Rent to Own Homes in Shelbyville
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The median income of a family in Shelbyville is just over $30,000, and the city has a housing market that is favorable to buyers. A large portion of the local economy is driven by the Tennessee Walking Horse industry, and there are many breeding farms within the Shelbyville city limits and outlying rural areas. The Shelbyville area map reflects a diverse demographic of citizens which includes immigrants from many nations around the world.The below results are primarily rent to own homes in Bedford County, TN:
The... Read More
The median income of a family in Shelbyville is just over $30,000, and the city has a housing market that is favorable to buyers. A large portion of the local economy is driven by the Tennessee Walking Horse industry, and there are many breeding farms within the Shelbyville city limits and outlying rural areas. The Shelbyville area map reflects a diverse demographic of citizens which includes immigrants from many nations around the world.The below results are primarily rent to own homes in Bedford County, TN:
The Shelbyville Free Press and Shelbyville Times-Gazette provide both digital and print newspapers to the local community. The residents of this Tennessee town are tight-knit and still enjoy gathering at local spots such as the town square, Capri Theater, and Pope's Cafe. This small town aura makes Shelbyville a popular place for families or for young married couples that are planning to have children.
Buying a Home in Shelbyville
Shelbyville offers many opportunities for home buyers and has a lively local market. Less than half of the homes in the city are owner-occupied, and housing costs typically account for 30% or less of one's total income. The average mortgage payment is $1,048 per month. This is marginally high considering the median value of homes in Shelbyville.
There are a large number of modern homes in the city, and just 44% of these are occupied by owners. Most of the homes were built after 1990 and are medium-sized to large with three or more bedrooms. Singles, however, will find reasonably priced homes that are one-bedroom units or studio dwellings.
Popular Neighborhoods in Shelbyville
Forest Hills is one of the more affordable neighborhoods in Shelbyville. It is located near the center of town and offers easy access to local shopping and dining. The River Bend Estates Golf and Country Club is located in this quiet community which is home to many married couples. Normandy occupies most of the city's southeast corner. This is one of the quietest communities in the city and almost 60% of its residents are married. Many of these married couples have children in the 5-17 age group.
Buying vs. Rent to Own Homes
Buying a home in today's market can be a challenge. This is especially true for first-time buyers. In most cases, a rent to own home can help buyers avoid the stress of qualifying for a traditional loan. These homes can be rented with an option to purchase the property at a later date. Typically, a portion of each month's rent is applied to the purchase price. Rent to own homes can also afford more flexibility and a better exit option if an individual or family decides that the home is not right for them.
Summary Horse lovers will feel right at home in Shelbyville, Tennessee. Known for its association with the Tennessee Walking Horse, the city is home to many farms and equestrian operations. The nearby Duck River offers boating, fishing, and swimming. The locals are a friendly bunch who prefer the laid back pace of small town living. Shelbyville is one of the most family-friendly cities in Tennessee.
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
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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