Browse Rent To Own Homes in Kannapolis, NC
Are you looking for a rent to own house in Kannapolis? 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 Kannapolis area.
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Featured Rent To Buy Houses in Kannapolis, North Carolina
Browse the following featured properties in the Kannapolis, North Carolina area, or click the link on this page to get access to the complete listings for Kannapolis 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.
Kannapolis 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 Kannapolis, North Carolina
You have to be careful when you are looking at rent to own homes in Kannapolis NC to live in. There are a lot of problems with landlords and properties that can be avoided with a little bit of research. Look into what you can do to get a great home for a rental rate that’s fair so you can eventually own a good home.
Go over your lease and make sure that if you don’t understand anything you talk with a lawyer about whether or not you should sign it. If you’re told that some terms are not fair or that you shouldn’t agree to certain things to be legally safe then you can ask the owner of the home to change it up. However, if they won’t work with you then don’t just give in because a bad lease can lead to you going to court and losing your home over minor issues.
Figure out what the crime rates are like around the area, because you want to make sure it’s safe to live there with your family. One idea is to go to a local news website and search for the name of the street you’re thinking of living on to see if anything has been going on in that area lately that you should know about. It’s also a good idea to take a tour of the neighborhood at various times of the day to see if there are people partying or doing anything else you don’t want to live around.
Get your property surveyed if the owner isn’t sure of where the exact property lines are. This is especially important if you’re renting to own and there aren’t any barriers like fences separating the land from the surrounding areas. You should also be sure you find out where the neighbors think their property is after you get the real property line measured out for you. That way, if there’s a problem they can do the same thing and you can compare the results.
A lot of people that look at rent to own homes in Kannapolis NC are not cautious. You have to be if you want to make sure you’re not getting ripped off in any way. Plus, you want to be sure your new home is comfortable for you until and after you own it.