Browse Rent To Own Homes in Draper, UT
Are you looking for a rent to own house in Draper? 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 Draper area.
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Featured Rent To Buy Houses in Draper, Utah
Browse the following featured properties in the Draper, Utah area, or click the link on this page to get access to the complete listings for Draper 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.
Draper 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 Draper, Utah
Draper is part of two metropolitan areas – the Salt Lake County portion is included in the Salt Lake City metropolitan area, while the Utah County portion is part of the Provo-Orem metropolitan area.
Draper lies roughly midway between Salt Lake City and Provo. Is bordered by Riverton and Bluffdale to the west, South Jordan to the northwest, Sandy to the north, Alpine to the southeast, Highland to the south, and Lehi to the southwest. a total area of 30.1 square miles.
Between 1990 and 2000 Draper was Utah’s fastest-growing city over 5,000 people, the current population is 46,202, 95% urban and 5% rural.The racial makeup of the city was 91.25% White, 1.52% African American, 0.75% Native American, 1.30% Asian, 0.36% Pacific Islander, 2.71% from other races, and 2.10% from two or more races. Hispanic or Latino of any race were 5.82% of the population.
The unemployment rate in Draper, Utah, is 4.00%, with job growth of 2.19%. Future job growth over the next ten years is predicted to be 40.38%.. The median household income is $94,852. Likewise, the main occupation of the population are management, business and finance.
In educational matters the main schools in the city are Draper School, Draper elementary School, Genesis Youth Center, Oak Hollow School, South Park Academy and Willow Spring Elmentary School.
Some of the most representative neigborhoods of the area are Bear Ridge Cove-Highland Dr, Bellevue, Brickerhaven, Cottages at Fairway Hollow, Crystal Meadow, Deer Hollow, Draper Oaks, Fort Street, South Mountain, South Osborne, South Point, West Draper and Willow Springs to name a few.
Among things to do in Draper you will find the Cinemark Theatre, Draper Amphitheater, Cawabunga Bay, The Airbone Trampoline Area, and The South Mountain Golf Club.