Browse Rent To Own Homes in Summerville, SC
Are you looking for a rent to own house in Summerville? 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 Summerville area.
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Featured Rent To Buy Houses in Summerville, South Carolina
Browse the following featured properties in the Summerville, South Carolina area, or click the link on this page to get access to the complete listings for Summerville 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.
Summerville 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 Summerville, South Carolina
A home is a major investment, typically one of the biggest in your life. Because of that, it is important to spend time preparing for the purchase whether you are planning a traditional mortgage or would like to find a rent to own home in Summerville SC. Being such a big and important investment, there are some helpful things you can do prior to signing on the dotted line that can make your investment one that you are totally happy with. Read on to learn more about finding the home of your dreams.
One of the first things you should decide is which route you want to take in purchasing a new home. Luckily, you have options. Do you want to go the traditional path and go through a lender and take out a mortgage or would you like to look at rent to own homes in Summerville SC? No matter which way you want to go, deciding on the best path will help you through the process.
Next, you will want to set a budget for the new home. How much can you afford comfortably each month? What does this translate to in home value? It is important to know this information so you can narrow your shopping focus and not waste time on homes that you cannot afford.
After that, you should start the actual shopping process. You can simply drive around areas that you are interested in and look for signs in yards. Another option is to contact local real estate agents and tell them what kind of home you are interested in. You can also search online or in your local newspaper to find what you are looking for. A simple search for rent to own homes in Summerville SC should bring up the results that you desire.
Be patient in the shopping process. Don’t worry if you don’t find what you are interested in right away, by being patient, you will eventually find the perfect home for your needs.
In conclusion, buying a new home is something that many people desire. If this is something that you want to do, preparing and planning is a smart choice. The investment is a big one and you want to make sure that your money is well spent. Use the tips shared here and it won’t be long before you are in your new home.