Rent to Own Homes in Farmington
Farmington is on the Trail of the Ancients Byway, a scenic route to important prehistoric and geological sites offering a glimpse into the history of Native American peoples; canyons, volcanic rock formations, and sandstone buttes are all on the menu in this state known as the Land of Enchantment. With a semi-arid climate featuring short, mild winters and hot, dry summers, it’s easy to see why the denizens of Farmington are proud to call it home.The below results are primarily rent to own homes in San Juan County, NM:
Farmington is on the Trail of the Ancients Byway, a scenic route to important prehistoric and geological sites offering a glimpse into the history of Native American peoples; canyons, volcanic rock formations, and sandstone buttes are all on the menu in this state known as the Land of Enchantment. With a semi-arid climate featuring short, mild winters and hot, dry summers, it’s easy to see why the denizens of Farmington are proud to call it home.The below results are primarily rent to own homes in San Juan County, NM:
Petroleum, natural gas, and coal are the leading industries in Farmington. But it’s not all work and no play; the city is known throughout New Mexico and the southwest for its baseball tournaments. In fact, Farmington High School won the AAAA Baseball State Championship four years in a row from 2005 through 2008, and Piedra Vista High School won in 2010 and 2011.
Buying a Home in Farmington
The median cost of a home in Farmington is about $186,000, and homes appreciated nearly 5% last year. There are 20 schools in the Farmington Municipal School District; some of these schools are rated higher than others, so families that are neighborhood shopping should do some research to find the best fit. About half of the population is married and the median age is 33, making Farmington a good place for both singles and young families. It’s a very ethnically diverse
city, and it’s common to hear English, Spanish and Navajo spoken around town.
Popular Neighborhoods in Farmington
With 13 constituent neighborhoods, Farmington is the sixth largest community in the state.
The Foothills Dr/Pinion Hills Blvd area is a mostly owner-occupied neighborhood with medium- and large-sized homes. The median house value is about $308,000. It is reported as one of the best neighborhoods for families in the entire state. Top schools, low crime rates, and owner-residents give this area a real “Brady Bunch” feel. College-educated residents and a strong sense of community make this an ideal place to settle.
Another popular area is the College Blvd/Pinion Hills Blvd neighborhood. Here the median house value is about $279,000. A large number of residents are wealthy executives. Real estate holds its value here because the residents are careful to keep their property in excellent condition. The neighborhood is diverse; while a large number of the people are white-collar workers, others work in the service industry or manufacturing. Some homes were built within the past 15 years, while others are more established. It’s a great choice for families with school-aged children.
Buying vs. Rent to Own Homes
Farmington’s southwest charm may already be beckoning you. Getting financing for a home, however, can be difficult. Many are taking advantage of rent-to-own options. Renters agree to live in a home for a specified period of time and, after that time expires, they have the option to buy. A portion of each month’s rent goes toward a down payment to eventually buy the house. It’s a win-win for everyone: Money in the owner’s pocket, and the possibility of owning a home for the tenants.
Cost of Living in Farmington
Farmington does well against the national average; in fact, it’s just about even with national statistics. Housing, transportation, and utilities run, on average, 2-7% cheaper than the national average, while housing and healthcare are on par with the rest of the United States.
Summary
Although Farmington was incorporated in 1901, people have lived in the area since the 7th century. Ruins and dwellings from ancient peoples pepper the area, making the environs quite historically significant. The Bisti/De-Na-Zin Wilderness and La Plata Mountains help to create a place of striking natural beauty. Together with a mild climate, competitive cost of living, and family-friendly neighborhoods, Farmington is an attractive place to call home.
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.
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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