Rent to Own Homes in New Waverly
New Waverly is located in east Texas, on the border of Sam Houston National Forest. The town has 1,094 residents, but it’s just 15 miles south of Huntsville and 50 miles north of Houston. New Waverly residents reported a family median income of $36,250 at the time the 2000 United States Census was taken. There are 420 housing units in New Waverly, including single family homes, apartments and ranches, according to the United States Census Bureau.The below results are primarily rent to own homes in :
New Waverly is located in east Texas, on the border of Sam Houston National Forest. The town has 1,094 residents, but it’s just 15 miles south of Huntsville and 50 miles north of Houston. New Waverly residents reported a family median income of $36,250 at the time the 2000 United States Census was taken. There are 420 housing units in New Waverly, including single family homes, apartments and ranches, according to the United States Census Bureau.The below results are primarily rent to own homes in :
While New Waverly is a small community, its contributions to the state and nation are notable. The former training center for the U.S. women’s Olympic gymnastics team, Karolyi Ranch, is located in the New Waverly area. Many of the country’s most accomplished gymnasts trained at Bela and Martha Karolyi’s camp, including Simone Biles, Gabby Douglas and Aly Raisman. The town is also home to a significant Louisiana-Pacific plywood manufacturing mill. New Waverly Independent School District operates local public schools, including an elementary school, an intermediate school, a junior high and New Waverly High School. The Gulf Coast Trades Center is also located in New Waverly. Gulf Coast Trades is a charter boarding school for disadvantaged youth, offering traditional education curriculum as well as vocational training in automotive, building trades, business information management, culinary arts and horticulture.
Buying vs. Rent to Own Homes
If you’re looking to purchase a home, you could fall into three categories: ready to buy, ready to rent to own and rent a bit longer. Buying is your best option, so if you’re ready, you should. Rent to own is also a good option because it sets you on course to buy a property soon.
If you’ll be ready to buy a property within the next three years, rent to own is the right option for you. Your lease term should be at least six months longer than how much time you need to qualify for financing; that way, you have some buffer room in case something goes wrong. Whenever you are ready, you can close on the home and start building equity on it.
If it’s going to take more than three years for you to qualify for financing, keep renting until you’re less than three years away. Just because rent to own isn’t right for you now doesn’t mean it won’t be in the future.
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
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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