Browse Rent To Own Homes in Mount Pleasant, SC
Are you looking for a rent to own house in Mount Pleasant? 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 Mount Pleasant area.
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Featured Rent To Buy Houses in Mount Pleasant, South Carolina
Browse the following featured properties in the Mount Pleasant, South Carolina area, or click the link on this page to get access to the complete listings for Mount Pleasant 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.
Mount Pleasant 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 Mount Pleasant, South Carolina
In the last few years, more barriers than ever have developed for the average prospective home buyer. With the collapse of the real estate market, interest rates have hit an all time high and down payment sizes have seen a noticeable increase in response to government policies designed to prevent the creation of predatory loan contracts. This has made getting enough capital together to buy a house extremely difficult for most of the residents of places like Mount Pleasant, South Carolina.
Luckily, there are ways to buy a house without paying a lump sum or getting a mortgage. Rent to own homes allow low capital home buyers to purchase a house by paying rent on a property for a pre-designated duration of time. This makes them a perfect option for those who cannot take out a mortgage.
For those who are considering signing a contract on a rent to own home in Mount Pleasant, SC, here are some tips that will ensure that you’re getting the perfect house.
1. Check the Property Value Projections
Homes and other properties often represent a sizable portion of an individual’s overall assets. This means that it’s important to make sure that any properties bought will hold up or appreciate in value over time. Check real estate price projections in Mount Pleasant from several respected sources to make sure you’re getting a good long term deal.
2. Think About the Future
If you are considering a rent to own property, chances are that it is a house that you are planning to stay in for an extended period of time. Make sure that the property is built and located in a way that will accommodate your future plans. For example, if you are planning to start a family or raise children, checking the quality of local schools and the general safety level of the neighborhood is a good idea.
3. Compare Contract Rates
Each rent to own home offer will come with a different set of guidelines considering rental rate, the length of time that is required to purchase the home, and other rules concerning late payment. Make sure that the rates and time expanses are reasonable before undertaking a contract, as you will be locked in for a long time.
In essence, always exercise patience and caution before picking a rent to own home. If you do, they can be a great way to get the house of your dreams without a mortgage.