Browse Rent To Own Homes in Jacksonville, NC
Are you looking for a rent to own house in Jacksonville? 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 Jacksonville area.
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Featured Rent To Buy Houses in Jacksonville, North Carolina
Browse the following featured properties in the Jacksonville, North Carolina area, or click the link on this page to get access to the complete listings for Jacksonville 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.
Jacksonville 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 Jacksonville, North Carolina
Houses play an important role in every individual’s life. It’s where you unwind after a hard day’s work, relax on the weekends with friends and family, and get ready for each and every upcoming day. The presence home in every facet of your personal life is what makes owning a house such a widespread ambition; with something as inextricably linked with your quality of life as a house, you want to make sure that you have the freedom to make it look and feel exactly right.
Unfortunately, buying a home outright in the modern real estate marketplace is more or less impossible. The vast majority of people simply do not make enough money on an annual basis to produce the required capital. This means that most prospective homeowners require a mortgage, a financial contract which can be restrictive and hard to attain.
The good news is that there are ways to work toward home ownership without saddling yourself with a mortgage. Rent to own systems are becoming ever more popular as a method of paying for a home without taking out a loan.
For those who are investigating rent to own homes in Jacksonville, North Carolina, here are some things to consider during your search.
1. Jacksonville Has a Booming Real Estate Market
The last few years has seen the median home sale price in Jacksonville nearly double, an excellent sign for the housing markt in general. Real estate prices are starting to recover from their market crash induced slump, which means that now is a better time than ever to consider buying a piece of property as an investment. Whether you’re looking at getting a mortgage or signing a rent to own contract, you can be sure that you’re getting your money’s worth.
2. Rent to Own Does Not Require a Mortgage
Acquiring a mortgage can be a challenging and frustrating process. The application process alone can take months to finalize, as every last detail needs to be discussed with a large group of agents and advisers. Banks and other financial institutions often also feature strict guidelines regarding mortgage contracts, which explicitly ban those who have a bad credit score or a bankruptcy in their past.
Rent to own contracts are generally more forgiving, as the seller doesn’t end up in a sticky situation if a default occurs. This means that these types of deals are more widely accessible to a wide variety of people, making rent to own a service which is greatly beneficial to many communities.