Rent to Own Homes in Lanett
Lanett is located in the far eastern portion of central Alabama, along the Alabama-Georgia state line. Nestled on the banks of the Chattahoochee River, Lanett residents are well-connected to Atlanta to the north and Columbus to the south. According to the U.S. Census Bureau, the population of Lanett is more than 6,000 residents.The below results are primarily rent to own homes in :
Lanett is located in the far eastern portion of central Alabama, along the Alabama-Georgia state line. Nestled on the banks of the Chattahoochee River, Lanett residents are well-connected to Atlanta to the north and Columbus to the south. According to the U.S. Census Bureau, the population of Lanett is more than 6,000 residents.The below results are primarily rent to own homes in :
Lanett was named after the founders of the West Point Manufacturing Company, Lafayette Lanier and Theodore Bennett. The West Point Manufacturing Company was a local textile mill in the late 1800's. Children living in Lanett are served by the Lanett City School District. W.O. Lance Elementary School, Lanett Junior High School and Lanett High School are the only three schools in this cutting-edge school district. Lanett is less than 30 miles from the young, vibrant energy of Auburn University. Lanett locals who are planning to pursue higher education can select from more than 140 academic programs and participate in over 300 special-interest organizations at Auburn University. Interestingly, Lanett is the hometown of several NFL players. Professional football players from Lanett have enhanced their careers while playing on the Kansas City Chiefs, Cincinnati Bengals, Tennessee Titans, New York Jets and other teams throughout the history of football.
Buying vs. Rent to Own Homes
Renting to own a home is like a test drive for buying a house. It’s comparable to the car dealership letting you drive out of the lot with the car that you want (after you pay a small option fee) and telling you to come back when you have the money to pay the full price of it, as long as it is within the lease term. Then you make monthly lease payments until you’re ready to buy it.
You should lease-option when you’re close to getting financing for the home you’re looking to purchase, but need a bit more time (1-3 years) before you’re ready. And if you’re unsure about the house, you have more time to consider it from a more personal perspective.
Similarly to test driving a car, once you’re sure that this is the house you want and you have the money to purchase it, you should buy it as soon as possible. There’s no sense in paying rent money for longer than you need to. Rent to own also gives you the flexibility to close on a home whenever you’re ready to. It’s a mix of the best parts of renting and buying.
Rent to Own Realtors
Realtors can qualify buyers to get an idea of when they will be ready to purchase a rent to buy home and inform them on how long to set the lease term, but mortgage officers can do that too.
Banks can make a lot of profit off of a successful mortgage. That’s why mortgage officers will be willing to help you figure out the details of your rent to own deal. However, real estate agents don’t make enough profit off of rent to own deals to justify waiting a few years for the commission.
While real estate agents might be a logical partner in rent to own deals, you’ll have a lot of difficulties finding one to help you. For everything you think you need a realtor for, consider what other types of professionals might be able to help you, like title companies or lawyers.
About Our Listings
Lease-purchase programs offer sellers more certainty than traditional rent to buy because buyers are contractually obligated to buy the condo, townhouse or house by the end of the lease term. Normally, rent to own by owner means the buyer has the option to buy and the seller has the obligation to sell.
Lease-options are more convenient for buyers. However, buyers and sellers may work out lease to purchase deals for houses and other properties when the seller is overlooking a bad credit score or a small option fee. The requirement for buyers to purchase properties makes sellers feel more comfortable leasing with no credit check because they don’t have to worry about whether buyers will opt out.
If you’re interested in looking for apartments for lease option, check out our free listings by searching for properties near me. We showcase more than just rent to own. Use our site to find cheap foreclosed homes or owner financing.
- 36863