Rent to Own Homes in Irving
The below results are primarily rent to own homes in Dallas County, TX:
Named after famous author Washington Irving, the city of Irving is located in northeastern Texas within a 30-minute drive of Dallas and Fort Worth. The city is best known for the Las Colinas planned development which now includes the Irving Convention Center. This development was one of the first mixed-use planned communities in the United States, and many Fortune 500 companies have offices within the development. This brings a lot of jobs to the city, and that attracts more residents.
For fun and amusement, residents enjoy the horse races at Lonestar Park and paddle boarding the canals at SUP NTX. The Texas Greenbelt Trinity River Trail is available for runners, walkers, bikers or anyone interested in enjoying nature free of charge. For local golfers and those in need of a relaxing place to entertain and house personal or business guests, the Las Colinas development features a Four Seasons Resort with a spectacular golf course right in town.
Residents often send their children to the Irving Independent School District, but there are some quality private schools in Irving as well. There are many family-friendly neighborhoods that live up to the suburban lifestyle expected from a community just outside the big city of Dallas.
Buying a Home in Irving
The City of Irving funds a down payment assistance program that benefits first-time home buyers ready to purchase property within the city. Once you complete an orientation class and go to all counseling sessions recommended by the city, you may qualify for a zero-interest loan that is forgivable and deferred. This money is intended to help pay for your down payment and closing costs once you find the perfect home in Irving.
Popular Neighborhoods in Irving
There is a north-south divide in Irving now that the Las Colinas development is bringing more modern, updated communities to the northern half of the city. Southern Irving neighborhoods are more established and offer more affordable housing options, but many new residents are attracted to the active communities developing around Las Colinas. If you’re interested in living in a newer home with more modern amenities, look to northern neighborhoods like Valley Ranch and Coppell.
Buying vs. Rent to Own Homes
Buying a home in Irving takes time because you have to go through the preapproval process, locate homes within your housing budget and then hope your bid is accepted and the bank doesn’t give you a problem finalizing the deal. If you have stellar credit, everything should proceed smoothly. If your credit rating could use a boost or you don’t have at least a 10-percent down payment already in the bank, then you probably need some time to prepare for the home-buying process.
Rent-to-own properties are a great way to give yourself that preparation time without delaying your move into a new home. You start out as a renter but have the option to buy the home before the end of your contract. In some cases, part of your rental fees will serve as a portion of your down payment in the future. These agreements allow you to move into a home you love right now without forcing you to take out a home loan before you’re ready.
Cost of Living in Irving
The cost of housing in Irving is 20 to 30 percent lower than the national average, and the overall cost of living is approximately five percent lower than the national average. This is reflective of Texas as a whole because the state is known for offering housing at more affordable rates than many other big cities today. Other expenses such as transportation and groceries are sold at rates more reflective of the national average, so the low cost of housing is the only break your budget will receive.
Irving is located within a 30-minute drive of Dallas and Fort Worth, but it’s more than just another suburb. The city is home to a large mixed-use development called Las Colinas where many Fortune-500 companies are now conducting business. This brings a lot of jobs to the community and has sparked growth in the northern half of the city. Many new neighborhoods are emerging in this area with amenities that attract families as well as professional singles. The southern half of Irving is still a great place to look if you’re interested in a home with character in a more established neighborhood.
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.