Browse Rent To Own Homes in Provo, UT
Are you looking for a rent to own house in Provo? 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 Provo area.
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Featured Rent To Buy Houses in Provo, Utah
Browse the following featured properties in the Provo, Utah area, or click the link on this page to get access to the complete listings for Provo 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.
Provo 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 Provo, Utah
Provo Is the third-largest city in the state of Utah.
Is located about 45 miles south of Salt Lake City between the cities of Orem to the north and Springville to the south. Within easy driving distance of Salt Lake’s downtown governmental and business district and the Salt Lake International Airport.
Provo is bounded on the east by towering mountain peaks and on the west by Utah Lake which is an important area for recreation.
Brigham Young University and nearby Utah Valley University bring many artistic, cultural and sporting events to the Provo community. Brigham Young University is a private university run by The Church of Jesus Christ of Latter-day Saints, the second largest private university in the country; which makes Provo mainly a university city.
Provo has grown to have a population of 112 488 inhabitants according to the census of 2010, representing 4.07% of the population
It’s not a boring city, Provo has more than three dozen restaurants and a couple of shopping centers. Two shopping malls The Shops at Riverwoods and Centre, shopping and several small shops.
Music venues and boutiques have popped up in downtown, along Center Street and University Avenue. Downtown has also begun regularly hosting “gallery strolls”, held every first Friday of the month, featuring local artists.
Therefore, Provo is a city of cultural activities, which also take place in spaces such as the Museum of Peoples and Cultures, or Provo Library that has courses, workshops, and literary works, among other activities.
Provo has the distinction to belong to the top 100 Best Place to Live.