Browse Rent To Own Homes in Huntington, WV
Are you looking for a rent to own house in Huntington? 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 Huntington area.
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Featured Rent To Buy Houses in Huntington, West Virginia
Browse the following featured properties in the Huntington, West Virginia area, or click here to get access to the complete listings for Huntington rent to own houses.
- Nearest School: Alternative Education High School
- Nearest Grocery: Marathon Food Ctr
- Nearest Restaurant: Cafe’ Crave On Main
- Nearest School: Spring Hill Elementary School
- Nearest Grocery: Par Mar Stores
- Nearest Restaurant: Stewarts
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.
Huntington Lease Purchase Homes and Houses: 25701, 25702, 25703, 25704, 25705
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 Huntington, West Virginia 25755, 25770, 25771, 25772
To own a home is the main goal for just about every adult. Over two-thirds of the American population is recognized as home-owners. The advantages of home-ownership offer tangible benefits that include privacy, shelter and a good quality-of-life. In addition, over a period of time, the home can offer financial returns on this investment when used as equity. The money amount that is typically needed to purchase a home typically requires mortgage financing so that the buyer is able to buy the home in monthly increments that stretch over many years.
The current lending restrictions and personal situations often make it a difficult task for a motivated buyer to get a mortgage with the purpose of a home purpose in the traditional fashion. However, there is a fortunate option available for such buyers known as a rent-to-own that provides a very real alternate method for successful home-ownership.
Understanding A Rent To Own Home
The best way to understand this option is to explore the purchase arrangement associated with a rent-to-own home. Other aspects include the best types of buyers for this specific approach and how it works.
Why Rent To Own Is A Good Option
Time is on the side of a buyer who is involved in a rent-to-own arrangement. This time is extremely valuable to buyers that have a challenged credit history and these buyers can build up a ìcash balanceî of the purchase funds just by paying the rental or choosing to fix up their rent-to-own home.
How To Locate Rent to Own Properties
The listing for the rent-to-own homes is often not visible at a glance. The houses advertised as a leased option or a rent-to-buy home is often on a small percentage of the houses sold through the system of a rent with the option available to buy. ìOf special interestî is the main characteristics of the unlisted rent-to-own houses along with special motivations of sellers or current owners.
Before deciding to look at rent-to-own houses, the buyer needs to understand the rent rate and then the purchase price of the home. Luckily there are a few simple formulas that are used to calculate estimated budgets. These formulas are used when lenders are evaluating buyers. The buyer must be able to formulate the right rent-to-buy budget in order to get a home at a payment they can afford.