Table of Content
HUD homes in Belden aren't just a way to get into a housing market that is already experiencing shortages, they may just be the ideal way for you. To learn more about our current HUD homes in Belden, MS, register today! Search for rent-to-own homes in Tupelo, MS and learn about the rent-to-own market with iRentToOwn.com.
In the long term however on average a homeowners mortgage is less than a renter’s monthly payment after just 6 years. By finding a way to buy a home instead of renting you can save money and build equity quicker. Rentals.com offers listings of Tupelo homes, photos, floorplans, maps and neighborhood information. There are many factors to consider when it comes to the cost of buying a house outright vs a rent-to-own agreement.
Cities
There might be other agreements that you have to follow as a rent-to-own tenant in Tupelo. For example, it’s not uncommon for a tenant to pay non-refundable upfront fees related to the purchase of the house. These range from one to five percent of the total purchase price. For example, if a home would normally sell for $360,000 then a renter might pay $2,000 per month in rent over five years . If $1,000 of that goes towards paying for the home, then the renter would have paid $60,000 over five years.
In some cases, you may be required to buy your rent-to-own property after the lease is up. However, if you have a lease-option agreement you can walk away from the property — but you won’t get any money you put into it back. The best way to find rent-to-own properties in Tupelo is by hiring an UpNest Network Realtor. Skip the “rent to own homes near me” search and use our service instead.
Rent to own Homes in Tupelo, MS
If you are ready to take a step toward homeownership in Tupelo, consider looking for rent-to-own properties to invest in. There are a few basic steps you can take so you can easily find a home and enter an agreement with the owner. Learn about the Tupelo real estate market to understand who is buying and who is selling right now. UpNest is the perfect tool for saving on the initial costs of owning a home. By using UpNest to find an agent, and letting agents compete for your business you can save thousands of dollars on commission and agent fees.
Tupelo is a natural magnet for Elvis lovers craving an inside look at the rock n’ roll king’s early life. Most notably, the Elvis Guitar Trail is a fun and instagrammable journey that follows six-foot guitars around town, serving as a tribute to the legend. Apart from the many monuments dedicated to Presley, there are other sites that draw in the crowds. The city boasts two Civil War battlefields, a zoo, a state park, and a handful of museums. Not to mention it boasts a booming downtown scene with trendy restaurants and sunny rooftop bars.
Understanding Lease-Option Vs. Lease-Purchase
With a lease-option agreement, buying the house after your rental period is up is optional. However, you will likely forfeit any payments you made to the property. Within Tupelo we have 30 rental houses spread across multiple school districts. To help narrow your search, simply enter the school name within the Rentals.com search bar to find rental homes in that school district. Attempting to purchase a home seems far more daunting than renting to own a home, renting is of course less of a commitment with fewer upfront costs.
Buying a house requires a down payment, closing costs, taxes, maintenance and potentially other less obvious initial costs. When renting a home you won’t have to worry about those costs, making it a cheaper option initially. For a city like Belden, HUD homes are an increasingly viable option for those trying to move into a new home but may be feeling squeezed out of the current housing market. HUD homes are owned by the US Department of Housing and Urban Development and present a greater range of financing options than traditional homebuying paths.
There’s a strong presence of Southern hospitality among the friendly and welcoming locals of this community. Of course, music holds an unequivocal role in Tupelo’s culture. Today, the live music scene is kept alive in venues across town. Tupelo’s culture is palpable, and you can taste the zesty southern flavors of the area in famed restaurants such as Kermit’s Outlaw Kitchen and Sweet Tea and Biscuits Cafe. The 38,856 people residing in Tupelo come from all backgrounds- 56.6% are White, 38.3% are Black, 2.6% are Latino, 1% are Asian, and 1% are two or more races. It’s a highly educated city, with 31.6% of residents holding bachelor’s degrees.
It's also the site of a Paula Deen Restaurant, which the Southern crowd tends to really love. Please switch to a supported browser or download one of our Mobile Apps. If you are using a screen reader, or are having trouble reading this website, please email
Rent-to-Own properties don’t share this ability, your rent will be static and may increase year over year. This is why after just a few years the mortgage payments for a home tend to be lower than a renter’s monthly payment. When it’s time to contact a Realtor, hire the best in your area. At UpNest, we carefully vet real estate agents and only allow the top performers to operate in our system. We also look for agents who specialize in unique markets, like the rent-to-own niche.
When you find your dream home or rental property in your community of choice, be ready for the added bliss of breathing room. That's because the population in Tupelo is spread across 51.14 square miles of land. Plus, the population growth is slower than the state and national average. However, in a buyer’s market, when supply is high and demand is low, a homeowner might be more willing to accept renters if it means they will buy the house in a few years. The seller will be able to make some rental income and won’t have to worry about listing the property after the designated period. Even with VA loans and first-time homeowner programs, it can be hard to save for a downpayment and get pre-qualified for a mortgage.
No comments:
Post a Comment