Rent to Own Homes in New Cumberland
New Cumberland, Pennsylvania, is a borough in the greater Cumberland County, located in the southeastern part of the state. The United States Census Bureau recorded the city's population at seven thousand, and it is known as the Cumberland Apple Festival Borough. According to the United States Census, 20.3% of the borough's population is under the age of 18, and 15.6% is over the age of 65. The Census Bureau places the median value of a home in New Cumberland at around $167.8 thousand, and the median gross rent at $777. The Census of population numbers places the number of households in New Cumberland at around 3.4 thousand, with an average of 2.14 people per home.The below results are primarily rent to own homes in :
New Cumberland, Pennsylvania, is a borough in the greater Cumberland County, located in the southeastern part of the state. The United States Census Bureau recorded the city's population at seven thousand, and it is known as the Cumberland Apple Festival Borough. According to the United States Census, 20.3% of the borough's population is under the age of 18, and 15.6% is over the age of 65. The Census Bureau places the median value of a home in New Cumberland at around $167.8 thousand, and the median gross rent at $777. The Census of population numbers places the number of households in New Cumberland at around 3.4 thousand, with an average of 2.14 people per home.The below results are primarily rent to own homes in :
As the official Apple Festival Borough, New Cumberland plays host to the county's annual celebration in September. The festival is sponsored and organized by the New Cumberland Olde Towne Association, and offers a variety of entertainment and fun activities for all ages, including: music, homemade food, handmade crafts, contests, and so on. The festival offers a trolley pick up option for those interested in attending to help with the high volume of people pouring into the city during this festival from across the county and beyond. The primary school district in New Cumberland is the West Shore School District, with over seven thousand students enrolled across fourteen different schools. This arrangement allows for around sixteen students per classroom, which is close to the state average of 15 students and means that there is a lower student-to-teacher ratio which is good for one-on-one specialized learning opportunities.
Buying vs. Rent to Own Homes
Renting to own a home and buying a home both have the same end goal – you own the house you’re interested in. The difference between the two is your timeline. Buying a property is a great idea if you’re sure about the property and you have financing to purchase it today.
Lease-options are a good idea when you’re having doubts about the house or if you’re not financially ready to own the house you’re looking at. They’re a good option if you almost have a high enough credit score, a steady enough job history or a big enough down payment to qualify for financing on the home, but you need some more time to qualify. Rent to own gives you time to get your affairs in order, ability to try out a house and flexibility to close on the home when you’re ready – without having to wait for the end of a lease.
To be clear, if you can buy a house today, you should do it. If you’re looking at buying within the next three years, rent to own is a good way to start the process.
Rent to Own Realtors
Rent to own is beneficial to both buyers and sellers, but that’s not common knowledge. A lot of people look to realtors as a credible source of information for their counterpart in a rent to own deal about the benefits of the program.
However, you likely won’t find a realtor who is interested in helping you. There’s not a lot of profit for realtors in rent to own deals.
Instead, you’ll have to become a credible expert on the process yourself. Honestly, that’s not a bad thing. It’s better that you know everything you need to about the process you’re investing so much time and money into.
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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