Rent to Own Homes in Newnan
The Coweta County School District serves more than 18,000 students across the county and operates multiple campuses in Newnan. There are a total of 28 Coweta County school facilities, and Newnan is also home to two private schools. The local economy is bolstered by Newnan's close proximity to Atlanta, and many of the city's residents commute to work in Atlanta each day.The below results are primarily rent to own homes in Coweta County, GA:
The Coweta County School District serves more than 18,000 students across the county and operates multiple campuses in Newnan. There are a total of 28 Coweta County school facilities, and Newnan is also home to two private schools. The local economy is bolstered by Newnan's close proximity to Atlanta, and many of the city's residents commute to work in Atlanta each day.The below results are primarily rent to own homes in Coweta County, GA:
The Coweta County African American Heritage Museum and Research Center was created to preserve the region's African American history. The museum is located in the Caswell House which belonged to Ruby Caswell. The center preserves thousands of genealogical records of Coweta County African American families and also houses the old census records for the city.
Buying a Home in Newnan?
Most of the homes in Newnan are priced above the Georgia and national averages. The median cost of a home in Newnan is $178,000. Mortgage payments also tend to be higher than the national index and average $1,444 per month. Almost 7,000 of the city's residents own their own home, which accounts for just under half of Newnan's housing units.
Many homes in Newnan are less than 20 years old, with 93% being built after 1990. The availability of a large number of homes with three bedrooms or more makes owning a house in Newnan particularly attractive to married couples with children. It can be expensive to rent here, however, with monthly rents approaching $1,000.
Popular Neighborhoods in Newnan?
The Raymond neighborhood in the southeast corner of Newnan is dominated by homes with a median value of almost $200,000, making it one of the more upscale neighborhoods in the city. This community will be more appealing to those with a higher median income, is quiet, and is populated by a large number of married couples. The Dresden/Stallings Crossroad neighborhood occupies most of the city's western side and is one of the more affordable areas to purchase a home. An overwhelming number of residents in this neighborhood are middle-aged couples.
Buying vs. Rent to Own Homes?
Newnan is one of the more expensive places to buy a home in Georgia, and it can sometimes be difficult for first time buyers to qualify for a traditional mortgage. In contrast, finding a rent to own home can be an easier task. Without having to jump through hoops to qualify, individuals can often secure a rent to own home for a much lower upfront cost. A significant portion of rental fees each month are applied to the purchase of the home, giving individuals an easier path to home ownership.
Cost of Living in Newnan?
Newnan is a somewhat expensive place to live with the overall cost of living index being some 2% higher than it is nationwide. Housing costs are just above the national median, making it important for prospective home buyers to search out the best values in the local market. Transportation costs can be significantly higher in Newnan with rates 9% higher than they are across the United States. Utilities, however, are 9% less than average. Groceries in Newnan cost 7% more than they do across the state.
With a rich cultural history that dates to the Civil War era, Newnan is a small suburb of the greater Atlanta area. The city is one of the most affluent cities in Georgia, and families here tend to have median incomes that are above the national average. The housing market is competitive but offers many opportunities for those looking to settle down close to Atlanta while retaining a connection with small-town living.
Summary
With a rich cultural history that dates to the Civil War era, Newnan is a small suburb of the greater Atlanta area. The city is one of the most affluent cities in Georgia, and families here tend to have median incomes that are above the national average. The housing market is competitive but offers many opportunities for those looking to settle down close to Atlanta while retaining a connection with small-town living.
Rent to Own Realtors
Realtors can qualify buyers to get an idea of when they will be ready to purchase a rent to buy home and inform them on how long to set the lease term, but mortgage officers can do that too.
Banks can make a lot of profit off of a successful mortgage. That’s why mortgage officers will be willing to help you figure out the details of your rent to own deal. However, real estate agents don’t make enough profit off of rent to own deals to justify waiting a few years for the commission.
While real estate agents might be a logical partner in rent to own deals, you’ll have a lot of difficulties finding one to help you. For everything you think you need a realtor for, consider what other types of professionals might be able to help you, like title companies or lawyers.
About Our Listings
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.
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