Rent to Own Homes in Frisco
The below results are primarily rent to own homes in Collin County, TX:
Welcome to “Tree City USA.” Frisco is a small Texas city positioned approximately 30 miles north of Dallas and less than 50 miles north of Fort Worth. Since many residents sleep in Frisco and commute to the bigger cities for employment and entertainment, Frisco is considered a bedroom city. If you don’t want to commute for employment, there are some local job opportunities thanks to the Frisco Economic Development Corporation. This organization works hard to bring new businesses to the city, and the town is now considered pro-business as a result.
Families are also attracted to this small town because of the Frisco Independent School District, which is often referred to as Frisco ISD or simply FISD. This school system has received national attention for high state and national test scores. This is achieved by fostering strong relationships between school professionals and members of the community. Parents also appreciate access to quality afterschool programs, including the popular Frisco Football League.
Residents of all ages spend a lot of time at Frisco Square. This central district is the perfect place to relax with a drink, find a yoga class, enjoy a burger or take someone special out for Thai. You can even enjoy a movie, wake up with a cup of coffee or join a dance class. With such a diverse range of businesses in one region, this is one of the most walkable areas of Frisco City.
Buying a Home in Frisco
You will easily find more than 1,000 homes for sale in Frisco at any given time. Listing prices can range from $200,000 to over $500,000, but you should expect prices close to $400,000 for homes with up to three bedrooms. Homes in desirable neighborhoods with four or more bedrooms are often listed at $500,000 or above. It’s common for homes to receive three or more offers before a sale is final, so make sure that you put in an aggressive offer when you find a home that you really want.
Popular Neighborhoods in Frisco
If you’re interested in living in one of Frisco’s upscale neighborhoods, look to Lakes on Legacy Drive. While some homes do sell for a million or more, there are many that sell closer to the $500,000 mark. Lot sizes can go up to a half acre, which is a bit larger than you will find in many competing upscale Frisco neighborhoods. For instance, homes in the Chapel Creek neighborhood typically sell between $700,000 and $1.5 million, but the largest lots are less than a half acre. For homes in the multimillion-dollar range, look to neighborhoods like Starwood and Stonebriar.
If you need a more affordable neighborhood, consider Estates on Legacy Drive. This name is easy to confuse with Lakes on Legacy Drive, but the Estates neighborhood features homes that sell for $600,000 or less. Cypress Creek is another good option because residents enjoy access to a community swimming pool and playground with home prices topping at around $550,000.
Buying vs. Rent to Own Homes
Most people start searching for a home before they consider their eligibility for a mortgage loan, and they end up disappointed when they aren’t financially qualified to purchase their dream home. A safer option is to secure a letter of pre-approval from a lender first, but that requires you to provide significant documentation proving your employment, income, credit history and debt load. If you’re not ready for that process but want to move into a new home right away, a rent-to-own agreement may work in your favor.
This is a home-buying process that allows you to move into a new property now as a renter. You can use the rental period to get that paperwork together, paying off old debt and saving a more substantial down payment in the process. When you’re ready to secure a mortgage loan, you can purchase the property. Not all homes in Frisco will offer this type of agreement, but it’s something to consider if you need more time to submit to the home-buying process.
Cost of Living in Frisco
While the state of Texas typically stays below the national average for total cost of living, Frisco can go as high as 30 percent above the national average. This is mostly reflective of the high cost of housing, which comes close to doubling the national average at times. The cost of utilities often goes a bit over the national average as well, so you have to absorb high home maintenance costs in addition to the high cost of purchasing a home. While there are some homes listed at affordable prices, you will have more competition for those homes and may not find them in the most desirable neighborhoods.
Frisco, Texas, is known for its exceptional public school system and close proximity to Fort Worth and Dallas. As a bedroom community, this is a great place to enjoy family life while commuting to the bigger cities for work and entertainment. When you don’t feel like drifting far from home, you can find a variety of entertainment options, restaurants and shops at Frisco Square. Many upscale neighborhoods feature clubhouses, swimming pools, walking trails and other amenities that make daily life more enjoyable.
Rent to Own Realtors
When it comes to contracts, there are usually plenty of loopholes. You don’t want to be blindsided because your counterpart in a rent to own deal knows them better than you do.
A realtor might be the logical person to ask for help with a real estate deal, but instead, you should consult with a lawyer to ensure that your lease-option contract benefits you just as much as it benefits the other party.
Realtors likely will not want to help you with a lease-option because they don’t make a lot of money off of them – at least, they don’t make a lot of money until the end of the lease, and that isn’t a guarantee.
Regardless, a lawyer will have more accurate information about your contracts anyway.
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.