Rent to Own Homes in Louisville
Louisville is a small city that rests just south of the Tombigbee National Forest in east-central Mississippi. This location is approximately 95 miles northeast of Jackson and about 100 miles west of Tuscaloosa, Alabama. Kosciusko is about 30 miles to the west, Noxapater is about eight miles to the south and Ackerman is about 15 miles not the north. Some of the biggest attractions in the Louisville area include Legion State Park, Louisville Winston County Airport, American Heritage Fire Museum, Ivy Park Sports Complex, Academy Park and Lake Tiak-O’ Khata.The below results are primarily rent to own homes in :
Louisville is a small city that rests just south of the Tombigbee National Forest in east-central Mississippi. This location is approximately 95 miles northeast of Jackson and about 100 miles west of Tuscaloosa, Alabama. Kosciusko is about 30 miles to the west, Noxapater is about eight miles to the south and Ackerman is about 15 miles not the north. Some of the biggest attractions in the Louisville area include Legion State Park, Louisville Winston County Airport, American Heritage Fire Museum, Ivy Park Sports Complex, Academy Park and Lake Tiak-O’ Khata.The below results are primarily rent to own homes in :
The City of Louisville was named after Mississippi Supreme Court judge Louis Winston. There were approximately 400 people living within city limits in 1870. The population grew to more than 1,000 residents by 1910 and reached 7,000 residents by 1980. The population held steady for many years before taking a slight downturn. In 2016, there were approximately 6,300 Louisville residents. The city is now a part of Winston County and is served by the Louisville Municipal School District. This public school system includes Louisville High School, and there are two private schools in the area. Downtown Louisville is the arts and culture district for the city. This is where you’ll find The Strand Theater, which has transformed from historic movie theater to musical venue for live performances.
Buying vs. Rent to Own Homes
Renting to own a home is like a test drive for buying a house. It’s comparable to the car dealership letting you drive out of the lot with the car that you want (after you pay a small option fee) and telling you to come back when you have the money to pay the full price of it, as long as it is within the lease term. Then you make monthly lease payments until you’re ready to buy it.
You should lease-option when you’re close to getting financing for the home you’re looking to purchase, but need a bit more time (1-3 years) before you’re ready. And if you’re unsure about the house, you have more time to consider it from a more personal perspective.
Similarly to test driving a car, once you’re sure that this is the house you want and you have the money to purchase it, you should buy it as soon as possible. There’s no sense in paying rent money for longer than you need to. Rent to own also gives you the flexibility to close on a home whenever you’re ready to. It’s a mix of the best parts of renting and buying.
Rent to Own Realtors
Realtors can qualify buyers to get an idea of when they will be ready to purchase a rent to buy home and inform them on how long to set the lease term, but mortgage officers can do that too.
Banks can make a lot of profit off of a successful mortgage. That’s why mortgage officers will be willing to help you figure out the details of your rent to own deal. However, real estate agents don’t make enough profit off of rent to own deals to justify waiting a few years for the commission.
While real estate agents might be a logical partner in rent to own deals, you’ll have a lot of difficulties finding one to help you. For everything you think you need a realtor for, consider what other types of professionals might be able to help you, like title companies or lawyers.
About Our Listings
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These programs are a great way to buy a condo or townhouse if you have bad credit. In fact, lease purchase and rent to buy programs usually offer cheap homes with no credit check. Just make sure you look at your lease to purchase agreement to understand whether you have the option or obligation to buy the home you’re looking at. Lease-purchase agreements require the buyer to purchase by the end of the lease term, while lease-option agreements give the buyer the option to buy.
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