Browse Rent To Own Homes in Clarksville, TN
Are you looking for a rent to own house in Clarksville? 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 Clarksville area.
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Featured Rent To Buy Houses in Clarksville, Tennessee
Browse the following featured properties in the Clarksville, Tennessee area, or click the link on this page to get access to the complete listings for Clarksville 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.
Clarksville 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 Clarksville, Tennessee
Clarksville is an excellent place to put down roots and raise a family. However, if your credit is less than stellar or you do not have the money for a down payment, owning your own home can be quite difficult. Thankfully, one can find a good home with a rent to own program. This article will explain what you need to know before you sign for a home in the Clarksville area. After reading this article, you will be able to find the perfect rent to own home in Clarksville, Tennessee.
Despite what you might be thinking renting a house to buy in the future is not always going to be the cheaper option. In fact, it is often more expensive, but worth it if you have no other option to buy a home. You will typically be paying at least 20% more than other renters in the area for having the privilege to buy the house later. In other words, your monthly payments will be 120% more than other renters in the neighborhood.
Considering this fact, it is always a wise decision to write out two checks to the seller at the beginning of each month. The first will be your monthly rent check. The second check is the amount of the downpayment. If you plan to seek out a mortgage to pay for your home it is wise to have a verifiable paper trail that demonstrates how much you have paid as well as your overall ability to pay. The bank or mortgage broker is going to want to know how much you have been able to pay toward the overall cost of the home.
During the time you are renting the home it is essential that you keep records of all expenses regarding the home. This includes the amount of rent that has been paid, total down payment, utilities, as well as any other repairs or maintenance. This should start from the moment you take control of the home. It is impossible to know everything the loan officer is going to want to have copies of. By keeping accurate records it will help you from going from a renter to a home owner that much easier.
Finally, it is in your best interest that you have any type of contract or documentation read over by a real estate lawyer before you sign. In addition, it is important that all of your questions and concerns have been thoroughly answered.
As you can see, finding a rent to own home in Clarksville is not that hard. Understand that you are making an investment in your future and it is best to proceed slowly and carefully. Hopefully, this information will make it easier for you to find your dream home in Clarksville, Tennessee.