Rent to Own Homes in Dubois
Dubois is a small town that sits just south of Interstate 80 in west-central Pennsylvania. This area is positioned at the southern tip of a large state game land area, and the Moshannon State Forest and Sproul State Forest are both less than 20 miles to the east. The southern tip of the Allegheny National Forest is approximately 20 miles to the northwest. These attractions give residents many options for hiking, biking and outdoor exploration without significant travel time.The below results are primarily rent to own homes in :
Dubois is a small town that sits just south of Interstate 80 in west-central Pennsylvania. This area is positioned at the southern tip of a large state game land area, and the Moshannon State Forest and Sproul State Forest are both less than 20 miles to the east. The southern tip of the Allegheny National Forest is approximately 20 miles to the northwest. These attractions give residents many options for hiking, biking and outdoor exploration without significant travel time.The below results are primarily rent to own homes in :
Some of the biggest attractions in the Dubois area include Trinidad Beach, City Park, Laurel Mountain Winery and the Dubois Area Historical Society. The DuBois Historic District is on the National Register of Historic Places and brings historic charm to the city. This region was once known as a major supplier of lumber, but coal mining took over as the primary industry. Today, there are jobs available within city limits in a variety of fields, and many residents commute to other areas of Clearfield County for even more options. Some of the biggest employers within Clearfield County include Penn Highlands, Northern Health Facilities, Appalachian Wood Products, Lezzer Holdings and the Moshannon Valley School District. Residents are served by the Dubois Area School District and the Dubois campus of Penn State University. If your intention is to purchase a new home in the Dubois area within the next few years, you may find rent-to-own homes in this region of Pennsylvania interesting. You don't need to secure a mortgage loan before moving into these properties because you start out as a renter. In some cases, a portion of your rental payments will go into a special account for future use toward the purchase of your home. You live in the house until you're ready to close on the deal, and then you take over as the owner. You really can rent your way to homeownership.
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
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
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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