Rent to Own Homes in McAllen
Metro McAllen today is a flurry of activity, from a hub of call centers serving companies like T-Mobile, Ticketmaster and Hotels.com to the foreign trade zone at McAllen-Miller International Airport. Locals also stay busy with a host of recreation, education and entertainment options. The Bicentennial Bike Path and the Second Street Bike Path run from North McAllen to South McAllen, and South Texas College has its main campus in West McAllen.
Buying a Home in McAllen?
Local home buyers will be happy to know that, while the average listing price for a McAllen home is $449,320, the actual selling price average is 260 percent less at $124,761. Home values have appreciated .6 percent in the past year. Foreclosures and distressed properties increased 31 percent in the same period, although there are only 59 homes currently in the foreclosure process. These foreclosed homes offer some savings to home buyers, selling for a median price of $116,000.
Popular Neighborhoods in McAllen?
First-time home buyers and young families appreciate the nice homes, good schools and lower crime rate of the Bentson Heights neighborhood. The average home price in this neighborhood is $129,000. Families, couples and retirees who want new homes and condos or nearly new homes enjoy the mixed-use master-planned community of Sharyland Plantation to the southwest of McAllen. Retail stores, restaurants, jobs and high-ranking schools are all in the plans for Sharyland Plantation. Edinburg is also a popular suburb of McAllen, attracting families to its mix of newer and older homes with an average selling price of $82,527.
Buying vs. Rent to Own Homes?
House hunters who take a less traditional approach to buying a home will appreciate the advantages of rent to own homes. With rent to own homes, less importance is placed on the buyer’s financial track-record and more emphasis is placed on getting the buyer into the home. Rent-to-own contracts typically span a period of one to three years. With conventional purchases, the buyer needs to supply a down payment and secure a mortgage, but with rent to own homes the down payment and mortgage are due at the end of the rent-to-own period. This gives buyers time to handle financial issues while living in the home.
Cost of Living in McAllen?
Housing is 33 percent cheaper in McAllen than in the average U.S. town, and other local living expenses are similarly attractive. Food costs are nearly 20 percent below the national average, and transportation, utilities and health care are 5 to 7 percent cheaper. With all of these costs merged together, the overall cost of living in McAllen is 17 percent less expensive than the national average.
At the southern edge of Texas, McAllen enjoys a prime location just north of the Rio Grande River. The North American Free Trade Agreement opened up trade possibilities with Mexico, and McAllen has benefited along with the rest of the Rio Grande Valley to the tune of $31.6 billion dollars in trade. Sometimes referred to as the City of Palms, McAllen has several desirable neighborhoods and suburbs, with homes in a variety of styles and ages. These homes are incredibly affordable, costing just 67 percent of the national average and leading to an overall cost of living that is extremely economical.
Summary
At the southern edge of Texas, McAllen enjoys a prime location just north of the Rio Grande River. The North American Free Trade Agreement opened up trade possibilities with Mexico, and McAllen has benefited along with the rest of the Rio Grande Valley to the tune of $31.6 billion dollars in trade. Sometimes referred to as the City of Palms, McAllen has several desirable neighborhoods and suburbs, with homes in a variety of styles and ages. These homes are incredibly affordable, costing just 67 percent of the national average and leading to an overall cost of living that is extremely economical.
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
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.
- 78501
- 78504
- 78503
- 78502
- 78505