Rent to Own Homes in Dayton
Today, Dayton... Read More
Today, Dayton itself has evolved into a more modern setting while retaining its small town charm. The city is still one of the smallest in Tennessee, having an area of just six square miles. The median income in the city is just over $26,000. It is a part of the larger Dayton Urban Cluster which includes smaller neighboring communities and towns.The below results are primarily rent to own homes in Rhea County, TN:
Today, Dayton... Read More
Today, Dayton itself has evolved into a more modern setting while retaining its small town charm. The city is still one of the smallest in Tennessee, having an area of just six square miles. The median income in the city is just over $26,000. It is a part of the larger Dayton Urban Cluster which includes smaller neighboring communities and towns.The below results are primarily rent to own homes in Rhea County, TN:
This is a city that will be most appreciated by those who prefer a simpler form of living. Homes in the city tend to be modest, and the area is so tight knit that many residents know one another by name. The local economy is strong and the school system is given high ratings by the state, making this a great place for families to settle.
Buying a Home in Dayton
The median price of a home in Dayton is $107,000. This is far below both the national and state averages. Additionally, just 47% of housing units in the city are owner occupied. These factors combine to present many values in the local market. The typical monthly mortgage payment in the city can be as low as $800 per month for those who choose traditional financing.
Home ownership in this city is favored by families thanks to a large number of homes that were built after 1990 and have three or more bedrooms. There is a smaller proportion of one-bedroom and studio dwellings on the local market for singles and students.
Popular Neighborhoods in Dayton
The Edgewater neighborhood in Dayton offers a rural setting with medium to large homes that have a median value of $133,000. This community is one of the quietest in the city and has many residents that are older. Numerous families live in this area and the crime rate is very low. The majority of homes in Edgewater are established, having been constructed between 1970 and 2000. Those looking for more affordable surroundings might prefer the Evensville/Concord neighborhood where homes have an average price of $125,000.
Buying vs. Rent to Own Homes
It is an exciting thing to purchase a home, but that excitement can be tempered by the anxiety of qualifying for a mortgage loan. One alternative for avoiding standard qualifying is to consider a rent to own home. These homes allow the prospective buyer to rent with an option to purchase at a later date. While renting, a portion of each month's rent is typically set aside as equity that can be used in the future for a down payment.
Summary
Dayton is one of the smallest towns in Tennessee, and the town reflects this designation with a laid-back atmosphere where residents prefer to move at a slow pace and enjoy rural living. The home of the famous Scopes Monkey Trial, Dayton has retained a strong conservative nature up to the present day. There are local attractions such as the Rhea County Courthouse which celebrate the colorful history of this beautiful city.
Rent to Own Realtors
Most realtors aren’t going to want to work with a client looking for a rent to own deal. The upfront profit for a realtor is minimal, and the largest chunk of the commission isn’t guaranteed – even after the contract is signed. Successful rent to own deals make the bulk of commission for realtors as far as three years in the future.
Good realtors know that if they’ve done their job qualifying and showing a buyer options that meet their tastes and budgets, a rent to own deal has a great chance of success. But good realtors are rare.
Instead of using a realtor, learn about rent to own yourself and meet with professionals in the title, mortgage and legal industries to increase your chances of success.
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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