Rent to Own Homes in Tuscaloosa
When they aren't cheering on the Alabama Crimson Tide or exploring the river, locals are taking advantage of the city's active business center. From healthcare and education to retail shops and industrial plants, there are a variety of employment options for those with the right skills. There are also many opportunities for outdoor recreation, since the city is home to Lake Tuscaloosa, Lake Lurleen State Park and Hurricane Creek.
Buying a Home in Tuscaloosa?
You can find hundreds of Tuscaloosa homes on the market at any given time, and the median listing price is typically around $150,000. The median sales price is about the same much of the time, but it can dip down $50,000 or more at times. With more than 20 percent of the available housing units standing vacant and nearly 40 percent owned by their occupants, this is a flexible housing market with plenty of inventory available. Though homes in some neighborhoods will cost a bit more, it's common for buyers to pay less than $60 per square foot for their homes.
If you're interested in living near the best schools, look for a house that will place your children in the Hillcrest High School zone. All three elementary schools in the area are rated highly, and the best middle schools are Tuscaloosa Magnet School and Rock Quarry Middle.
Popular Neighborhoods in Tuscaloosa?
The most in-demand residential neighborhoods in Tuscaloosa are focused in the northeastern arm of the city and in the south-central region. The neighborhood in the far northeastern corner is centered around New Watermelon Road and extends south to William Bacon Oliver Lake. Median home prices in this area can go over $350,000, and you'll find many medium and large-sized newer homes with upscale amenities. The vacancy rate can go over 12 percent at times, but that's common in most Tuscaloosa communities.
If you move west of that neighborhood along the lake, you'll come across several other neighborhoods with low crime rates and close proximity to some of the best schools. Real estate prices vary throughout these communities, but the most affordable prices are often found in a small neighborhood located southwest of McFarland Boulevard. This community is centered around Indian Hills Lake and Indian Hills Drive. The median real estate price is closer to $200,000 here, and you'll find many small to medium-sized homes that were built mostly between 1970 and 2000.
Buying vs. Rent to Own Homes?
You can consider the rent-to-own home a middle ground between purchasing a new home outright and renting for the next several years. You get to move into the home right away under a rental contract, but you agree to purchase the home within a designated number of years. As long as you follow through with the purchase according to the agreement, you don't have to worry about other buyers making offers on the home before you're ready to make the purchase. This gives you some time to secure a home loan with a reasonable interest rate.
Cost of Living in Tuscaloosa?
The overall cost of living in Tuscaloosa is slightly lower than the national average. This is mostly due to a housing market that can drop 10-20 percent lower than the national average. Most residents also pay less for transportation than residents of other cities. Even though most people pay slightly more than average for utilities, groceries and many everyday goods and services, these higher prices are balanced by the affordable housing prices.
Tuscaloosa, Alabama, is a good place to live if you're searching for affordable homes and a reasonable cost of living. It's also a great place to look for a job, since the city is home to many large employers in a variety of industries. This is a scenic state with multiple rivers and a variety of parks, so living an active lifestyle is easy all year long. With three college campuses, this is also a good place to advance your education or start fresh in a new career.
Summary
Tuscaloosa, Alabama, is a good place to live if you're searching for affordable homes and a reasonable cost of living. It's also a great place to look for a job, since the city is home to many large employers in a variety of industries. This is a scenic state with multiple rivers and a variety of parks, so living an active lifestyle is easy all year long. With three college campuses, this is also a good place to advance your education or start fresh in a new career.
Rent to Own Realtors
An agent serves as a protection for both the buyer and the seller. They can save the buyer and seller a lot of time and money, which could offset the realtor’s commission.
However, not many realtors are interested in helping with lease-options. They make a minimal profit off of the lease portion of the deal, and the profit from the purchase is several years down the line and isn’t guaranteed.
Instead, protect yourself by communicating with lawyers, title agents and mortgage lenders to ensure that your rent to own deal works smoothly.
About Our Listings
Listing properties for traditional sale eliminates a big chunk of the buyer market. People with bad credit are left out of the traditional home buying process. Nonetheless, buyers who don’t qualify for mortgages are still in the market for apartments and houses.
Rent to own by owner programs with no credit check are an easy way for a seller to start earning money from their townhouse or condo in a market that isn’t viable, which appeals to new groups of buyers.
Through rent to buy and lease to purchase, sellers rent a property to potential buyers for a set lease term. During which, the seller earns profit through the rent buyers pay as a tenants. At the end of the lease, the buyer has the option to buy the property, or if they signed a lease-purchase agreement, they must buy it.
With a little patience, sellers can make rent money and the true value of their home from its eventual sale. Which is better than selling the home cheap and competing with bank-owned foreclosed homes that sell for less than market value.
Sign up for one of our free listings so that potential buyers can find you when they look for rent to own homes near me online.
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