Rent to Own Homes in Soddy Daisy
The city of Soddy-Daisy is located 20 minutes north of Chattanooga in East Tennessee. Nestled in Northwestern Hamilton County, residents experience the benefits of living near a large city while enjoying the slow pace of life that this region has to offer. The city was not incorporated until 1969, when the Tennessee cities Soddy and Daisy merged to form a single entity. According to recent data from the United States Census Bureau, the population of Soddy-Daisy is approximately 13,200 residents.The below results are primarily rent to own homes in :
The city of Soddy-Daisy is located 20 minutes north of Chattanooga in East Tennessee. Nestled in Northwestern Hamilton County, residents experience the benefits of living near a large city while enjoying the slow pace of life that this region has to offer. The city was not incorporated until 1969, when the Tennessee cities Soddy and Daisy merged to form a single entity. According to recent data from the United States Census Bureau, the population of Soddy-Daisy is approximately 13,200 residents.The below results are primarily rent to own homes in :
The median income of households in Soddy-Daisy is roughly $41,000 per year. Residents of Soddy-Daisy are primarily employed in manufacturing, retail and health care/social assistance industries. From the mid 1800's until the 1930's, coal mining was an important part of the economy in both Soddy and Daisy. The Soddy Coal Company and the Daisy Coal Company were founded during that time period, contributing to population growth in the area. Residents of Soddy-Daisy can get a glimpse of local history with a visit to a replica of Poe's Tavern. Poe's Tavern was named for previous resident Hasten Poe, who once lived in the tavern. The building actually served as the first courthouse and county seat of Hamilton County. Outdoor enthusiasts will feel right at home in Soddy-Daisy. The Big Soddy Creek Gulf Trail is a treasure in the area. The trail runs along Big Soddy Creek and offers breathtaking views of the Eastern Tennessee landscape. Residents can plan a day hiking, swimming and having a picnic lunch in this natural setting.
Buying vs. Rent to Own Homes
There are a few situations in which rent to own makes sense when you have the option to purchase. A good situation to rent to own is when you’re not sure about a home you’re looking at buying, and you want to test it out for a bit before making a final decision. This way, you have less money on the line if you change your mind.
Renting to own is also a good option if you’re close to qualifying for financing, but you need a little bit more time to get there.
Renting to own doesn’t trap you in a lease like normal renting does – you can buy the home whenever you’re ready. That’s why it’s the good option if you almost have a large enough down payment, if your credit score is close to where you need it to be or if you just need a little more time at your job to build your job history. It also works when you’re waiting for your old home to sell so that you have the cash to purchase your new home.
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
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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