Browse Rent To Own Homes in Charleston, SC
Are you looking for a rent to own house in Charleston? 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 Charleston area.
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Featured Rent To Buy Houses in Charleston, South Carolina
Browse the following featured properties in the Charleston, South Carolina area, or click the link on this page to get access to the complete listings for Charleston 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.
Charleston 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 Charleston, South Carolina
Before you spend any money on rent to own homes in Charleston SC you should do some research on what you are getting. That way, you’re not stuck in a home that’s in bad shape. The more research you can do, the better off you’ll be when you make your decision.
Learn about the various neighborhoods that the homes are in because you want to make sure that you’re not about to live somewhere with a lot of crime. Look for crime maps because they let you see what the most common problems are in various areas around the city. Even if you think a neighborhood looks nice, there could be problems there that make it a bad place for a family to live.
What kind of price are you going to have to pay for a home? If it’s going to cost you quite a bit of money and isn’t in the best condition, then you can skip it or ask for them to give you a better price on it. Sometimes people expect you to negotiate on what your rent will be and the overall price of the home so they make it a little higher than they’re willing to take. You should try to ask for lower pricing no matter what kind of pricing you’re looking at just to see if you can save.
A home should be inspected prior to renting it. Otherwise, you may end up having to pay to fix problems that you didn’t know about. For instance, if you don’t inspect the plumbing in a home it could end up being an issue if you find out that there was a big leak or other issue that you needed to get fixed right after moving into the home. You should ask after you get an inspection for the owner to get the issues taken care of so that you don’t have to spend a bunch of money on top of your rent.
Rent to own homes in Charleston SC are nice to have available if you wish to live in a great city. It’s more or less just about finding a home that you research well so you know what kind of deal you’re getting. Once you are aware of what your options are, you can choose the one that meets the needs of you and your family.