows residents to enjoy a healthier lifestyle. Fountain Place is a beautiful and shady place to enjoy an outdoor lunch, pack your own or buy some at the food trucks.
There are all types of sports to watch in Dallas. From the Cowboys during football season to the Mavericks during basketball season to the Stars during hockey season, there’s no time left to be bored if you’re a sports lover in Dallas. The Dallas Cowboys cheerleading team is also a great sport to watch. The Cowboys were the first team to introduce cheerleading on the sidelines and since then the Dallas Cowboys cheerleading team has been lauded as one of the best in the country. As if those aren’t enough to make you smile from ear-to-ear, Dallas is also home to the Red River Showdown, an annual rivalry game between the University of Texas Longhorns and the University of Oklahoma Sooners.
If you have children, Dallas is a great place to settle down. There are many options for your child to stay at home for college. Whether they choose Southern Methodist University, Texas Christian University or University of North Texas at Dallas, your child will have lots of options to choose from. In the case that you’re counting down the days until your child leaves to college, that’s an additional option! The schools for younger kids are great too. Dallas is home to some of the best ranked high schools in the country, like Magnet School for the Talented and Gifted, which was ranked number one in the country in 2015, among others.
The area also has a very diverse food scene. While Tex-Mex cuisine is a staple in Texas, Dallas is also home to foods from a variety of other Latin American countries. It’s hard to get bored of what you eat when you’ve got so many options to choose from.
Buying vs. Rent-to-Own Homes
Buying and renting a home both have their advantages, but rent-to-own homes give you the best of both worlds. You start out with a rental agreement that allows you to pay a reasonable monthly fee while the landlord maintains ownership and accepts responsibility for maintenance and repair expenses. Part of your monthly rent is held back and will eventually count towards your down payment of the home, so long as you buy it. The contract will specify how much time you have to secure a loan and purchase the home. If you’re not ready for home ownership today but it’s one of your future goals, this is a convenient rental agreement that may fit your needs.
A great advantage to a rent to own agreement in Dallas is that the price of the home today will be the price you pay for the home at the end of the lease a few years down the line. The Dallas housing market is hot, and supply is not keeping up with demand. For that reason, the value of homes has been on the rise. If you lock in the price today, you’ll have actually made money between now and the time you buy it. Thankfully, Dallas rates are still low, making now a great time to purchase a home.
Cost of Living in Dallas
While the cost of living in Dallas is approximately 4% lower than the national average, it is a bit higher than the state average. Housing expenses are significantly lower than the national average and are even with the state average, so your home-buying budget will stretch further here than in other states. Balance those savings with slightly higher rates for groceries and healthcare.
Dallas has a competitive housing market because the area offers ample employment opportunities and many public parks and trails, but developers are constantly adding new homes in many popular neighborhoods to help increase home availability. This is a great place to live if you enjoy an active lifestyle and want to spend time outdoors. Many neighborhoods also benefit from exceptional school systems and trails that allow you to walk or bike to work on nice days.
Rent to Own Realtors
Working with a realtor doesn’t guarantee that you will successfully complete a rent to own deal, but their knowledge and expertise can make a big difference in your success rate.
Unfortunately, not many realtors will want to work with you on a rent to own deal. There isn’t a lot of profit for a realtor in rent to own deals.
So, you’ll need to find others with the knowledge and expertise you are looking for to ensure a successful lease-option experience. Consider consulting with a realtor, a title company and a mortgage officer instead. These professionals are better than a realtor because they are experts in their respective fields, as opposed to realtors who know a good deal about each of those rent to own factors.
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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.