Browse Rent To Own Homes in Burlington, NC
Are you looking for a rent to own house in Burlington? If so, then browse the featured listings on this page, or signup to access our complete guide and listings for all lease to own properties in the Burlington area.
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Featured Rent To Buy Houses in Burlington, North Carolina
Browse the following featured properties in the Burlington, North Carolina area, or click the link on this page to get access to the complete listings for Burlington rent to own houses.
How Rent To Own Real Estate Works
Also known as a lease option, rent to buy homes are a type of owner financing tor real estate properties.
While the terms of the agreements can vary from house to house, the typical scenario is one in which the owner is looking to sell the property but is willing to accept payment over a period of time, rather than an up front settlement.
In this case, the buyer and seller both agree on the selling price of the home, and the terms of the purchase agreement, specifying things such as payment terms, interest, and length of the agreement.
Usually, owner-financed properties are paid off much sooner than a traditional bank mortgage, but by allowing the renter time to accrue equity in the house, the renter can often roll over that equity into a traditional mortgage after 1-3 years, if the need arises.
Every month the renter/buyer makes a payment to the seller. Typically, part of this payment is credited as rent, while a second part is credited towards the interest on the loan and/or equity in the home. Over time, the renter can then buy out the seller, even if the renter didn’t originally have a large downpayment or the credit needed to qualify for a traditional mortgage.
Burlington Lease Purchase Homes and Houses
While there are many advantages to lease option, or lease to purchase homes, one of the main difficulties can be in locating the currently available properties.
Many rent to own listings are never uploaded to national or local databases, since it is common for sellers to work independently and not go through a real estate agent for these transactions. It is also common for sellers of owner financed, rent to buy properties to sell their homes casually, meaning that they are interested in selling, but are in no hurry to do so, meaning the listings are not widely publicized.
To find the full list of rent to buy properties in your area, you need to sign up for a dedicated listing service, which works to identify all of the relevant opportunities within your target geographical area.
Without a reputable listing agency, finding these properties can be extremely difficult!
Sign up below to get access to one of the most comprehensive rent to own listing services in the country.
Listings for Rent To Buy Properties in Burlington, North Carolina
Are you tired of wasting your money on rent each month? You could spend hundreds of dollars to rent out an apartment you know you will never own. You may feel like you have to deal with the situation you are in because you cannot afford to pay a large lump sum to make a down payment on a home in the area. However, there is a convenient option that could work out in your favor.
There are several different rent to own homes in Burlington, NC. The process of renting to own is different from both buying a property and renting one out without the possibility of becoming the homeowner in the near future. The difference between buying is that you do not have to make a huge down payment. You will not become the owner of the property until you have made all the necessary rental payments.
It could take you several years of making those rental payments before you become the official owner. Even though it could take some time for this to happen, it is better renting to own than to rent and never become the homeowner at all. Instead of feeling like your money is just getting thrown away, you can feel good knowing the money you spend each month is going toward the total cost of a home that will belong to you one day in the future.
If you like the idea of this option because you want to save some money and work on getting a place you can officially call your own, check out the local listings for rent to own homes in Burlington, NC. If you have trouble finding some of these properties, contact a local real estate agent to get pages of listings. Once you receive a list of the different homes in the city, you can do some more research on them to find out which neighborhood they are in and how many rooms they have inside of them.
When you are dealing with a landlord, they could always decide to sell the property, giving you little to no time to figure out where to move next. However, if you are paying a certain amount each month to own a property, you can start to settle into the home, especially when you know that it will officially belong to you as soon as you finish making those payments on it.