Rent to Own Homes in Locust
Located in the west central part of North Carolina is the small rural city of Locust in between southwest Stanly County and western Cabarrus County. The United States Census places the population of the small town sits at around 2.9 thousand people with a median income of about $44 thousand. At the very heart of Locust, a major intersection of North Carolina Highways 24 and 27 sits, which allows for easier, more efficient travel west toward Charlotte. A 25 mile trip down NC 27 is all it takes to get from Locust to the Charlotte center city, giving the small rural city a nearby metropolitan area.The below results are primarily rent to own homes in :
Located in the west central part of North Carolina is the small rural city of Locust in between southwest Stanly County and western Cabarrus County. The United States Census places the population of the small town sits at around 2.9 thousand people with a median income of about $44 thousand. At the very heart of Locust, a major intersection of North Carolina Highways 24 and 27 sits, which allows for easier, more efficient travel west toward Charlotte. A 25 mile trip down NC 27 is all it takes to get from Locust to the Charlotte center city, giving the small rural city a nearby metropolitan area.The below results are primarily rent to own homes in :
The overall area of Locust ranges about 8.1 square miles and includes no major or even significant bodies of water. The city was founded in the 1860s by a group of German, Scotch Irish, and English immigrants, and was originally known as the "Crossroads" of the area, drawing people from nearby Cabarrus, Anson, and Mecklenburg to its streets. Its name was changed in 1869 during planting season to Locust Level, and then again in 1894 to just Locust. Today, Locust continues to serve as a "crossroads" between Charlotte, Albemarle, Concord, and Monroe.
Buying vs. Rent to Own Homes
Rent to own gives you anywhere between a few months and three years time to prepare for buying a home. It’s more costly than buying outright because you’ll be paying rent to the owner instead of building equity by paying off the mortgage; but, it’s much better than renting because you have the option to buy and stop the rent payment process whenever you’re ready.
Lease-options help set you up for a home purchase in the not-so-distant future.
That’s not to say that because you aren’t ready to buy you should rent to own. If you need more than three years before you’re ready to purchase a home, you shouldn’t rent to own. Instead, you should wait until you’re at least less than three years away from qualifying to buy a home before signing your lease-option because, if the lease term ends and you’re not ready to buy, you’ll lose the money you invested in an option fee and any other money you’ve negotiated from the seller.
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
Financially, buying apartments, houses or any other types of properties makes sense when compared to renting. You're paying roughly the same amount per month for your mortgage that you would to rent the same type of home. However, there are obstacles that make that process difficult to attain, like minimum down payments and bad credit. Those barriers prevent banks from ending up having to sell foreclosed homes.
Nonetheless, those barriers shouldn’t stop you from owning your own condo or townhouse. Through rent to buy and lease to purchase programs with no credit check, you could start working toward owning a house.
A lot of people who rent to own by owner take advantage of Rent to Own Lab’s free listings. Search our website for cheap lease-purchase or lease-option properties near me and see if rent to own could be the right option.
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