Rent to Own Homes in Tyler
One of the most popular recreational areas is Tyler State Park. Many visitors come to this area to park their RVs and enjoy the scenic lake and 100-foot tall trees, but locals also enjoy swimming, fishing, boating, hiking, biking and even geocaching throughout the park. Liberty Hall is the main attraction for those interested in live theatrical performances, and the Caldwell Zoo provides entertainment and education for children of all ages.
There are also many historical attractions scattered around town, including the American Freedom Museum. The Tyler Museum of Art is an attention-getter for residents interested in browsing or purchasing fine art. Whether you live in south Tyler or venture up north, you'll always have something to do in this vibrant city.
Buying a Home in Tyler?
Nearly 70 percent of Tyler residents own a home, and most depend on private transportation to get around town. As a highly educated community thankful for a variety of local job opportunities, many residents can comfortably afford to purchase homes selling for well over $300,000. The median listing price is still under that figure, so there are more affordable homes on the market if you have a more conservative budget.
Dr. Bryan C Jack Elementary School is the highest-ranked primary school in the city, and most middle and high schools receive average ratings. John Tyler High School receives the lowest ratings, so you may want to find a home outside of that school zone.
Popular Neighborhoods in Tyler?
One of the most popular Tyler neighborhoods is located along the city's southern edge, south of Grande Boulevard between South Broadway Avenue and Cumberland Road. The median cost of housing in this area is approximately $210,000, and most of the homes have four or fewer bedrooms. The area has a reasonable vacancy rate of about five percent, but there is some turnover in occupancy due to the many rental homes in the area. Kids in this neighborhood have access to some of the highest-ranked schools.
If you need lower real estate prices, find the larger neighborhood known as Browning on the eastern edge of town. Most residents in this area own their homes, and the vacancy rate is under eight percent. You'll find that most homes have four or fewer bedrooms, and the median listing price is securely below $100,000.
Buying vs. Rent to Own Homes?
You can go to your local bank or credit union and take the best interest rate that they have to offer you right now, or you can buy yourself a bit more time to prepare for the pre-approval process by living in a rent-to-own home. These homes represent the middle ground between renting from someone else and purchasing a home outright. You rent for a designated period of time, and then you purchase the home. Since you have time to prepare for this large purchase, you're likely to obtain a lower interest rate when you do finally make the home your own.
Cost of Living in Tyler?
The overall cost of living in Tyler, Texas, can drop close to 20 percent below the national average at times. This is largely due to lower-than-average housing costs, but the cost of utilities is also lower than the national average. You can expect to pay prices comparable to the national average for most other expenses, but it's still possible to own a home and live comfortably on a modest budget in this northern Texas town.
If you want to go back in time and enjoy the vibe of a small Texas town, many of Tyler's leading neighborhoods will deliver that dream. This northeastern city offers a vibrant job market as well as low housing prices, and residents enjoy a variety of community events that offer affordable relaxation and social engagement throughout the year. With some quality schools and a selection of modern homes selling at impressive prices, there are many reasons to check out Tyler before you select your next home.
Summary
If you want to go back in time and enjoy the vibe of a small Texas town, many of Tyler's leading neighborhoods will deliver that dream. This northeastern city offers a vibrant job market as well as low housing prices, and residents enjoy a variety of community events that offer affordable relaxation and social engagement throughout the year. With some quality schools and a selection of modern homes selling at impressive prices, there are many reasons to check out Tyler before you select your next home.
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
Financially, buying apartments, houses or any other types of properties makes sense when compared to renting. You're paying roughly the same amount per month for your mortgage that you would to rent the same type of home. However, there are obstacles that make that process difficult to attain, like minimum down payments and bad credit. Those barriers prevent banks from ending up having to sell foreclosed homes.
Nonetheless, those barriers shouldn’t stop you from owning your own condo or townhouse. Through rent to buy and lease to purchase programs with no credit check, you could start working toward owning a house.
A lot of people who rent to own by owner take advantage of Rent to Own Lab’s free listings. Search our website for cheap lease-purchase or lease-option properties near me and see if rent to own could be the right option.
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