Rent to Own Homes in Knoxville
The below results are primarily rent to own homes in Knox County, TN:
The original capital of Tennessee, Knoxville retained much of its history and charm even while it grew. Today, It is the headquarters of the Tennessee Valley Authority, near the famed Oak Ridge National Laboratory, the gateway to the Smoky Mountains National Park and the home of HGTV. These and other enterprises currently support 183,270 residents and 1,096,961 people in the Knoxville Metropolitan Statistical Area.
Locals appreciate the variety of activities available throughout the Knoxville area. In South Knoxville, residents delight in the Meadow Lark Music Festival at the 300-acre Ijams Nature Center. In West Knoxville, boaters enjoy the marina at Concord Park and two-stepping at Cotton-Eyed Joe’s. Downtown is home to Shakespeare productions in Market Square, the legendary Dogwood Arts Festival and the Knoxville Museum of Art. The city’s suburbs are equally eventful, helping the Knoxville metropolitan area to earn its No. 13 spot on the Places Rated list of best places to reside in North America.
Buying a Home in Knoxville
House hunters in Knoxville relish the city’s stable home prices. Today’s median list price of $165,000 is just $300 more than last year’s, and the median sold price of $161,000 is just 1 percent higher than last year’s. The average sold price of a home in Knoxville is currently $195,690. Home buyers purchased 1,410 homes in the most recent month, and 2,711 new listings came onto the market. Luckily, house hunters have ample time to consider their options since homes are on the market an average of 92 days.
Popular Neighborhoods in Knoxville
Hipsters, Millennials and married couples thrive on the entertainment, dining, shopping and nightlife of Downtown Knoxville and neighboring Old City. Converted warehouse lofts and newer condos put residents just steps away from the action in the lively downtown setting. Old North Knoxville appeals to locals who want historic homes, wide lawns and a pedestrian-friendly, sociable atmosphere. Kingston Pike/Sequoyah Hills is the prestigious address for executives, university professors and families who appreciate grand, historic estates in the Beaux Arts style and breath-taking views of Fort Loudin Lake.
Buying vs. Rent to Own Homes
Buying a home in Knoxville is full of benefits, and rent to own homes provide a flexible way to buy a little piece of the city. Buying a home the traditional way involves a large down payment, applying for mortgages and dedicating time to purchase negotiations. Rent to own homes ease some of that burden by relaxing financial requirements and delaying the mortgage and down payments until the end of the rent-to-own contract. Rent-to-owners pay an initial option fee and a monthly premium on rent, both of which are usually credited to the final down payment.
Cost of Living in Knoxville
Knoxville residents appreciate their low cost of living, paying about 19 percent less on life’s necessities than the average American. Housing is especially affordable at 36 percent below the national average. In fact, every category of living costs is lower in Knoxville than the national average: groceries are 13 percent cheaper, healthcare costs are 10 percent less expensive, utilities are 5 percent lower and transportation is 15 percent less costly than the national average.
Home of the University of Tennessee Volunteers, Knoxville teems with opportunities in a welcoming, historic setting. It is also home to one of the largest collections of Victorian-style homes designed by 19th-century architect George Franklin Barber. These historic homes mix with modern lofts, sprawling mansions and contemporary condos to give Knoxville neighborhoods like Old City their unique character. Living in this engaging city is affordable, and locals can expect to spend just 81 cents for every dollar residents of other towns spend on living expenses.
Rent to Own Realtors
Most realtors aren’t going to want to work with a client looking for a rent to own deal. The upfront profit for a realtor is minimal, and the largest chunk of the commission isn’t guaranteed – even after the contract is signed. Successful rent to own deals make the bulk of commission for realtors as far as three years in the future.
Good realtors know that if they’ve done their job qualifying and showing a buyer options that meet their tastes and budgets, a rent to own deal has a great chance of success. But good realtors are rare.
Instead of using a realtor, learn about rent to own yourself and meet with professionals in the title, mortgage and legal industries to increase your chances of success.
About Our Listings
When you’re looking for your first townhouse or condo, you learn pretty quickly that it’s difficult to secure financing for houses when you have bad credit. However, you can find properties, like apartments, in our free listings that might meet your needs.
Our database includes free listings for cheap properties available for lease-purchase, rent to own by owner, foreclosed homes and owner financing. Many of these programs will work with you with no credit check.
The convenient part of rent to buy and lease to purchase agreements is that they give buyers time to prepare to purchase a home by saving up a down payment and improving their credit score. Owner financing often has less stringent requirements than conventional financing. Search for properties near me to find the program that’s most convenient.