Rent to Own Homes in McKenzie

The median income of households in McKenzie is estimated at nearly $31,000 per year, based on data from the United States Census Bureau. Careers in education, health care and retail employ nearly half of McKenzie residents. McKenzie is touted as a wonderful place to raise a family. According to the United States Census Bureau, the average family size in McKenzie is just under three people per family. McKenzie Special School District has earned a positive reputation as a Tennessee Exemplary School District, drawing more families in recent years. The U.S. Census Bureau measures the total land area of McKenzie at just over six square miles, primarily located within Carroll County. Small portions of the city extend into neighboring Henry and Weakley Counties. Carroll County offers an amiable atmosphere and scenic surroundings to residents. Outdoor recreation reigns in Carroll County. The Thousand Acre Recreation Lake is a local gem offering swimming, boating, fishing and a camping area to outdoor enthusiasts.

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

Realtors are highly skilled at informing potential buyers and prospective sellers about rent to own. A realtor can help find the second half of the deal you have been searching for.

Unfortunately, not many realtors are interested in rent to own because there isn’t a lot of money for them in the process. In the past, that would constitute a serious roadblock to rent to own; however, there are plenty of websites available for buyers and sellers to find each other.

Completing your rent to own deal without a realtor could save the seller a lot of money on commission. That gives the seller some wiggle room on the sale price, which attracts even more buyers.

About Our Listings

Lease-purchase programs offer sellers more certainty than traditional rent to buy because buyers are contractually obligated to buy the condo, townhouse or house by the end of the lease term. Normally, rent to own by owner means the buyer has the option to buy and the seller has the obligation to sell.

Lease-options are more convenient for buyers. However, buyers and sellers may work out lease to purchase deals for houses and other properties when the seller is overlooking a bad credit score or a small option fee. The requirement for buyers to purchase properties makes sellers feel more comfortable leasing with no credit check because they don’t have to worry about whether buyers will opt out.

If you’re interested in looking for apartments for lease option, check out our free listings by searching for properties near me. We showcase more than just rent to own. Use our site to find cheap foreclosed homes or owner financing.