Rent to Own Homes in Cary
The below results are primarily rent to own homes in Wake County, NC:
Named for prohibitionist Samuel Fenton Cary, the town of Cary is located in the North Carolina Piedmont region next to the renowned Research Triangle Park. One of the safest towns in the United States, Cary is known for its fit and healthy population, enticing parks and NCAA championship town. Cary also boasts highly educated residents, with recent Cary records showing that more than 60 percent of all residents have a bachelor’s degree or higher.
The town is a hot spot for recreation, education and community spirit. With 36 Cary greenways and trails, Stevens Nature Center at Hemlock Bluffs Nature Preserve and native wildflower gardens, locals have an active outdoor lifestyle. Cary public schools are very well-rated, and Chapel Hill’s Duke University and UNC campuses and Raleigh’s N.C. State University are all nearby. The city also has several sites on the National Register of Historic Places, including the Cary Historic District and Ivey-Ellington House.
Buying a Home in Cary
With a 34 percent drop in active listings, local house hunters have fewer than 355 homes to consider. These homes are selling more quickly, too, lasting on the market just 25 days. That quick-selling pace represents a 54 percent decrease in the number of days homes stay on the market. This competition for local homes also drives up prices. Median home listing prices escalated 24 percent in the last year to $546,500, and the median sales price rose from $371,300 to $383,000.
Popular Neighborhoods in Cary
Families, singles, couples and retirees enjoy the new homes and townhouses in the master-planned community of Amberly on Cary’s west side. The neighborhood has a low crime rate, plenty of amenities and an average selling price of $371,280. Nearby Cary Park is also a local favorite, with a good mix of condos, ranch homes and two-story houses and an average selling price of $309,151. Several walking and biking trails are in the neighborhood, as well as community pools, sports fields and excellent schools. More established families and couples relish the golf course views and peaceful streets of MacGregor Downs. While some houses date back to 1965, the neighborhood’s homes span the decades with an average selling price of $671,404.
Buying vs. Rent to Own Homes
Rent to own homes offer an excellent alternative to conventional home purchases, easing buyers into the busy Cary housing market. Rent to own homes provide buyers with time to amass a down payment and secure a mortgage, and instead of an initial down payment, buyers pay a smaller option fee. Throughout the length of the rent-to-own contract, buyers pay monthly rent and a premium; at the end of the term, the initial option fee and rental premium are often credited towards the final down payment. This structure provides a more formal way for saving toward a down payment.
Cost of Living in Cary
As a highly desirable town, Cary’s cost of living is understandably high. Housing expenses alone are 60 percent greater than the national average. Other expenses are closer to the average, with utilities 6 percent pricier and food costs 1 percent more than the average American pays. On the other hand, health care expenses are on par with the national average, and transportation costs are actually 2 percent cheaper. Altogether, these expenses create an overall cost of living in Cary that is 18 percent more than the country’s average.
Cary is frequently ranked as one of the nation’s best cities, from the best place to find a job to the best place to live. Its schools consistently rank among the nation’s best, and its safety is renowned. The town’s neighborhoods follow that pattern of excellence, and Cary’s homes are equally appealing. While homes can be fairly expensive here, the overall cost of living in Cary is balanced by other, lower costs.
Rent to Own Realtors
Realtors can qualify buyers to get an idea of when they will be ready to purchase a rent to buy home and inform them on how long to set the lease term, but mortgage officers can do that too.
Banks can make a lot of profit off of a successful mortgage. That’s why mortgage officers will be willing to help you figure out the details of your rent to own deal. However, real estate agents don’t make enough profit off of rent to own deals to justify waiting a few years for the commission.
While real estate agents might be a logical partner in rent to own deals, you’ll have a lot of difficulties finding one to help you. For everything you think you need a realtor for, consider what other types of professionals might be able to help you, like title companies or lawyers.
About Our Listings
When you rent to buy a condo or a townhouse, you’re taking the first step toward becoming a homeowner. You can take advantage of many rent to own by owner programs with no credit check. Having bad credit shouldn’t stop you from owning one of your favorite apartments or houses.
While you lease-option or lease-purchase, you’ll work on improving your credit score and saving up a down payment so that you can qualify with the bank for the house you’re interested in. The bank is frugal with mortgage approvals because they often end up selling foreclosed homes for cheap prices because people cannot afford their mortgage payments.
When you lease to purchase, you’re making yourself into a better candidate for purchasing properties. Check out Rent to Own Lab’s free listings to find properties near me that meet your family’s needs.