Rent to Own Homes in Sparta
The city of Sparta is located in north central Tennessee. It is a convenient 90-minute drive from Nashville, Knoxville and Chattanooga. It serves as the county seat of White County. According to recent data from the United States Census Bureau, the population of Sparta is close to 5,100 residents.The below results are primarily rent to own homes in :
The city of Sparta is located in north central Tennessee. It is a convenient 90-minute drive from Nashville, Knoxville and Chattanooga. It serves as the county seat of White County. According to recent data from the United States Census Bureau, the population of Sparta is close to 5,100 residents.The below results are primarily rent to own homes in :
The United States Census Bureau lists the median income of households in Sparta as approximately $30,000 per year. While this figure falls below the United States average, the overall cost of living in Sparta is also lower than the United States average. The top three employment industries in Sparta are manufacturing, retail and construction. Sparta is home to many structures listed on the National Register of Historic Places. The Sparta Rock House, located just east of the city, has historic significance as a former stopping point on an east-west wagon trail. James K. Polk and Andrew Jackson were known to rest at the Sparta Rock House during their travels. The Sparta city website provides a wealth of information about the history of the area. The beautiful natural surroundings of Sparta are an ideal backdrop for outdoor living. There are two state parks and several public parks within White County. The Calfkiller River runs through Sparta and is a popular place to go fishing, canoeing or simply float leisurely in a tube. Nature enthusiasts can visit the many waterfalls surrounding Sparta.
Buying vs. Rent to Own Homes
The difference between buying a home and signing up for a lease-option depends on your timeframe and how much money you spend on buying the house.
When you buy a house outright, you pay for the fair market value of the home plus interest and other fees charged by your financial lender, if you have one. You buy the property today and immediately start building equity in it.
However, when you rent to own, you won’t own the home until you close on the property, which could be as far as three years from today. You’ll also pay rent monthly, and you don’t get that money back.
There are some fees that you pay for rent to own that you’ll get back as a credit towards the price of your home, like option fees and rent credits. These count as equity on the home, but they’re not on the scale of equity you would build with a mortgage. Therefore, these don’t add anything on to the price you pay for the home the way that rent does.
Rent to Own Realtors
Realtors have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
About Our Listings
Rent to Own Labs offers more than free listings for rent to buy houses.
Our website also includes real estate owned properties, which are bank-owned foreclosed homes that didn’t sell at auction. You can buy these types of properties for cheap prices because the bank isn’t in the business of real estate; it’s just looking to get rid of the condo, townhouse, etc. that it has on the book.
Sellers directly list rent to own by owner apartments and houses as lease-option or lease-purchase programs with no credit check. On lease to purchase contracts, the buyer is contractually obligated to buy the home, and on lease to own contracts, the buyer is financially motivated. It doesn’t matter to the seller if you have a bad credit score because they know you have a lot at risk if you don’t buy the home you’re renting to own.
Find properties near me with Rent to Own Labs.
- 38583