Rent to Own Homes in Durham
The below results are primarily rent to own homes in Durham County, NC:
Durham, North Carolina serves as the seat of Durham County and is located less than a two-hour drive from Winston-Salem, Greensboro, Raleigh and Rocky Mount. Duke University is the highlight of the city, and the private research school brings some unique facilities to the area. For instance, the Duke Lemur Center is a sanctuary for endangered primates located on the Duke campus. The Duke Homestead and Tobacco Factory is a national historic landmark named after Washington Duke and serves as yet another unique Durham attraction.
Sports enthusiasts in Durham enjoy visits to the Durham Bulls Athletic Park and the Cameron Indoor Stadium. The Carolina Theater and Durham Performing Arts Center offer live performances for those interested in a night out on the town, and the Nasher Museum of Arts offers interesting art shows for locals as well as visitors.
While most of those attractions are focused in Downtown Durham, the best parts of the city are the public green spaces. The Eno River State Park offers hiking trails as well as space designated for camping, fishing and canoeing. The Lake Michie Recreation Area is another great place for fishing and hiking, but it’s also a favorite spot for birdwatchers. Residents often come together in Durham Central Park for community events, including the popular Movies in the Park series.
Buying a Home in Durham
If you’re a first-time home buyer and want assistance securing the best deal on your home, contact the Durham Housing Authority for information regarding their first-time buyer counseling program. They will help you create a plan to prepare for homeownership. This plan will may include access to financial assistance programs, so you could get some help coming up with a down payment.
You can find homes selling for less than $200,000 in Durham, but there are also many multimillion-dollar homes in the area. There are neighborhoods catering to buyers with budgets big and small, but home values have been increasing over the past few years. Now is a good time to buy if you want to get a reasonable price and enjoy increasing values in the years to come.
Popular Neighborhoods in Durham
If you want to live within close proximity to downtown Durham while remaining in a safe neighborhood, look to Forest Hills. Not only will you live close to the downtown entertainment venues, but you’ll also have access to historic homes and a pleasant park.
Neighborhoods like Fox Run and Huckleberry Spring offer reasonable home prices with nearby parks and schools. If you want to live in a more upscale community in close proximity to Duke University, the Croasdaile neighborhood delivers access to a beautiful country club in that area.
Duke Forest is another option, and you’ll find many university faculty members living there.
For luxury homes, look to Hope Valley, Treyburn and The Oaks. You’ll find large homes built on or near country clubs and golf courses, and many are within close proximity to major highways if you need to commute for work.
Buying vs. Rent to Own Homes
Even if this isn’t your first time buying a house, taking out a loan for hundreds of thousands of dollars is a big commitment. Even if you expect to pay less for a mortgage payment than you currently pay to rent a home, you have to consider the upfront costs of buying. For instance, you need a substantial down payment, and closing costs often fall to the buyer. The interest rate you secure can also make a substantial difference in your monthly payments.
If you aren’t ready to buy a home through the traditional loan process today, consider a rent-to-own agreement. You start out as a renter and have the option to buy the home at the end of the contract. This allows you to move into your home right away without the stress of starting the loan process immediately. Improve your credit rating during your rental period, and you could end up with a lower interest rate when you do take out your loan.
Cost of Living in Durham
While there are some upscale neighborhoods in Durham with homes selling at extreme prices, the cost of living in the city as a whole is slightly below national average. It’s also lower than the state average, so you can stretch your housing budget further here than in most other North Carolina cities. Even if you have a substantial budget, you’ll get more for your money in this city.
Durham has a low cost of living compared to state and national averages, but there are also some multimillion-dollar homes in upscale communities. This is a lively city with outdoor recreation available at Eno River State Park, Lake Michie and Durham Central Park. The city is best known as home to Duke University, and some of the most unique city attractions are a result of this private research university.
Rent to Own Realtors
Realtors have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
About Our Listings
When you’re looking for your first townhouse or condo, you learn pretty quickly that it’s difficult to secure financing for houses when you have bad credit. However, you can find properties, like apartments, in our free listings that might meet your needs.
Our database includes free listings for cheap properties available for lease-purchase, rent to own by owner, foreclosed homes and owner financing. Many of these programs will work with you with no credit check.
The convenient part of rent to buy and lease to purchase agreements is that they give buyers time to prepare to purchase a home by saving up a down payment and improving their credit score. Owner financing often has less stringent requirements than conventional financing. Search for properties near me to find the program that’s most convenient.