Rent to Own Homes in Mebane
Originally called “Mebanesville,” the history of Mebane can be traced back to 1809, when a post office was established... Read More
Originally called “Mebanesville,” the history of Mebane can be traced back to 1809, when a post office was established and the town was named after Brigadier General Alexander Mebane, who was a member of the North Carolina Militia and a member of Congress in the 1790s. It was incorporated as Mebanesville in 1881, but in 1883 the name was shortened to Mebane. The charter was amended to the City of Mebane in 1987.The below results are primarily rent to own homes in Alamance County, NC:
Originally called “Mebanesville,” the history of Mebane can be traced back to 1809, when a post office was established... Read More
Originally called “Mebanesville,” the history of Mebane can be traced back to 1809, when a post office was established and the town was named after Brigadier General Alexander Mebane, who was a member of the North Carolina Militia and a member of Congress in the 1790s. It was incorporated as Mebanesville in 1881, but in 1883 the name was shortened to Mebane. The charter was amended to the City of Mebane in 1987.The below results are primarily rent to own homes in Alamance County, NC:
There are three historical districts in Mebane: The Mebane Commercial Historic District is comprised of 30 contributing buildings in the central business district. The earliest buildings date to about 1905. The Old South Mebane Historic District encompasses 308 contributing buildings, which are mainly in the residential section. The earliest homes date to about 1900. This and the commercial district were placed on the National Register of Historic Places in 2011. The Henderson Scott Farm Historic District is just outside of Mebane, and features ten contributing buildings, the oldest of which dates to 1836. It was added to the National Register of Historic Places in 1987.
Buying a Home in Mebane
With a median home price of about $160,000, Mebane comes in 15 percent below the national average. Recent home listings range from $35,000 to $499,000. The overall cost of living is about four percent below the national average. The average age is 35, and about 55 percent of the population is married, making Mebane a good place for young families.
Because Mebane is in two different counties, it is served by two school districts: the Alamance-Burlington School System and Orange County Schools. There are about five public schools within the city limits, as well as one private school. The public schools in the city proper are rated from between 5 to 8 (out of 10) by GreatSchools, so families with school-aged children should check out the schools when looking for a neighborhood.
Popular Neighborhoods in Mebane
There are six constituent neighborhoods in Mebane. The 3rd St Ext/Emerson Dr. area is primarily made up of small- to medium-sized single family homes and apartment complexes. The residents are a mixture of owners and renters. The median home price is about $205,600. The neighborhood is established but not old, with many residences built after 1970. It’s a middle income suburban area. Easy access to the highway is a plus, as I-40/85 runs through this area.
Buying vs. Rent to Own Homes
Because Mebane has the best of both worlds – a small town but close to big cities – you may already be thinking about moving there. But buying a home can be a long, difficult process. If you’re not quite ready for that step, consider a rent-to-own arrangement. You start out renting, but a portion of each month’s rent goes toward a down payment to eventually buy the house. It’s easier and doesn’t require a big outlay of cash, and you can look forward to becoming a proud homeowner – without even having to move!
Summary
Mebane’s mild southern climate – average highs of 48 in January and 88 in July – make it a pleasant place to live year round. It’s proximity to the Raleigh-Durham area as well as to Greensboro means that the amenities of the big city are never too far away. The low cost of housing and family-friendly neighborhoods add to the picture, making Mebane a serious contender if you’re thinking about resettling and putting down roots.
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
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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