Browse Rent To Own Homes in Columbia, SC
Are you looking for a rent to own house in Columbia? 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 Columbia area.
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Featured Rent To Buy Houses in Columbia, South Carolina
Browse the following featured properties in the Columbia, South Carolina area, or click the link on this page to get access to the complete listings for Columbia 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.
Columbia 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 Columbia, South Carolina
A rent to own home is one that you pay for on a regular basis until you own it. That way, you don’t have to get a loan or have a bunch of money up front. This is a great option if you can find a nice home that is a fair price.
A home is going to have rent attached to it when you’re going for rent to own options, and there may also be other payments you have to make like one if you’re late when paying your rent. That’s why you want to make sure you understand the various types of payments that you’ll have to worry about making on a regular basis, or what happens if you can’t pay. Try to only rent a home that you have more than enough money to because you don’t want to rack up fees all the time.
Homes should be fixed up so that they are in livable condition before you consider paying to live in them. You’re going to want to go through the homes you’re thinking of renting to own to do your own inspection and you should spring for a professional inspector to check over the plumbing, HVAC, and electrical systems. Another good idea is to check over whether or not your roof is in good shape so you are not stuck with one that you have to deal with being replaced right when you move in and just want to be able to relax in your home.
The landlord you’re going to work with is going to have your sign a lease with rules on it. It will say what will happen if you don’t pay the rent or late fees. You’ll also learn what kind of rules you have to follow so you don’t end up getting evicted. If you don’t understand something, you need to ask about it before signing the document because you don’t want to end up getting evicted over something silly you could have avoided.
When you’re able to find a rent to own home in Columbia SC that is in good shape and easy to afford, you can work on moving into it. Just make sure that it’s the right choice. Settling on the first home you see is never a good idea because once you weigh your options you avoid bad deals.