Rent to Own Homes in Lyman
Lyman is a small town that rests between Greenville and Spartanburg in northern South Carolina. Residents can reach both of these cities within 30 minutes without traffic, ensuring that they have many options for employment and entertainment. The Middle Tyger River flows through the southwestern corner of the city, and Lyman Park rests toward the center of town. These natural attractions are the highlights for this small town with just over 3,000 residents.The below results are primarily rent to own homes in :
Lyman is a small town that rests between Greenville and Spartanburg in northern South Carolina. Residents can reach both of these cities within 30 minutes without traffic, ensuring that they have many options for employment and entertainment. The Middle Tyger River flows through the southwestern corner of the city, and Lyman Park rests toward the center of town. These natural attractions are the highlights for this small town with just over 3,000 residents.The below results are primarily rent to own homes in :
The area that we now call Lyman was originally known as Groce's Stop. Augustus Belton Groce opened a convenience store in the area, and a community naturally grew around his store. The area eventually became home to the Lyman Printing and Finishing Mill and was renamed in honor of Arthur T. Lyman. Textiles were the base of the local economy for many years, but there are no mills in operation today. Most residents now commute to larger surrounding cities for employment in healthcare, education, business, manufacturing and other industries. In 2000, the United States Census reported a median income of just under $40,000 per household and just under $50,000 per family. Residents attend schools within Spartanburg County District 5, which places them in schools that have been awarded gold and silver Palmetto State Awards. Students start out at one of the local elementary schools and then progress to middle school, freshman academy and then the local high school.
Buying vs. Rent to Own Homes
To buy a house, you (1) look at the homes available for purchase, (2) pick the house you want, (3) pay the seller the cost of the home and (4) you get the house. That’s the basic gist of the traditional home buying process.
All the steps of the traditional home buying process are present in the rent to own process. The difference is that renting to own has an additional step between Step 2 and Step 3. Step 2.5 is to rent the home for a maximum of three years until you are ready to continue to Step 3.
During Step 2.5, you’re working on improving your credit score, building a steady job history and saving up a down payment so that you can qualify for financing. Once you have financing, you can move on to Step 3.
Rent to own is a good way to prepare for buying a property. Once you do buy, you won’t have to spend money on rent any longer. So, the sooner you can buy, the better.
Rent to Own Realtors
Working with a realtor doesn’t guarantee that you will successfully complete a rent to own deal, but their knowledge and expertise can make a big difference in your success rate.
Unfortunately, not many realtors will want to work with you on a rent to own deal. There isn’t a lot of profit for a realtor in rent to own deals.
So, you’ll need to find others with the knowledge and expertise you are looking for to ensure a successful lease-option experience. Consider consulting with a realtor, a title company and a mortgage officer instead. These professionals are better than a realtor because they are experts in their respective fields, as opposed to realtors who know a good deal about each of those rent to own factors.
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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