Rent to Own Homes in Plano
The below results are primarily rent to own homes in Collin County, TX:
Noted for its highly educated citizenry, abundant employers, low crime rate and responsive Plano Fire Department and Plano Police Department, Plano is routinely praised as an ideal community. It was named the “Best Place to Raise a Family” by Niche.com, “Top 10 City for Women in Tech” by SmartAsset.com and the third hardest working city in America by WalletHub.com. It repeatedly ranks as one of the safest and healthiest cities in the country and the best place to live in America.
Many of these accolades are a result of the careful planning of the Plano City Council and the superb Plano schools operated by Frisco Independent School District and Plano Independent School District. The city also offers a wide range of social and cultural events, from the Plano International Festival to the annual Plano Balloon Festival.
Buying a Home in Plano
The real estate market in Plano is vigorous and a little pricey. The median home price rose 11.7 percent over the past year to $284,900, and the average home sales price is $282,029. Buyers are paying 99.4 percent of the original asking price and purchasing homes within an astonishingly quick 13 days of their listing. While the number of distressed and foreclosed properties dropped this month, there are 129 distressed properties on the market with a median sales price of $150.009.
Popular Neighborhoods in Plano
True to its reputation as one of the best places to live in the U.S., Plano brims with dozens of well-kept, safe neighborhoods with excellent schools and plentiful parks. Central Plano’s neighborhoods are often listed as the best in the entire Dallas region. Established professionals and higher income families appreciate the peaceful walking trails, exclusive amenities and private estates of Lakeside on Preston, Kings Gate and Willow Bend. Singles, young couples and others who want to be in the thick of things also enjoy the new chic residential towers in Downtown Plano. They’re close to many bars and restaurants, plentiful shopping and a variety of community events.
Buying vs. Rent to Own Homes
Buying a home outright in a high-end community like Plano usually requires a stellar credit rating, a big downpayment, and a never-ending stream of appraisers, home inspectors and paperwork. Renting to own can ease some of those stresses, often offering more flexible financial requirements and allowing some of those arrangements to be completed over the term of the contract. Instead of a large downpayment, rent-to-owners will pay a smaller option fee and a premium on the monthly rent. In most cases, those fees and increased rent funds are credited toward the downpayment due at the conclusion of the rent-to-own contract.
Cost of Living in Plano
Living in Plano is slightly more expensive than most other communities, costing residents about 15 percent more than the national average. Most of that expense is due to the city’s high housing prices that surpass the U.S. average by 47 percent. Utilities, healthcare and transportation are just a tad high at 6, 4 and 1 percent over the average respectively. Other living essentials are surprisingly affordable in Plano. Groceries, for instance, are a little more than 4 percent less expensive here, and miscellaneous living expenses are 1 percent below average.
Just a few miles northeast of Dallas, Plano is an attractive home for some of the nation’s top corporations as well as many of the Metroplex’s most affluent residents. As a result of its prime location, stellar schools and suburban lifestyle, Plano homes and neighborhoods are highly sought after and pricier than many other communities. Homes here are more than twice the average value of other Texas homes, and they’re situated in luxury residential developments full of water features, verdant parks and gated privacy. This upscale housing leads to a higher than average cost of living in Plano.
Rent to Own Realtors
When it comes to contracts, there are usually plenty of loopholes. You don’t want to be blindsided because your counterpart in a rent to own deal knows them better than you do.
A realtor might be the logical person to ask for help with a real estate deal, but instead, you should consult with a lawyer to ensure that your lease-option contract benefits you just as much as it benefits the other party.
Realtors likely will not want to help you with a lease-option because they don’t make a lot of money off of them – at least, they don’t make a lot of money until the end of the lease, and that isn’t a guarantee.
Regardless, a lawyer will have more accurate information about your contracts anyway.
About Our Listings
When you rent to buy a condo or a townhouse, you’re taking the first step toward becoming a homeowner. You can take advantage of many rent to own by owner programs with no credit check. Having bad credit shouldn’t stop you from owning one of your favorite apartments or houses.
While you lease-option or lease-purchase, you’ll work on improving your credit score and saving up a down payment so that you can qualify with the bank for the house you’re interested in. The bank is frugal with mortgage approvals because they often end up selling foreclosed homes for cheap prices because people cannot afford their mortgage payments.
When you lease to purchase, you’re making yourself into a better candidate for purchasing properties. Check out Rent to Own Lab’s free listings to find properties near me that meet your family’s needs.