Rent to Own Homes in Portales
Portales is a small city located off U.S. Route 70 on the eastern edge of New Mexico. This area is just south of Oasis State Park and north of the Grulla National Wildlife Refuge. Cannon Air Force Base is less than 20 miles to the north and Roswell is about 90 miles to the south. The city is less than 20 miles west of the New Mexico-Texas state line, so residents can reach Lubbock and other western Texas cities in under two hours without heavy traffic.The below results are primarily rent to own homes in :
Portales is a small city located off U.S. Route 70 on the eastern edge of New Mexico. This area is just south of Oasis State Park and north of the Grulla National Wildlife Refuge. Cannon Air Force Base is less than 20 miles to the north and Roswell is about 90 miles to the south. The city is less than 20 miles west of the New Mexico-Texas state line, so residents can reach Lubbock and other western Texas cities in under two hours without heavy traffic.The below results are primarily rent to own homes in :
Portales is part of an eastern New Mexico region that is well known for the heavy production of peanuts. The local economy is also supported by the nearby air force base and the Eastern New Mexico University, which is located within Portales city limits. Other attractions for the city include the Blackwater Draw Museum, Farmers Country Market, Portales City Swimming Pool, La Buena Vida Park, Vatville Recreation Area and Portales Recreation Center. The Portales Country Club is located just beyond the city’s western border. Portales contains a military housing area that serves the Cannon AFB. The city is also home to a variety of retail stores and restaurants, but the economy is largely focused on agriculture, dairy farming, food processing and cattle ranching.
Buying vs. Rent to Own Homes
Renting to own a home and buying a home both have the same end goal – you own the house you’re interested in. The difference between the two is your timeline. Buying a property is a great idea if you’re sure about the property and you have financing to purchase it today.
Lease-options are a good idea when you’re having doubts about the house or if you’re not financially ready to own the house you’re looking at. They’re a good option if you almost have a high enough credit score, a steady enough job history or a big enough down payment to qualify for financing on the home, but you need some more time to qualify. Rent to own gives you time to get your affairs in order, ability to try out a house and flexibility to close on the home when you’re ready – without having to wait for the end of a lease.
To be clear, if you can buy a house today, you should do it. If you’re looking at buying within the next three years, rent to own is a good way to start the process.
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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