Rent to Own Homes in Spring City
Spring City rests on the western shores of Watts Bar Lake in eastern Tennessee. U.S. Route 27 and State Route 68 run through the center of town, keeping residents connected to surrounding communities for entertainment, recreation and employment opportunities. Dayton is about 15 miles to the south, Northpoint and Sweetwater are about 30 miles to the east, and Grandview is less than five miles to the north. The city’s biggest outdoor attraction is Spring City Park, which is a lakeside park with a splash pad, walking trails, tennis court, playground, basketball court, sand volleyball court and lake access for fishing.The below results are primarily rent to own homes in :
Spring City rests on the western shores of Watts Bar Lake in eastern Tennessee. U.S. Route 27 and State Route 68 run through the center of town, keeping residents connected to surrounding communities for entertainment, recreation and employment opportunities. Dayton is about 15 miles to the south, Northpoint and Sweetwater are about 30 miles to the east, and Grandview is less than five miles to the north. The city’s biggest outdoor attraction is Spring City Park, which is a lakeside park with a splash pad, walking trails, tennis court, playground, basketball court, sand volleyball court and lake access for fishing.The below results are primarily rent to own homes in :
The city started out as Sulphur Springs and went through multiple name changes before becoming Spring City. The location is close to the Watts Bar Nuclear Generating Station and Watts Bar Dam, which provides employment opportunities for some residents. There are a variety of small businesses within Spring City, and some of the biggest employers include the Watts Bar Nuclear Plant, General Shale Brick, SSM Industries and retail stores like Piggly Wiggly. In 1890, there were just under 600 people residing within Spring City. There were more than 2,000 residents in 1990, and the city has experienced limited growth since.
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
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
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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