Rent to Own Homes in Bluefield
Bluefield, West Virginia, is located in the southern county of Mercer and is the core city of the greater Bluefield WV-VA micropolitan area. The city was originally settled in the 18th century, the area known for its coal mines, and today has a population of 10.5 thousand people.The below results are primarily rent to own homes in :
Bluefield, West Virginia, is located in the southern county of Mercer and is the core city of the greater Bluefield WV-VA micropolitan area. The city was originally settled in the 18th century, the area known for its coal mines, and today has a population of 10.5 thousand people.The below results are primarily rent to own homes in :
The city is home to Bluefield High School. The high school is largely focused on its local football, and maintains a fierce rivalry with its sister city Bluefield, Virginia, just across the border. Bluefield High School has more than 522 state championships across all sports, which is the highest of all of the AA schools in the state, though it currently ranks third in football championships behind Ceredo-Kenova High School and Parkersburg High School. Bluefield also hosts Bluefield State College, which was founded in 1895 as the Bluefield Colored Institute. The college continues to boast a high African American population, and it is the only non-residential four year college in West Virginia. The college offers programs in engineering, business, education, arts, sciences, nursing, and health science. Up until 2010, Bluefield was home to the rookie Appalachian League Bluefield Orioles. Now the city is home to the Bluefield Blue Jays (formerly the Toronto Blue Jays) who play at the former Orioles' home stadium at Bowen Field.
Buying vs. Rent to Own Homes
When you rent to own, you pay an option fee and rent the home for up to three years while prepping for financing approval. Then, you buy it as soon as you’re ready. When you buy a home normally, you skip to the third step of the process.
Basically, when you’re almost ready to own a home, you should consider renting to own, but when you are ready, you should go ahead and purchase it.
Rent to own gives you more time to improve your credit score or save up a greater down payment in preparation for buying a house. Ultimately, rent to own is more expensive than outright buying a property because you’re paying rent to the owner every month. However, lease-options are a much better alternative than renting a property because you’re building some equity in the home, just not as much as you will once you purchase.
Once you own a home, you will likely be making monthly payments to a mortgage. Mortgage payments are typically around the same amount as rent to own payments, but all of it – minus interest, PMI and taxes – builds equity in the property, which directly benefits you.
Rent to Own Realtors
You can plan a party without an event planner, you can go swimming without a lifeguard, and you can rent to own without a realtor.
That’s important because there isn’t as much money for realtors in rent to own deals as in traditional sales. Therefore, finding a realtor to help you is rare.
While the listed activities might be easier with a professional, they’re all possible without one. To successfully rent to own without a realtor learn all you can about it.
About Our Listings
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.
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