Browse Rent To Own Homes in Durham, NC
Are you looking for a rent to own house in Durham? 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 Durham area.
Click the link below to access the listings!
Featured Rent To Buy Houses in Durham, North Carolina
Browse the following featured properties in the Durham, North Carolina area, or click the link on this page to get access to the complete listings for Durham 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.
Durham 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 Durham, North Carolina
If you’re looking to buy a rent to own home in Durham NC, then you couldn’t have picked a better time. In fact, there is a wide range of rent to own homes available in this location right now ñ and a quick search online will reveal a wonderful collection of homes that will be delightful to live in.
In particular, there are some fantastic homes around the $200,000 price range, many of which come with four bedrooms, three bathrooms, and ultimately make for the perfect starter home for a family.
However, if you’re looking for something a little larger and more impressive, then there are some even nicer homes closer to the $400,000 mark, and many of these homes come with fantastic amenities and additional features, as well as being in wonderful areas.
Of course, it may be possible to negotiate on these prices somewhat, and taking advantage of a rent to own deal is an excellent method for getting the home you have always wanted, without having to sign up for a full mortgage deal.
In general, it’s important to perform a thorough home inspection before you decide to choose a rent to own option, because there’s no denying you are making a large commitment, Sue you’ll want to make sure you are fully satisfied before you sign on the dotted line.
In many cases, it’s wise to approach a professional when you are making the deal because they will be able to help you navigate the process and will ultimately protect your interests at every point of the negotiation.
Additionally, you may want to ensure there is an exit clause in the chance that you decide not to eventually purchase the home.
But overall, most people who decide to rent to own a home in the Durham NC area are delighted with their decision ñ and it’s one of the nicest places to live in the entire NC area, so you’re certainly not going to be disappointed with your choice.
Overall, it’s clear to see that the option of renting to own a home is becoming incredibly popular nowadays, and with the ever-growing difficulty of purchasing a house outright or obtaining a reasonable mortgage, many people are turning to this fantastic method of home ownership ñ and it definitely has many advantages going for it.
If you take your time to browse the many fantastic homes in the area, youíll be sure to find a rent to own deal that’ll perfectly suit the needs of you and your family.