Rent to Own Homes in Magee
Once part of the Choctaw Nation’s Six Towns district, Magee's settlement was spurred by the Treaty of Doak’s Stand in 1820. Among the area’s first settlers were Phil Magee and Arthur Magnum in 1819. While the town was originally named Magnum, several Magee family members contributed to the town's success. Willis Magee built the local grist mill in 1840, and Robert Solomon Magee served as the town’s first postmaster. The town was eventually renamed Magee in honor of Robert Solomon Magee, according to a marker in Old Magee Cemetery.The below results are primarily rent to own homes in :
Once part of the Choctaw Nation’s Six Towns district, Magee's settlement was spurred by the Treaty of Doak’s Stand in 1820. Among the area’s first settlers were Phil Magee and Arthur Magnum in 1819. While the town was originally named Magnum, several Magee family members contributed to the town's success. Willis Magee built the local grist mill in 1840, and Robert Solomon Magee served as the town’s first postmaster. The town was eventually renamed Magee in honor of Robert Solomon Magee, according to a marker in Old Magee Cemetery.The below results are primarily rent to own homes in :
Today, Magee remains a comfortable hometown that provides many services for its residents. A colorful mural welcomes all to Magee’s downtown, the hub of local life. Downtown’s Main Avenue is home to City Hall, banks, clothing and jewelry stores and insurance and real estate agents. Downtown is also the home of Magee Public Library, a branch of the Central Mississippi Regional Library System. Magee residents also have access to advanced healthcare at Magee General Hospital. The hospital provides emergency medicine, laboratory and imaging services and surgical and rehabilitation facilities. Area jobs are diverse, with many businesses located in Magee’s Simpson County Business Park, also referred to as Magee Industrial Park. Some of the area’s top employers include Tyson Foods, Real Pure Beverage Group and Polk’s Meat Products. Simpson County School District provides elementary through high school education for local families. For higher education, locals can easily commute to the nearby Mendenhall campus of Copiah-Lincoln Community College.
Buying vs. Rent to Own Homes
When you rent to own, you pay an option fee and rent the home for up to three years while prepping for financing approval. Then, you buy it as soon as you’re ready. When you buy a home normally, you skip to the third step of the process.
Basically, when you’re almost ready to own a home, you should consider renting to own, but when you are ready, you should go ahead and purchase it.
Rent to own gives you more time to improve your credit score or save up a greater down payment in preparation for buying a house. Ultimately, rent to own is more expensive than outright buying a property because you’re paying rent to the owner every month. However, lease-options are a much better alternative than renting a property because you’re building some equity in the home, just not as much as you will once you purchase.
Once you own a home, you will likely be making monthly payments to a mortgage. Mortgage payments are typically around the same amount as rent to own payments, but all of it – minus interest, PMI and taxes – builds equity in the property, which directly benefits you.
Rent to Own Realtors
An agent serves as a protection for both the buyer and the seller. They can save the buyer and seller a lot of time and money, which could offset the realtor’s commission.
However, not many realtors are interested in helping with lease-options. They make a minimal profit off of the lease portion of the deal, and the profit from the purchase is several years down the line and isn’t guaranteed.
Instead, protect yourself by communicating with lawyers, title agents and mortgage lenders to ensure that your rent to own deal works smoothly.
About Our Listings
Financially, buying apartments, houses or any other types of properties makes sense when compared to renting. You're paying roughly the same amount per month for your mortgage that you would to rent the same type of home. However, there are obstacles that make that process difficult to attain, like minimum down payments and bad credit. Those barriers prevent banks from ending up having to sell foreclosed homes.
Nonetheless, those barriers shouldn’t stop you from owning your own condo or townhouse. Through rent to buy and lease to purchase programs with no credit check, you could start working toward owning a house.
A lot of people who rent to own by owner take advantage of Rent to Own Lab’s free listings. Search our website for cheap lease-purchase or lease-option properties near me and see if rent to own could be the right option.
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