Browse Rent To Own Homes in Martinsburg, WV
Are you looking for a rent to own house in Martinsburg? 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 Martinsburg area.
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Featured Rent To Buy Houses in Martinsburg, West Virginia
Browse the following featured properties in the Martinsburg, West Virginia area, or click here to get access to the complete listings for Martinsburg rent to own houses.
- Nearest School: St. Joseph Parish School
- Nearest Grocery: Lupitas Grocery Store
- Nearest Restaurant: Peking Restaurant
- Nearest School: Martinsburg High School
- Nearest Grocery: Manna Food For Life
- Nearest Restaurant: Good Natured Market & Veg Cafe
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.
Martinsburg Lease Purchase Homes and Houses 25401, 25402, 25403
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 Martinsburg, West Virginia 25404, 25405, 25429
If you are looking for a small-town atmosphere that is still within easy driving distance of Washington D.C., Martinsburg, West Virginia could be just the ticket. This town, which boasts a population of just under 20,000 people, has a lot to offer its residents. Finding affordable housing in the city can be a challenge, however. One way to overcome this obstacle is by looking for rent-to-own homes in the Martinsburg area.
These homes, which are also sometimes referred to as lease option homes, provide a way for people to purchase a home even if they don’t have stellar credit or a large down payment. The process is relatively simple. In essence, the home buyer rents the home from the seller for a specific period of time. At the beginning of the rental term, they pay an option fee that gives them the option to purchase the home at the end of the rental period. Each month when they pay their rent, a percentage of each of the payments is applied to the purchase price of the home.
The purchase price of the home is usually agreed upon by both the buyer and seller at the time that the contract is put into place. When the rental period is up, the buyer can choose to either exercise the option to buy the home or move out.
The main benefit of going this route for buyers is that it gives them time to clean up their credit report and to save up for a down payment. This will make it easier to qualify for financing when the rental term is up. It also allows them to lock in the price of the home.
Sellers also benefit from this arrangement. Because the renter is planning on eventually buying the home, there is a good chance that they will take excellent care of the property and that they will make their payments on time. The monthly rent payments cover the seller’s mortgage. In some cases, they may even provide additional monthly income, depending on how high the rent is set.
Buying a rent-to-own home in Martinsburg, West Virginia can be a good way to become a property owner if you have less-than-perfect credit or if you don’t have money saved up for a down payment. As long as you read the contract carefully and fully understand what you are getting into, a lease option can be a good alternative to taking out a traditional mortgage.