Rent to Own Homes in Foley
As Chicagoan John B. Foley was traveling to President McKinley’s... Read More
As Chicagoan John B. Foley was traveling to President McKinley’s funeral in 1901, he met a railroad agent who told him about the area in South Baldwin County, Alabama. Foley visited, liked what he saw, and bought more than 40,000 acres of land. He also helped to fund a railroad line, and the first station was built there in 1905. Foley was incorporated in 1915.The below results are primarily rent to own homes in Baldwin County, AL:
As Chicagoan John B. Foley was traveling to President McKinley’s... Read More
As Chicagoan John B. Foley was traveling to President McKinley’s funeral in 1901, he met a railroad agent who told him about the area in South Baldwin County, Alabama. Foley visited, liked what he saw, and bought more than 40,000 acres of land. He also helped to fund a railroad line, and the first station was built there in 1905. Foley was incorporated in 1915.The below results are primarily rent to own homes in Baldwin County, AL:
A point of interest in Foley is the Foley Antique Rose Trail. It provides an historical learning experience by incorporating roses from different periods into its design. Visitors can see how modern roses have been modified in stem length, color, and shape. The oldest rose on the trail is the China Rose, dating to 1752.
The city of Foley is close to two large metropolitan areas: Pensacola, Florida is just 30 miles to the east, and Mobile is 40 miles to the northwest. The city is on what is almost a peninsula, surrounded by the Gulf of Mexico, Perdido Bay, and Bon Secour Bay.
Buying a Home in Foley
The overall cost of living in Foley is nearly nine percent below the national average, and the cost of housing plays a large role in this: it’s an impressive 18 percent below the national average. The median cost of a home in Foley is about $151,000. Luxury homes are available as well.
An elementary school, intermediate school, middle school, and high school serve the city as part of the Baldwin County Public Schools system.
The median age of Foley’s residents is about 47, and 54 percent of the population is married. Sixty-three percent of the homes are owner occupied. Future job growth over the next ten years is predicted to be 38 percent.
Popular Neighborhoods in Foley
The southern half of the city – south of Rte. 98 – is made up of small- to medium-sized single-family homes and apartment complexes. The median home price is about $189,000. Many of the residences are newer, built after 200. It’s a peaceful and quiet area, and ranked in the top ten percent of Alabama neighborhoods as a place to retire.
Buying vs. Rent to Own Homes
Foley may already be enticing you with its southern charm and mild weather. But buying a home requires a down payment and pre-qualification. If you’re not ready for that, consider a rent-to-own arrangement, where the tenant agrees to live in a home for a specified period of time and, at the end of that period, 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 easier and doesn’t require a large outlay of cash, and renters can look forward to becoming happy homeowners – without even having to move!
Summary
Foley is a water- and beach-lover’s paradise. And the mild climate makes it possible to enjoy the outdoors virtually all year. Gulf Shores, Gulf State Park and Tarkiln Bayou Preserve State Park are all within a 20-minute drive. Family-friendly neighborhoods and a quiet, small-town atmosphere make Foley a serious contender when considering a place to settle and put down roots.
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
Financially, buying apartments, houses or any other types of properties makes sense when compared to renting. You're paying roughly the same amount per month for your mortgage that you would to rent the same type of home. However, there are obstacles that make that process difficult to attain, like minimum down payments and bad credit. Those barriers prevent banks from ending up having to sell foreclosed homes.
Nonetheless, those barriers shouldn’t stop you from owning your own condo or townhouse. Through rent to buy and lease to purchase programs with no credit check, you could start working toward owning a house.
A lot of people who rent to own by owner take advantage of Rent to Own Lab’s free listings. Search our website for cheap lease-purchase or lease-option properties near me and see if rent to own could be the right option.
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