Rent to Own Homes in Inman
The National Park Service has also named... Read More
The National Park Service has also named Inman Mills historic for its service as a booming textile mill in Inman, South Carolina, between 1902 and 1958 which helped lead to the city's crucial development. The median income of Inman households runs at about $32 thousand, and the median property value of the area averages out at $102 thousand. While the median income of Inman is below the United States average, the city has shown steady growth since 2014 and is on the rise in terms of general prosperity.The below results are primarily rent to own homes in :
The National Park Service has also named... Read More
The National Park Service has also named Inman Mills historic for its service as a booming textile mill in Inman, South Carolina, between 1902 and 1958 which helped lead to the city's crucial development. The median income of Inman households runs at about $32 thousand, and the median property value of the area averages out at $102 thousand. While the median income of Inman is below the United States average, the city has shown steady growth since 2014 and is on the rise in terms of general prosperity.The below results are primarily rent to own homes in :
The city has three active colleges, including the University of South Carolina-Upstate, Spartanburg Community College, and Wofford College, two elementary schools, a middle school, and a high school. Overall, Inman has received high marks for the education quality of its public schools, with New Prospect Elementary School highest on the list and in par with the United States average. Inman is a cozy small town of two thousand people in Upstate South Carolina. With several historic districts and a long connection to its industrial mill roots, Inman is a community of hard-working individuals that take pride in their education system and offer a variety of high learning opportunities for its residents. Located at the intersection of Interstates 26 and 85, Inman is strategically placed to make travel quick and efficient either intrastate or out-of-state. And with housing prices at a general low compared to the national average, it is the perfect location to start a home investment and raise a family.
Buying vs. Rent to Own Homes
The difference between buying a home and signing up for a lease-option depends on your timeframe and how much money you spend on buying the house.
When you buy a house outright, you pay for the fair market value of the home plus interest and other fees charged by your financial lender, if you have one. You buy the property today and immediately start building equity in it.
However, when you rent to own, you won’t own the home until you close on the property, which could be as far as three years from today. You’ll also pay rent monthly, and you don’t get that money back.
There are some fees that you pay for rent to own that you’ll get back as a credit towards the price of your home, like option fees and rent credits. These count as equity on the home, but they’re not on the scale of equity you would build with a mortgage. Therefore, these don’t add anything on to the price you pay for the home the way that rent does.
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
Rent to Own Labs offers free listings for rent to own by owner, foreclosed homes and owner financed properties. Start looking for apartments or houses near me with the Rent to Own Labs search function.
These programs are a great way to buy a condo or townhouse if you have bad credit. In fact, lease purchase and rent to buy programs usually offer cheap homes with no credit check. Just make sure you look at your lease to purchase agreement to understand whether you have the option or obligation to buy the home you’re looking at. Lease-purchase agreements require the buyer to purchase by the end of the lease term, while lease-option agreements give the buyer the option to buy.
- 29349