Rent to Own Homes in Canton
The city of Canton is located in central Mississippi, approximately 30 miles north of Jackson. It is in the center of Madison County and serves as the county seat. According to recent data from the United States Census Bureau, the population of Canton is approximately 13,600 residents. The median income of households in Canton is approximately $42,400 per year. The average household size is 2.70.The below results are primarily rent to own homes in :
The city of Canton is located in central Mississippi, approximately 30 miles north of Jackson. It is in the center of Madison County and serves as the county seat. According to recent data from the United States Census Bureau, the population of Canton is approximately 13,600 residents. The median income of households in Canton is approximately $42,400 per year. The average household size is 2.70.The below results are primarily rent to own homes in :
The most noted landmark in Canton is the historic Greek Revival Courthouse building. Although a modern-day courthouse was build in the mid-1990's, the old courthouse has been preserved and is currently the home of the Madison County Economic Development Authority and the location of local government meetings. The Courthouse Square is listed on the National Register of Historic Places, and is the location of community events throughout the year. The Courthouse Square hosts the Canton Flea Market bi-annually in May and October. Known as one of the best arts and crafts shows in the South, artisans and crafters display their handmade work to a large crowd of shoppers looking to bring home a unique treasure. Children living in Canton attend the Canton Public School District. The district consists of four elementary schools, two middle schools, one high school, the Canton Career Center and the Canton Educational Services Center. Canton Academy is a private school option for students in pre-kindergarten through 12th grade.
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
An agent serves as a protection for both the buyer and the seller. They can save the buyer and seller a lot of time and money, which could offset the realtor’s commission.
However, not many realtors are interested in helping with lease-options. They make a minimal profit off of the lease portion of the deal, and the profit from the purchase is several years down the line and isn’t guaranteed.
Instead, protect yourself by communicating with lawyers, title agents and mortgage lenders to ensure that your rent to own deal works smoothly.
About Our Listings
Lease-purchase programs offer sellers more certainty than traditional rent to buy because buyers are contractually obligated to buy the condo, townhouse or house by the end of the lease term. Normally, rent to own by owner means the buyer has the option to buy and the seller has the obligation to sell.
Lease-options are more convenient for buyers. However, buyers and sellers may work out lease to purchase deals for houses and other properties when the seller is overlooking a bad credit score or a small option fee. The requirement for buyers to purchase properties makes sellers feel more comfortable leasing with no credit check because they don’t have to worry about whether buyers will opt out.
If you’re interested in looking for apartments for lease option, check out our free listings by searching for properties near me. We showcase more than just rent to own. Use our site to find cheap foreclosed homes or owner financing.
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