Browse Rent To Own Homes in Lehi, UT
Are you looking for a rent to own house in Lehi? 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 Lehi area.
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Featured Rent To Buy Houses in Lehi, Utah
Browse the following featured properties in the Lehi, Utah area, or click the link on this page to get access to the complete listings for Lehi 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.
Lehi 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 Lehi, Utah
As Utah’s sixth oldest city, Lehi is rich in pioneer and old west history.
Lehi is part of the Provo−Orem Metropolitan Statistical Area with a total area of 26.7 square miles. Originally settled by Mormon pioneers as all the cities of Utah, It is named after Lehi, a prophet in the Book of Mormon.
The population is about 54,382 persons.
The racial makeup of the city was 95.68% European American, 0.25% African American, 0.58% Native American, 0.47% Asian, 0.43% Pacific Islander, 1.33% from other races, and 1.26% from two or more races. Hispanic or Latino of any race were 2.99% of the population.
The actual median household income is $72,894, the 80.9% of the population are homeownership; for all the above Lehi is the fifth fastest-growing city in the country.
Lehi is a city that has been transitioning from an agricultural economy to a technological economy with enterprises like Intel Corporation, Adobe Systems and Microsoft to name a few.
On the other hand, the city is also home to a wide variety of retail stores, shops, museums, and restaurants.
Some of the local attractions are The Lehi Roller Mills, a landmark founded in 1906 and famous for being featured in the movie Footloose an American musical drama starring Kevin Bacon.
Thanksgiving Point which is a nonprofit museum with five main attractions: The Museum of Ancient Life, Thanksgiving Point Gardens, Thanksgiving Point Golf Course, the Museum of Natural Curiosity and Farm Country.
Among Lehi’s main recreational activities are The Tulip Festival, Annual Scottish Festival, Annual Cornbelly´s Halloween Attraction and Highland Games.
In matter of education, some of the schools in Lehi are Eaglecrest Elementary School, Lehi High School, Lehi Elementary School, Traverse Mountain Elementary, Lehi Jr High School, Willowcreek Middle School, Renalssance Anademy, Challenger School-Transverse Mountain, among others.