Rent to Own Homes in Memphis
The below results are primarily rent to own homes in Shelby County, TN:
Thousands of visitors make their way to Memphis, Tennessee every year to tour Graceland, the former home of Elvis Presley. While in town, they visit Sun Studio to explore the historical recording studio that brought early rock and roll music to life. Residents and visitors alike also enjoy a variety of music-related celebrations held throughout the Memphis area each year. The Beale Street Music Festival is one of the favorites, and it can attract just as many people as the annual Memphis Film Festival.
The favored cuisine of Memphis is barbeque and burgers, and it’s easy to work off the calories at the Shelby Farms Park Conservancy. Stretching on for more than 4,000 acres, this outdoor space offers trails for hiking, biking and horseback riding. You can also stretch your legs at the Memphis Zoo or head to Paula & Raiford’s Disco to boogie down old school style. From the buttoned-up professional to the queen of nightlife, the Memphis metropolitan area offers something for every lifestyle.
The Memphis International Airport is less than a 15-minute drive from downtown Memphis, and the University of Memphis is close by in the Normal Station neighborhood if you’re interested in furthering your education. This is one of the liveliest cities in the United States whether you come for frequent visits or want to call it home.
Buying a Home in Memphis
There are some special considerations to keep in mind when you buy a home in a music-loving town like Memphis. You have to select your neighborhood based on the night clubs, festivals and other public events just as you would think about the size, style and cost of the homes. Some areas are well known entertainment districts, so you could find party-goers trying to park in your driveway or lining up on your curb each night.
Certain areas of downtown Memphis light up for annual music and film festivals. Either you’re excited to have a front row seat and easy access to these events or you want to move away so that you don’t have the noise and crowds in your front yard or down the street. Also keep in mind that the character of a neighborhood can change just by crossing a street. You may find well-kept homes on tree-lined streets only to suddenly see much smaller homes in bad repair, so always visit in person to explore the neighborhood before buying a primary residence or investment property.
Popular Neighborhoods in Memphis
If you enjoy big city life but want to live in the safest area possible, venture east of downtown into Midtown. This is one of the safest neighborhoods in the city, but it’s also packed with fun amenities. You have the zoo and popular museums nearby as well as community parks and more than 20 schools. The Hickory Ridge-South Riverdale area is one to check out if you are concerned with primary schools. The schools in this area have impressive high school graduation rates, and crime rates are lower than in many other Memphis neighborhoods.
Are you interested in more of a small town vibe? Look to Collierville for a neighborhood that will make you forget you’re in a large city, or head out to Germantown if you want exclusivity and the luxury of boutique shops and high-end real estate. If you find Mud Island, look for the Harbor Town neighborhood for beautiful homes located close to the water.
Buying vs. Rent to Own Homes
On a scale of one to 10, how ready are you to buy a home right now? It’s important to answer this question honestly because you never know when you’re going to come across the perfect home with an asking price within your budget. One way that you can take advantage of that opportunity is to look for homes with a rent-to-own option. This is a unique home-buying contract that allows you to move into your home now as a renter and purchase the property in the future. You have more time to straighten out your credit or take care of other issues holding you back from home ownership, but you don’t miss out on that dream home when it comes along.
Cost of Living in Memphis
Living in Memphis is approximately 7% cheaper than the state average and approximately 17% cheaper than the national average. Housing indices show that this expense is approximately 35% cheaper than the national average, and housing prices are lower in Memphis than in many other cities throughout Tennessee. For most residents, healthcare is the biggest expense, and even that index is lower than state and national averages.
What more could you ask for than a low cost of living and a city thriving to the beat of music? Memphis has long been an important city to the music industry, from country stars to legendary rock and roll artists like Elvis Presley. The city hosts many music and film-related festivals each year, and you can choose to live in the heart of the action or in a quieter neighborhood away from the crowds.
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
Listing properties for traditional sale eliminates a big chunk of the buyer market. People with bad credit are left out of the traditional home buying process. Nonetheless, buyers who don’t qualify for mortgages are still in the market for apartments and houses.
Rent to own by owner programs with no credit check are an easy way for a seller to start earning money from their townhouse or condo in a market that isn’t viable, which appeals to new groups of buyers.
Through rent to buy and lease to purchase, sellers rent a property to potential buyers for a set lease term. During which, the seller earns profit through the rent buyers pay as a tenants. At the end of the lease, the buyer has the option to buy the property, or if they signed a lease-purchase agreement, they must buy it.
With a little patience, sellers can make rent money and the true value of their home from its eventual sale. Which is better than selling the home cheap and competing with bank-owned foreclosed homes that sell for less than market value.
Sign up for one of our free listings so that potential buyers can find you when they look for rent to own homes near me online.