Rent to Own Homes in Espanola
The city of Española is located in northern New Mexico, 25 miles north of Santa Fe. It lies in the area where the Rio Grande, Rio Chama and Rio Santa Cruz rivers meet. According to recent data from the United States Census Bureau, the population of Española is approximately 10,100 residents.The below results are primarily rent to own homes in :
The city of Española is located in northern New Mexico, 25 miles north of Santa Fe. It lies in the area where the Rio Grande, Rio Chama and Rio Santa Cruz rivers meet. According to recent data from the United States Census Bureau, the population of Española is approximately 10,100 residents.The below results are primarily rent to own homes in :
Don Juan de Oñate was one of the early settlers of the Española area in the late 1500's, when he pronounced the area a Spanish capital. The area experienced a population boom during the railroad era of the late 1800's - early 1900's. Española station was a major stop along the railroad with facilities to service locomotives. Children living in Española attend Española Public Schools. Española Public Schools currently consists of a kindergarten center, 10 elementary schools, one middle school and one high school. Santa Cruz High School and Española High School were opened in the early 1900's in response to increasing population and a growing need for public education, however, these two schools no longer exist. When Española High School opened, it remained the largest school in the area for many years. The downtown Española area is rich with Hispanic, Native American and Anglo culture. Downtown Española is the home to the Plaza de Española, where the Bond House Museum, the Misión Museum, the Veterans Wall and the picturesque fountain come together to give residents a better understanding of the area's past.
Buying vs. Rent to Own Homes
Rent to own gives you anywhere between a few months and three years time to prepare for buying a home. It’s more costly than buying outright because you’ll be paying rent to the owner instead of building equity by paying off the mortgage; but, it’s much better than renting because you have the option to buy and stop the rent payment process whenever you’re ready.
Lease-options help set you up for a home purchase in the not-so-distant future.
That’s not to say that because you aren’t ready to buy you should rent to own. If you need more than three years before you’re ready to purchase a home, you shouldn’t rent to own. Instead, you should wait until you’re at least less than three years away from qualifying to buy a home before signing your lease-option because, if the lease term ends and you’re not ready to buy, you’ll lose the money you invested in an option fee and any other money you’ve negotiated from the seller.
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
Lease-purchase programs offer sellers more certainty than traditional rent to buy because buyers are contractually obligated to buy the condo, townhouse or house by the end of the lease term. Normally, rent to own by owner means the buyer has the option to buy and the seller has the obligation to sell.
Lease-options are more convenient for buyers. However, buyers and sellers may work out lease to purchase deals for houses and other properties when the seller is overlooking a bad credit score or a small option fee. The requirement for buyers to purchase properties makes sellers feel more comfortable leasing with no credit check because they don’t have to worry about whether buyers will opt out.
If you’re interested in looking for apartments for lease option, check out our free listings by searching for properties near me. We showcase more than just rent to own. Use our site to find cheap foreclosed homes or owner financing.
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