Rent to Own Homes in Lancaster
Irish-Scot... Read More
Irish-Scot settlers began moving to this area from Pennsylvania in the 1750s, and the county and town were named after Lancaster County, Pennsylvania, which was named in honor of the famous House of Lancaster in England. There are many buildings and places of historical significance in this small South Carolina City, and many are on the National Register of Historic Places. Among these are the Lancaster County Courthouse (1828), Lancaster Presbyterian Church (1862), Lancaster Cotton Oil Company (five buildings and six structures associated with the company, which was founded in 1907), and Lancaster County Jail (1823).The below results are primarily rent to own homes in Lancaster County, SC:
Irish-Scot... Read More
Irish-Scot settlers began moving to this area from Pennsylvania in the 1750s, and the county and town were named after Lancaster County, Pennsylvania, which was named in honor of the famous House of Lancaster in England. There are many buildings and places of historical significance in this small South Carolina City, and many are on the National Register of Historic Places. Among these are the Lancaster County Courthouse (1828), Lancaster Presbyterian Church (1862), Lancaster Cotton Oil Company (five buildings and six structures associated with the company, which was founded in 1907), and Lancaster County Jail (1823).The below results are primarily rent to own homes in Lancaster County, SC:
Just a few miles to the west is Fishing Creek Lake, a small lake that is popular for boating and fishing. The state capital, Columbia, is 60 miles to the south. And the ever popular beach and resort city of Myrtle Beach is less than three hours away.
Buying a Home in Lancaster
It seems the tendrils of the high cost of living and real estate from Charlotte haven’t quite reached Lancaster, as the median home price is a reasonable $107,000. This is a whopping 42 percent below the national average, and it compares well with the median home price in Charlotte, which is nearly $170,000. Current home listings in Lancaster range from $84,900 to $809,900. The overall cost of living is 12 percent below the national average.
The median age is 40.6, and 36 percent of the population is married. About 55 percent of the residential real estate is owner occupied.
The city is served by the Lancaster County School District, which is comprised of 11 elementary schools, five middle schools, and four high schools. GreatSchools rates these schools between 2 and 8 (out of 10), so families with school-aged children should do their homework when looking at various neighborhoods.
Popular Neighborhoods in Lancaster
The entire Lancaster area is made up of ten constituent neighborhoods stretching all the way to the North Carolina border. The Lancaster Byp W/Plantation Rd area is primarily made up of small- to medium-sized single-family homes and apartment complexes, and the residents are a mixture of owners and renters. It’s a quiet neighborhood, considered in the top five percent of all neighborhoods in the state for retirees. The median home cost is $167,000.
Buying vs. Rent to Own Homes
Maybe you’re already thinking about moving to Lancaster. The low housing cost and mild southern climate certainly make it appealing. However, buying a home can be long, complicated process. A large down payment and prequalification are needed. If you’re not quite ready for that, have you considered a rent-to-own arrangement? A portion of each month’s rent is put toward a down payment to buy the house. It’s easier because it doesn’t require a large outlay of cash. And renters can look forward to becoming proud, happy homeowners – without even having to move!
Summary
Charlotte is one of the fastest growing cities in the United States, and Lancaster is sure to continue to benefit from this. Job growth is already positive, and is expected to be an impressive 40 percent over the next ten years. Enjoy the employment opportunities, shopping, dining, entertainment, and nightlife of the big city, but retreat to quieter environs at the end of the day. Lancaster offers the best of both worlds!
Rent to Own Realtors
Rent to own is beneficial to both buyers and sellers, but that’s not common knowledge. A lot of people look to realtors as a credible source of information for their counterpart in a rent to own deal about the benefits of the program.
However, you likely won’t find a realtor who is interested in helping you. There’s not a lot of profit for realtors in rent to own deals.
Instead, you’ll have to become a credible expert on the process yourself. Honestly, that’s not a bad thing. It’s better that you know everything you need to about the process you’re investing so much time and money into.
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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