Browse Rent To Own Homes in High Point, NC
Are you looking for a rent to own house in High Point? 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 High Point area.
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Featured Rent To Buy Houses in High Point, North Carolina
Browse the following featured properties in the High Point, North Carolina area, or click the link on this page to get access to the complete listings for High Point 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.
High Point 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 High Point, North Carolina
In the modern era, owning a house is still considered a huge part of the American dream. Having the personal property, privacy, and freedom to do whatever you want with your own home is a luxury that most people are willing to pay a premium for. Houses are also a relatively market fluctuation-proof investment, an asset that will always remain valuable no matter what companies are sold or go defunct.
The problem is that raising the substantial amount of capital required for buying a home can be a significant challenge. Housing prices in North Carolina have been steadily rising, and banks are more conservative than ever with their loan application acceptances and interest rates.
Fortunately, there is a system in place for those who want to buy a home but for one reason or another cannot get a loan. Rent to own contracts allow renters of a property to eventually gain ownership of said house, so long as rent payments are paid in full. This allows renters put their rent toward something bigger, while simultaneously giving them a place to live.
For those who are considering High Point NC rent to own homes, here’s a checklist to help you get the perfect one.
1. Plan for the Future
One of the most important factors when evaluating any home or property for potential ownership is evaluating whether the area is accommodating to not just your present lifestyle, but also your long term goals. If you are planning to raise a family, it might be important for a house to be in a safe and quiet area with a good school nearby, while more career oriented people might look for properties that feature a short commute. In the end, these factors are vital in making a house enjoyable and functional for the years to come.
2. Look at Investment Projections
For many individuals, a house represents one of their greatest financial assets. It has traditionally been one of the biggest investments most people make, something which will continue to be their single largest non-liquid asset until it is sold. This means that choosing a house that is slated to grow or at least not diminish in value is absolutely vital. Before locking into a rent to own contract, study some of the cost projection for homes in your area to ensure a sound investment.
Rent to own homes are a good way to get closet to owning a house without taking out a mortgage. For potential homeowners in High Point, North Carolina, this can be exactly the right thing to get the home you’ve always dreamed of.