Rent to Own Homes in Newton
A Kansas town of nearly 20,000 residents, Newton is the seat of Harvey County government. Newton is an incorporated city, established in 1871 when the Atchison, Topeka and Santa Fe Railroad built a station in Newton. In 1872, the city incorporated, and the railroad depot was established as a railhead for the Chisholm Trail. That same year, the Newton City Council voted to prohibit the running of large wild animals such as buffalo, even though the area’s buffalo population had long since dwindled. It was also during this time that a large group of Mennonites from Russia settled in Newton.The below results are primarily rent to own homes in :
A Kansas town of nearly 20,000 residents, Newton is the seat of Harvey County government. Newton is an incorporated city, established in 1871 when the Atchison, Topeka and Santa Fe Railroad built a station in Newton. In 1872, the city incorporated, and the railroad depot was established as a railhead for the Chisholm Trail. That same year, the Newton City Council voted to prohibit the running of large wild animals such as buffalo, even though the area’s buffalo population had long since dwindled. It was also during this time that a large group of Mennonites from Russia settled in Newton.The below results are primarily rent to own homes in :
Today, the railroad and other transportation-related enterprises continue to play an important role in the Newton community, contributing to the town’s economic livelihood. Other popular industries in Newton include manufacturing, energy, service, healthcare and agricultural sectors. Businesses in these and other industries provide many employment options for Newton-area residents. Some of the area’s top employers include Newton Public Schools, Newton Medical Center, Agco, Excel and BNSF Railway. The City of Newton, led by an elected Newton City Council, provides a wide range of services to its residents. Locals can play, compete and relax in any of the town’s 17 public parks, and they can jog or bike along the city’s 8.5 miles of trails. Other local activities and attractions in Newton include Warkentin House Museum, Harvey County Historical Museum, Newton Train Station, Kauffman Museum and the Mennonite Settler Statue.
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
Working with a realtor doesn’t guarantee that you will successfully complete a rent to own deal, but their knowledge and expertise can make a big difference in your success rate.
Unfortunately, not many realtors will want to work with you on a rent to own deal. There isn’t a lot of profit for a realtor in rent to own deals.
So, you’ll need to find others with the knowledge and expertise you are looking for to ensure a successful lease-option experience. Consider consulting with a realtor, a title company and a mortgage officer instead. These professionals are better than a realtor because they are experts in their respective fields, as opposed to realtors who know a good deal about each of those rent to own factors.
About Our Listings
Rent to Own Labs offers free listings for rent to own by owner, foreclosed homes and owner financed properties. Start looking for apartments or houses near me with the Rent to Own Labs search function.
These programs are a great way to buy a condo or townhouse if you have bad credit. In fact, lease purchase and rent to buy programs usually offer cheap homes with no credit check. Just make sure you look at your lease to purchase agreement to understand whether you have the option or obligation to buy the home you’re looking at. Lease-purchase agreements require the buyer to purchase by the end of the lease term, while lease-option agreements give the buyer the option to buy.
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