Find Rent To Own Homes in Charlottesville, VA
Are you looking for a rent to own house in Charlottesville? 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 Charlottesville area.
Featured Rent To Buy Houses in Charlottesville, Virginia
Browse the following featured properties in the Charlottesville, Virginia area, or click here to get access to the complete listings for Charlottesville 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.
Charlottesville Lease Purchase Homes and Houses: 22901, 22902, 22903, 22904, 22905, 22906
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!
Click here to get access to one of the most comprehensive rent to own listing services in the country.
Listings for Rent To Buy Properties in Charlottesville, Virginia 22907, 22908, 22909, 22910, 22911
Charlottesville is a town that is gaining a lot of popularity, and it’s not hard to see why. This hidden gem brings a lot of the same traits that make cities like Asheville, Missoula, and Austin extremely popular, but without the attention that drives up prices, makes things a little too hipster, and causes the other problems that come with that type of situation.
Charlottesville is a city that is working constantly to keep improving things for students, visitors, and residents alike. This puts a heavy demand on housing which can make finding the right place quite a challenge, especially if you have specific needs in mind. So how do you go about finding rent to own homes in Charlottesville?
There are two main sources where you can find these properties, although even for them there is a high demand so it may take some serious work to get it done, but if you find a good house that time is well spent and worth it.
Contact Property Management Companies
Many property management companies not only have multiple apartment complexes, but many of them have houses they rent. Not all these management companies will be willing to sell their rental homes, but there are several that will. This is a great first stop because one rental company might have dozens of houses as options.
You aren’t likely to get a major discount or great price on the house, but depending on your rental history, how much work needs to be done on the property, and a variety of other factors you might get it for right around market value or a touch less. Ask up front if they ever sell homes being rented if the person is happy there. This makes all the difference in whether you should move forward or not, and makes it more likely they will contact you when a home is open for purchase.
Find Individual Property Renters
Look at the local rental ads in the paper or Craigslist and Backpage for Charlottesville. There are many individual property owners who rent out properties but they are harder to find. This includes many people who are into fixing up and flipping homes, but may rent to people while working on other homes, to keep a steady cash flow coming in, or just to wait for the housing market to get better.
Finding individual home flippers and renters is a great way to get information on homes that you can start out renting and finish off with the actual purchase.