Rent to Own Homes in Los Lunas
You’ll find the Village of Los Lunas in central New Mexico, approximately 20 miles south of Albuquerque. Santa Fe is within a 90-minute drive to the north, and San Antonio is about a one-hour drive to the south. The Rio Grande flows between the two disconnected sections of the village, and Interstate 25 runs through the center of the larger section. Residents are also connected to surrounding communities by State Route 314, which cuts through the eastern edge of the village’s main section.The below results are primarily rent to own homes in :
You’ll find the Village of Los Lunas in central New Mexico, approximately 20 miles south of Albuquerque. Santa Fe is within a 90-minute drive to the north, and San Antonio is about a one-hour drive to the south. The Rio Grande flows between the two disconnected sections of the village, and Interstate 25 runs through the center of the larger section. Residents are also connected to surrounding communities by State Route 314, which cuts through the eastern edge of the village’s main section.The below results are primarily rent to own homes in :
This region of New Mexico was originally settled by a family with the last name Luna. This region of the state was heavily involved in the Civil War, and battles took place in the surrounding area. The region was incorporated as a village in 1928, and it is now a part of Valencia County. It’s best known today for its close proximity to the Los Lunas Decalogue Stone, which is a massive boulder built into nearby Hidden Mountain. Los Lunas is home to a few outdoor recreation areas, including Huning Ranch Park, Heritage Park and Daniel Fernandez Memorial Park. Residents are served by Los Lunas Schools plus a public-homeschooling hybrid school known as the Family School. Many students attend Los Lunas High School, but there are three high schools in the system.
Buying vs. Rent to Own Homes
If you’re looking to purchase a home, you could fall into three categories: ready to buy, ready to rent to own and rent a bit longer. Buying is your best option, so if you’re ready, you should. Rent to own is also a good option because it sets you on course to buy a property soon.
If you’ll be ready to buy a property within the next three years, rent to own is the right option for you. Your lease term should be at least six months longer than how much time you need to qualify for financing; that way, you have some buffer room in case something goes wrong. Whenever you are ready, you can close on the home and start building equity on it.
If it’s going to take more than three years for you to qualify for financing, keep renting until you’re less than three years away. Just because rent to own isn’t right for you now doesn’t mean it won’t be in the future.
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
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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