Rent to Own Homes in Godley
Godley is located in eastern Texas, nestled in northwestern Johnson County. This small city lies within the Dallas-Fort Worth Metroplex. According to the United States Census Bureau, the population of Godley is estimated at 1,130 residents.The below results are primarily rent to own homes in :
Godley is located in eastern Texas, nestled in northwestern Johnson County. This small city lies within the Dallas-Fort Worth Metroplex. According to the United States Census Bureau, the population of Godley is estimated at 1,130 residents.The below results are primarily rent to own homes in :
Godley was named in honor of R.B. Godley of nearby Cleburne. R.B. Godley was a lumber merchant who donated land for the settlement and identified it as a prime location for a railroad station. By the time the community's post office was built in 1888, Godley had become a small yet prosperous community. Previous data from the United States Census Bureau indicates that almost half of Godley households have children under 18 years old residing. More than 60 percent of households consist of married couples, while roughly 13 percent of households have a female householder without a husband. In past years, the United States Census Bureau has reported the median income of households in Godley to be more than $40,500 per year. Recent data shows that median income levels have risen to $47,500 per year. Public education in Godley is offered by the Godley Independent School District. The district is close-knit, consisting of one elementary school, one intermediate school, one middle school, one high school and an alternative high school program.
Buying vs. Rent to Own Homes
When you rent to own, you pay an option fee and rent the home for up to three years while prepping for financing approval. Then, you buy it as soon as you’re ready. When you buy a home normally, you skip to the third step of the process.
Basically, when you’re almost ready to own a home, you should consider renting to own, but when you are ready, you should go ahead and purchase it.
Rent to own gives you more time to improve your credit score or save up a greater down payment in preparation for buying a house. Ultimately, rent to own is more expensive than outright buying a property because you’re paying rent to the owner every month. However, lease-options are a much better alternative than renting a property because you’re building some equity in the home, just not as much as you will once you purchase.
Once you own a home, you will likely be making monthly payments to a mortgage. Mortgage payments are typically around the same amount as rent to own payments, but all of it – minus interest, PMI and taxes – builds equity in the property, which directly benefits you.
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
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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