Rent to Own Homes in El Campo
El Campo is located in Southeastern Texas, approximately 65 miles southwest of Houston. This Wharton County city has experienced steady population growth since 1970. According to recent data from the United States Census Bureau, the population of El Campo is over 11,500 residents with a population density of roughly 1,400 people per square mile.The below results are primarily rent to own homes in :
El Campo is located in Southeastern Texas, approximately 65 miles southwest of Houston. This Wharton County city has experienced steady population growth since 1970. According to recent data from the United States Census Bureau, the population of El Campo is over 11,500 residents with a population density of roughly 1,400 people per square mile.The below results are primarily rent to own homes in :
Families living in El Campo may send their children to the El Campo Independent School District as a public school option. The district consists of three elementary schools, one middle school and one high school. According to the United States Census Bureau, the median income for households in El Campo is nearly $45,500 per year. The top three employment industries in El Campo are retail, education and health care, employing 35% of residents combined. El Campo operates nine parks throughout the city. In addition to picnic facilities and plenty of open space, the city's park system includes a handicap accessible playground, athletic fields and a modern aquatic center. El Campo lies approximately one hour west of the Gulf of Mexico. When residents need a respite from the humid subtropical climate, a day trip to the Gulf Coast is within a reasonable distance.
Buying vs. Rent to Own Homes
The difference between buying a home and signing up for a lease-option depends on your timeframe and how much money you spend on buying the house.
When you buy a house outright, you pay for the fair market value of the home plus interest and other fees charged by your financial lender, if you have one. You buy the property today and immediately start building equity in it.
However, when you rent to own, you won’t own the home until you close on the property, which could be as far as three years from today. You’ll also pay rent monthly, and you don’t get that money back.
There are some fees that you pay for rent to own that you’ll get back as a credit towards the price of your home, like option fees and rent credits. These count as equity on the home, but they’re not on the scale of equity you would build with a mortgage. Therefore, these don’t add anything on to the price you pay for the home the way that rent does.
Rent to Own Realtors
Realtors can qualify buyers to get an idea of when they will be ready to purchase a rent to buy home and inform them on how long to set the lease term, but mortgage officers can do that too.
Banks can make a lot of profit off of a successful mortgage. That’s why mortgage officers will be willing to help you figure out the details of your rent to own deal. However, real estate agents don’t make enough profit off of rent to own deals to justify waiting a few years for the commission.
While real estate agents might be a logical partner in rent to own deals, you’ll have a lot of difficulties finding one to help you. For everything you think you need a realtor for, consider what other types of professionals might be able to help you, like title companies or lawyers.
About Our Listings
Rent to Own Labs offers more than free listings for rent to buy houses.
Our website also includes real estate owned properties, which are bank-owned foreclosed homes that didn’t sell at auction. You can buy these types of properties for cheap prices because the bank isn’t in the business of real estate; it’s just looking to get rid of the condo, townhouse, etc. that it has on the book.
Sellers directly list rent to own by owner apartments and houses as lease-option or lease-purchase programs with no credit check. On lease to purchase contracts, the buyer is contractually obligated to buy the home, and on lease to own contracts, the buyer is financially motivated. It doesn’t matter to the seller if you have a bad credit score because they know you have a lot at risk if you don’t buy the home you’re renting to own.
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