Rent to Own Homes in Charleston
The below results are primarily...
The below results are primarily rent to own homes in Charleston County, SC:
The United States’ most friendly city, Charleston is also one of its most beautiful and historic cities. Charleston’s port has been thriving since the 17th century, and the city has blossomed right along with it. This rich history gives Charleston much of its character, but the city’s Lowcountry congeniality, innovative spirit and scenic setting add to its charm.
Charleston Harbor, the Ashley and Cooper rivers and a host of creeks and lesser rivers are bustling centers of activity. These vital waterways connect the town to North Charleston, James Island, Mount Pleasant, Daniel Island and a host of other islands in the Charleston area.The city’s vibrant economy is also buoyed by educational institutions such as College of Charleston, Medical University of South Carolina, The Citadel and Charleston School of Law.
The seat of Charleston County, Charleston is home to more than 120,000 residents. The Charleston urban area counts 548,404 residents, and its entire Charleston metropolitan area contains 712,220 locals.
Buying a Home in Charleston
In Downtown Charleston, homebuyers can expect to pay higher prices than in the rest of the area. Downtown’s median home prices were $725,000 in 2015, and downtown condos were $495,000. Homes in the Upper Peninsula, on the other hand, were more moderately priced. Upper Peninsula homes had median prices of $347,500 and condos were $290,000. Still, homebuyers can be optimistic since downtown prices dropped 8 to 10 percent in 2015. The price of Upper Peninsula condos also fell 9.4 percent, but single family home prices rose 5.6 percent.
Popular Neighborhoods in Charleston
Families and singles find a diverse, historic neighborhood in downtown’s Wagener Terrace. The neighborhood brims with appealing Craftsman bungalows, friendly taverns and Hunter Park recreation. Home prices here range from the high $300,000s to the mid-$800,000s. The Cannonborough/Elliotborough area is a mix of beautiful Victorian homes and newer construction. The walkable neighborhood is close to the College of Charleston, and home prices vary from the mid-$100,000s to $800,000. Families also appreciate the beauty and convenience of Daniel Island. The island features ample bike paths and golf courses, with home prices ranging from the mid-$300,000s to the millions for waterfront estates.
Buying vs. Rent to Own Homes
Home prices in Charleston may be prohibitive for many families, first-time homebuyers and those with less-than-stellar credit ratings. Renting to own a home in Charleston is a workable solution for many of these buyers. With a rent-to-own option, the buyer negotiates a one- to three-year contract with the seller. During that contract period, the buyer’s monthly rent premium is applied to the final purchase price, and the buyer has time to repair credit ratings, accumulate a better down payment and find a mortgage.
Cost of Living in Charleston
Charleston is a beautiful place to live, and residents pay for that pleasure. The biggest expense is found in Charleston housing. Charleston residents pay about $1.25 on housing for every dollar the average American pays. Health care, food and utilities are more expensive here, too, ranging from 6 to 11 percent higher than the national average. Overall, the cost of living in Charleston is 9 percent more expensive than the national average.
Charleston has vast appeal, as evidenced by its frequent rankings in national surveys. Currently, the city holds the No. 1 spot in Travel magazine’s America’s Friendliest City rankings. It also earns distinction as one of the best foodie cities, best retiree cities, most romantic getaways and top performing cities. Part of Charleston’s attractiveness lies in its welcoming neighborhoods, waterfront properties and historic districts. While housing in Downtown Charleston is pricey, many of the outlying suburbs and islands offer excellent value and plentiful amenities. These amenities aren’t cheap, however, and residents pay about 9 percent more for living expenses than the national average.
Rent to Own Realtors
Using a realtor for your rent to own deal can offer great benefits. Agents are well versed in real estate so they can effectively communicate opportunities and discern which of those opportunities is a legitimately good deal.
Nonetheless, not a lot of realtors will want to help with your rent to own deal because upfront profit for a realtor is minimal and the big payout down the line is not a guarantee.
That means you’ll have to do a little research to ensure that you make the best decisions, but you will save money on commission.
About Our Listings
Financially, buying apartments, houses or any other types of properties makes sense when compared to renting. You're paying roughly the same amount per month for your mortgage that you would to rent the same type of home. However, there are obstacles that make that process difficult to attain, like minimum down payments and bad credit. Those barriers prevent banks from ending up having to sell foreclosed homes.
Nonetheless, those barriers shouldn’t stop you from owning your own condo or townhouse. Through rent to buy and lease to purchase programs with no credit check, you could start working toward owning a house.
A lot of people who rent to own by owner take advantage of Rent to Own Lab’s free listings. Search our website for cheap lease-purchase or lease-option properties near me and see if rent to own could be the right option.