Rent to Own Homes in Magnolia
Magnolia, Texas got its start in 1845, when a farmer named Mink established a settlement called Mink Prairie. The name was later shortened to Mink, and it lasted until about 1903 when the International Great Northern Railroad built a railway north of the town. This railway resulted in the residents of Mink abandoning the town to move north. Eventually, the town was renamed Magnolia for the magnolia trees that grew in the area.
The below results are primarily rent to own homes in Montgomery County, TX:
Magnolia, Texas is a city located in Montgomery County. Conveniently located within an hour of Sugarland and Houston, Magnolia is perfect for individuals looking to live away from major metropolitan areas. Comprising an area of just under 5 square miles, and with a population of just 1,393 as of the census in 2010, the city of Magnolia implemented a plan of controlled growth and development to ensure the town’s building quality standards and infrastructure.
Magnolia, Texas got its start in 1845, when a farmer named Mink established a settlement called Mink Prairie. The name was later shortened to Mink, and it lasted until about 1903 when the International Great Northern Railroad built a railway north of the town. This railway resulted in the residents of Mink abandoning the town to move north. Eventually, the town was renamed Magnolia for the magnolia trees that grew in the area.
Buying a home in Magnolia
Homes in Magnolia, Texas have a $330,000 median listing price and a $196,000 median closing price. Home value has declined slightly since 2016 which makes now a good time to buy before home values increase again. For first-time homebuyers, Texas offers down payment assistance and 30-year fixed interest loans. Those buying a home in Texas can also qualify for a $2,000 a year tax credit.
Buying vs. Rent to Own Homes
Those lacking the savings for a down payment on a home, or for those whose credit score is lacking may pursue a rent to own contract as the solution. Rent to own properties work a little differently than traditional mortgages and rentals. A contract is established where a deposit is required and monthly rent is paid, however a portion of the rent will go towards the purchase of the home once the contract period is complete. It is understood that after the predetermined time has passed, the tenant will commit to buy the home. A benefit to a rent to own is that an individual can live in the home while they are saving to buy it.
Summary
Those living in Magnolia, Texas will enjoy the small town feel of a town with a population of under 2,000 people with the convenient access to big city adventure with Houston just under an hour away. The Magnolia Independent School District is highly-rated for those looking to start or raise their family in Magnolia, and residents will not need to worry about urban sprawl with the town’s controlled development plan.
Rent to Own Realtors
Realtors have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
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.
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Reported Annual Crime In Magnolia
| Statistic | Magnolia | Texas | National |
|---|---|---|---|
| Murder | 0 | 1,316 | 15,696 |
| Rape | 0 | 12,250 | 124,047 |
| Robbery | 4 | 8,925 | 327,374 |
| Assault | 1 | 31,934 | 764,449 |
| Violent Crime | 5 | 113,227 | 1,197,704 |
| Burglary | 17 | 777,739 | 1,579,527 |
| Theft | 17 | 153,054 | 5,706,346 |
| Vehicle Theft | 4 | 557,200 | 707,758 |
| Property Crime | 38 | 67,727 | 7,993,631 |