Rent to Own Homes in Madison
The below results are primarily rent to own homes in Madison County, AL:
The city of Madison first grew up in the 1800s around a stop on the Memphis and Charleston Railroad. The site of a famous Civil War battlefield, the town was incorporated in 1869 and remained a small village for nearly 100 years. Nestled in Madison County and surrounded on most sides by the larger city of Huntsville, Madison had a population of only 500 until 1950. In 1980, it had approximately 4,000 residents, but today it has become a quickly-growing suburban community with over 46,000 people calling the town home.
The town covers 29.7 square miles and is home to large technology corporations as well as an easy commute to major research centers and employers in Huntsville. It offers an array of retail shops, supermarkets and restaurants catering to the community along Madison Boulevard and US 72. As a family-focused town, Madison has a well-regarded Madison City School System, which includes seven elementary schools, including Madison Elementary School, West Madison Elementary, Columbia Elementary and four more options. It also has two middle schools and two high schools. The town produces two local newspapers, the Madison Record and the Madison County Record, which have been operational for 50 years. Madison is easily accessible to major highways, including US 72, Alabama Route 20 and Interstate 565. It is located just north of the Port of Huntsville and the attached Huntsville International Airport.
Buying a Home in Madison
Madison has an active and stable real-estate market and a range of property types available, including condominiums and single-family homes. The median price of a home listed for sale in Madison is $227,455, with the median valuation of all homes in the town set at $195,700. Home prices in Madison have remained relatively flat yet on an upward trend in recent years, with an expectation of continued incremental rises in price in the popular city. A steady rise in home prices has continued since 2013. There is a very low level of foreclosure or mortgage default in Madison, with a stable population base and strong value represented by homes in the town.
Popular Neighborhoods in Madison
Madison is home to a strong economy and low rates of unemployment with its close access to Huntsville and active manufacturing, research and technology industries. The whole town is host to a population of families and professionals, with a strong focus on education and a good public school system. Cliff’s Cove is one popular neighborhood in Madison, surrounded by forested areas and featuring four lakes for outdoor activities. This community has great views of the Tennessee Valley. Another popular community is Highland Lakes, with its own swimming pool, walking trails and easy access to shopping, restaurants and other community activities.
Buying vs. Rent to Own Homes
You may be looking to make a permanent home for yourself and your family in Madison. However, while you want to prepare for homeownership, you might not have your entire down payment saved up or you may want extra time to enhance your credit for the best mortgage loans. With a rent to own home, you would make an agreement to buy the home after renting for several years, with a portion of your fixed lease amount going toward your final purchase price, agreed upon in advance. When you’re planning to buy but need some time, rent to own homes can be a great option for you and your family.
Cost of Living in Madison
The cost of living in Madison tends to sit just below the national cost, at about 6 percent less than the US average overall. Housing costs run 17 percent under the US average cost of living, while groceries also sit a healthy 5 percent below that national average. Health, utilities, transportation and miscellaneous costs all hover around the national standard.
Madison offers easy access to fast-paced jobs and a strong industrial sector in a comfortable community. With a solid educational system and strong connectivity to the Huntsville region and the world through the nearby port and airport, this town offers small-community charm and urban amenities in transportation, employment and infrastructure.
Rent to Own Realtors
Using a realtor for your rent to own deal can offer great benefits. Agents are well versed in real estate so they can effectively communicate opportunities and discern which of those opportunities is a legitimately good deal.
Nonetheless, not a lot of realtors will want to help with your rent to own deal because upfront profit for a realtor is minimal and the big payout down the line is not a guarantee.
That means you’ll have to do a little research to ensure that you make the best decisions, but you will save money on commission.
About Our Listings
It’s in the bank’s best interest to avoid foreclosed homes because they end up having to sell them cheap to recoup lost money. So, they try to play it safe with mortgage approvals by steering clear of people with bad credit.
That doesn’t help someone who’s working on getting their credit together to buy a condo or a townhouse. Nonetheless, rent to buy programs can help people work toward purchasing houses and apartments with no credit check.
The free listings on our site are usually rent to own by owner, so deals are more reasonable and trustworthy than big company lease to purchase properties are. Whenever you’re ready just look for lease-option or lease-purchase homes near me on the Rent to Own Labs website.