Rent to Own Homes in Mooresville
Mooresville is a small town in central Indiana that rests approximately 15 miles southwest of Indianapolis. The town is well-connected to surrounding communities by Indiana State Routes 144, 67 and 267, and Interstate 70 is a short drive to the west. Some of the biggest attractions in this region of the state include Heartland Crossing Golf Links, Sodalis Nature Park, Anderson Orchard, Pines Golf Club, Rooker Park, Pioneer Park, Showtime Cinemas and White Lick Creek.The below results are primarily rent to own homes in :
Mooresville is a small town in central Indiana that rests approximately 15 miles southwest of Indianapolis. The town is well-connected to surrounding communities by Indiana State Routes 144, 67 and 267, and Interstate 70 is a short drive to the west. Some of the biggest attractions in this region of the state include Heartland Crossing Golf Links, Sodalis Nature Park, Anderson Orchard, Pines Golf Club, Rooker Park, Pioneer Park, Showtime Cinemas and White Lick Creek.The below results are primarily rent to own homes in :
This town is home to several registered national historic places, including the Mooresville Friends Academy Building, the Mooresville Commercial Historic District and Mooresville Gymnasium. The region has bee revitalized by the Mooresville Chamber of Commerce in an effort to bring more residents and businesses to the small town, but there were fewer than 10,000 residents as of 2010. While there aren't many job opportunities within Mooresville city limits, residents have a short commute to Indianapolis. They may also commute to other surrounding cities to take advantage of job opportunities throughout Morgan County. Some of the county's biggest employers include Nice-Pak Products, Toa and a variety of retail stores and restaurants. Mooresville residents are served by the Mooresville Consolidated School Corporation, which includes five elementary schools, one middle school and one high school.
Buying vs. Rent to Own Homes
Renting to own a home is like a test drive for buying a house. It’s comparable to the car dealership letting you drive out of the lot with the car that you want (after you pay a small option fee) and telling you to come back when you have the money to pay the full price of it, as long as it is within the lease term. Then you make monthly lease payments until you’re ready to buy it.
You should lease-option when you’re close to getting financing for the home you’re looking to purchase, but need a bit more time (1-3 years) before you’re ready. And if you’re unsure about the house, you have more time to consider it from a more personal perspective.
Similarly to test driving a car, once you’re sure that this is the house you want and you have the money to purchase it, you should buy it as soon as possible. There’s no sense in paying rent money for longer than you need to. Rent to own also gives you the flexibility to close on a home whenever you’re ready to. It’s a mix of the best parts of renting and buying.
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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