Rent to Own Homes in Horizon City
Horizon City is a growing city near the westernmost point of Texas. This location is approximately 20 miles east of El Paso and about 40 miles from the Mexico border. Residents can reach the El Paso International Airport and the Biggs Army Airfield in about 30 minutes without traffic. Some of the city’s most popular attractions include the Horizon City Splash Pad, Desmond Corcoran Park, Horizon Mesa Park and Golden Eagle Park. Many residents also join community clubs, including the Horizon City Eastlake Lions Club and the Horizon City Kiwanis Club.The below results are primarily rent to own homes in :
Horizon City is a growing city near the westernmost point of Texas. This location is approximately 20 miles east of El Paso and about 40 miles from the Mexico border. Residents can reach the El Paso International Airport and the Biggs Army Airfield in about 30 minutes without traffic. Some of the city’s most popular attractions include the Horizon City Splash Pad, Desmond Corcoran Park, Horizon Mesa Park and Golden Eagle Park. Many residents also join community clubs, including the Horizon City Eastlake Lions Club and the Horizon City Kiwanis Club.The below results are primarily rent to own homes in :
Horizon City started as a planned community in the 1960s. The name was chosen after Horizon Corporation, which was the company creating the original city plans. Incorporation occurred in 1988, and an Economic Development Corporation was established in 2011. This corporation is designed to attract businesses to Horizon City, and it has the authority to help companies with some of the expenses required to move into the area. There were close to 20,000 people residing within Horizon City limits in 2017, and the community is expected to continue growing in years to come. The Hospitals of Providence has established a large hospital in the city, and a popular golf course marks the center of town. Residents are served by independent school districts operated by Socorro and Clint counties.
Buying vs. Rent to Own Homes
The difference between buying a home and signing up for a lease-option depends on your timeframe and how much money you spend on buying the house.
When you buy a house outright, you pay for the fair market value of the home plus interest and other fees charged by your financial lender, if you have one. You buy the property today and immediately start building equity in it.
However, when you rent to own, you won’t own the home until you close on the property, which could be as far as three years from today. You’ll also pay rent monthly, and you don’t get that money back.
There are some fees that you pay for rent to own that you’ll get back as a credit towards the price of your home, like option fees and rent credits. These count as equity on the home, but they’re not on the scale of equity you would build with a mortgage. Therefore, these don’t add anything on to the price you pay for the home the way that rent does.
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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