Rent to own homes in Bartlett, TN, offer a unique opportunity for individuals and families to achieve homeownership. Bartlett, a suburb of Memphis, is a charming city with a rich history, excellent schools, and a strong sense of community. With a population of around 59,000 people, Bartlett provides a small-town feel while still being close to the amenities and attractions of a larger city.
Benefits of Rent to Own Homes in Bartlett, TN
Rent to own homes, also known as lease-to-own or lease-option homes, allow renters to pay a monthly rent with a portion of it going towards the down payment on the house. This arrangement provides several benefits, including:
- No large upfront down payment is required, making it easier for people with limited savings to become homeowners.
- Opportunity to test the neighborhood and the house before committing to a long-term mortgage.
- Time to improve credit scores while renting, which can help in securing a better mortgage rate when the time comes to purchase the home.
- No risk of losing a large down payment if the renter decides not to purchase the home at the end of the lease.
Types of Rent to Own Homes in Bartlett, TN
There are several types of rent to own homes available in Bartlett, TN, including single-family homes, townhouses, and condominiums. The types of properties available can vary depending on the location, size, and price range. Some popular neighborhoods in Bartlett for rent to own homes include:
Apex, Wolf Chase, and Summer Oaks, which offer a range of housing options from affordable starter homes to larger, more luxurious properties.
| Neighborhood | Average Home Price | Average Rent |
|---|---|---|
| Apex | $250,000 | $1,200/month |
| Wolf Chase | $300,000 | $1,500/month |
| Summer Oaks | $200,000 | $1,000/month |
How to Find Rent to Own Homes in Bartlett, TN
To find rent to own homes in Bartlett, TN, individuals can start by searching online for rent to own listings, contacting local real estate agents, or driving around neighborhoods looking for “For Rent” signs. Some popular websites for finding rent to own homes include:
- Zillow: Offers a wide range of rent to own listings, including single-family homes, townhouses, and condominiums.
- Trulia: Provides a user-friendly search interface and detailed listings, including photos, prices, and amenities.
- Realtor.com: Features a comprehensive database of rent to own listings, including properties from local real estate agents and property management companies.
Tips for Renting to Own in Bartlett, TN
When renting to own in Bartlett, TN, it’s crucial to carefully review the lease agreement and understand the terms and conditions. Some key tips to keep in mind include:
Read the fine print: Make sure to understand the length of the lease, the rent amount, and the percentage of rent that goes towards the down payment.
Inspect the property: Carefully inspect the property before signing the lease to ensure it’s in good condition and meets your needs.
Check the neighborhood: Research the neighborhood to ensure it’s safe, convenient, and meets your lifestyle requirements.
What is the average price of rent to own homes in Bartlett, TN?
+The average price of rent to own homes in Bartlett, TN, ranges from 150,000 to 350,000, depending on the location, size, and condition of the property.
How long does a typical rent to own lease last in Bartlett, TN?
+A typical rent to own lease in Bartlett, TN, can last anywhere from 1 to 3 years, depending on the agreement between the renter and the property owner.
Can I negotiate the terms of a rent to own lease in Bartlett, TN?
+Yes, it’s possible to negotiate the terms of a rent to own lease in Bartlett, TN, including the rent amount, lease duration, and percentage of rent that goes towards the down payment.
