Rent to Own Homes in Homewood
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Part of Jefferson County, Homewood has a population of 25,613 with a household median income of $66,573. About 57 percent of Homewood’s homes are occupied by their owners and have a median value of $299,100. For local homeowners, the median monthly housing cost is $1,806, while local renters report that their median gross rent was $985 between 2012 to 2016.The below results are primarily rent to own homes in :
Part... Read More
Part of Jefferson County, Homewood has a population of 25,613 with a household median income of $66,573. About 57 percent of Homewood’s homes are occupied by their owners and have a median value of $299,100. For local homeowners, the median monthly housing cost is $1,806, while local renters report that their median gross rent was $985 between 2012 to 2016.The below results are primarily rent to own homes in :
Homewood is especially appealing to families, thanks to the city’s excellent public schools. Local Homewood schools are operated by the Homewood City School system, which was ranked as one of the area’s top-performing school districts by Alabama State Department of Education. Homewood City Schools earns top marks for preparing its students for college and for helping students achieve excellent academic growth. Homewood High School is especially renowned for its high graduation rate and superior college and career preparation. Locals also appreciate Homewood’s unique history, which is well-preserved in the historic Spanish Revival, Tudor Revival and Craftsman homes in the Hollywood neighborhood. The neighborhood was annexed into Homewood in 1929 and boasts many structures on the National Register of Historic Places. The Hollywood Historic District extends from Montgomery Highway 31 to Highway 280 and from the Red Mountain Expressway to Lakeshore Drive. The City of Homewood provides a wide range of services for residents, including a public library, a community pool, two community centers, a senior center and several local parks. For additional entertainment and recreation, the Homewood Shades Creek Greenway Trail runs through town, offering three miles of biking, walking and jogging trails. Birmingham Zoo, Birmingham Botanical Gardens and the Country Club of Birmingham are also just outside Homewood's city limits.
Buying vs. Rent to Own Homes
Renting to own a home and buying a home both have the same end goal – you own the house you’re interested in. The difference between the two is your timeline. Buying a property is a great idea if you’re sure about the property and you have financing to purchase it today.
Lease-options are a good idea when you’re having doubts about the house or if you’re not financially ready to own the house you’re looking at. They’re a good option if you almost have a high enough credit score, a steady enough job history or a big enough down payment to qualify for financing on the home, but you need some more time to qualify. Rent to own gives you time to get your affairs in order, ability to try out a house and flexibility to close on the home when you’re ready – without having to wait for the end of a lease.
To be clear, if you can buy a house today, you should do it. If you’re looking at buying within the next three years, rent to own is a good way to start the process.
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
Rent to Own Labs offers more than free listings for rent to buy houses.
Our website also includes real estate owned properties, which are bank-owned foreclosed homes that didn’t sell at auction. You can buy these types of properties for cheap prices because the bank isn’t in the business of real estate; it’s just looking to get rid of the condo, townhouse, etc. that it has on the book.
Sellers directly list rent to own by owner apartments and houses as lease-option or lease-purchase programs with no credit check. On lease to purchase contracts, the buyer is contractually obligated to buy the home, and on lease to own contracts, the buyer is financially motivated. It doesn’t matter to the seller if you have a bad credit score because they know you have a lot at risk if you don’t buy the home you’re renting to own.
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