Rent to Own Homes in Lynchburg

Some of the biggest attractions within Ripley city limits include the Rolling Hills Country Club, Cane Creek Lake Number Nine, Rice Park, Tiny Knee Stadium, and the Ripley Park and City Pool. If there is one thing that the city is known for, it’s likely churches. There are more than 20 churches within and surrounding Ripley, giving residents many options when selecting a place of worship.
As of 2016, there were just over 8,000 people living within Ripley city limits. This reflects an increase of approximately 3,000 people since 2000, showing the city’s slow growth over time. According to the 2000 census, the city’s median income was just over $20,000 per household and just over $30,000 per family. Close to 30 percent of the population qualified for assistance due to living below the national poverty line.
Ripley students have access to public schools as well as a variety of religious private schools. The city is active with the National Defense University program, and many high school students go on to enroll in the U.S. Armed Forces.

Buying vs. Rent to Own Homes

The difference between buying a home and signing up for a lease-option depends on your timeframe and how much money you spend on buying the house.

When you buy a house outright, you pay for the fair market value of the home plus interest and other fees charged by your financial lender, if you have one. You buy the property today and immediately start building equity in it.

However, when you rent to own, you won’t own the home until you close on the property, which could be as far as three years from today. You’ll also pay rent monthly, and you don’t get that money back.

There are some fees that you pay for rent to own that you’ll get back as a credit towards the price of your home, like option fees and rent credits. These count as equity on the home, but they’re not on the scale of equity you would build with a mortgage. Therefore, these don’t add anything on to the price you pay for the home the way that rent does.

Rent to Own Realtors

You can plan a party without an event planner, you can go swimming without a lifeguard, and you can rent to own without a realtor.

That’s important because there isn’t as much money for realtors in rent to own deals as in traditional sales. Therefore, finding a realtor to help you is rare.

While the listed activities might be easier with a professional, they’re all possible without one. To successfully rent to own without a realtor learn all you can about it.

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.