Browse Rent To Own Homes in Orem, UT
Are you looking for a rent to own house in Orem? 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 Orem area.
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Featured Rent To Buy Houses in Orem, Utah
Browse the following featured properties in the Orem, Utah area, or click the link on this page to get access to the complete listings for Orem 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.
Orem 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 Orem, Utah
Orem is adjacent to Provo, Lindon and Vineyard and is located at the base of Mount Timpanogos with a total area of 18.4 square miles. The population us about 88,328, making it the fifth largest city in Utah.
Residents of Orem had a racial and ethnic composition of 89.3% white, 0.9% black or , 0.9% Native American, 1.6% Asian 14.8% Hispanic, as Orem has a large Mexican American community with other Latinos residing in the city.
In 2010 Forbes rated Orem as the 5th best place to raise a family. Also as the best place to live for spiritual well being.
About education, Orem is home to three junior high schools, and 16 elementary schools. It is also the home of Utah Valley State College, one of the fastest growing state colleges in the nation. Stevens-Henager College is also located in Orem, as is an education center of Utah State University.
Orem is also home to the oldest mall in Utah County, opened in 1973, like this, there are other places to shop. Orem is an ideal place to acquire national and local product.
Orem has more than 15 parks that provide the city with a higher standard of living in contact with nature, in them, it is possible to do recreational and sports activities. Among the main ones are City Center Park, Community Park, Foothill Park and Geneva Park.
Also, Ores is the perfect place to do a great number of activities like snow sports, the annual Sumerfest, Tulip festival, cultural and historical insights, visit museums like The Orem Heritage Museum.
Another Orem favorite thing to do is hang out at the annual Timpanogos Storytelling Festival, held in late summer at Mount Timpanogos Park. More than 30,000 fans attend the three-day festival, now one of the largest and most prestigious storytelling events in the nation.