Rent to Own Homes in Oro Valley
Oro Valley is located in southern Arizona, approximately six miles north of Tucson. This prosperous suburban community is nestled in the Cañada del Oro Valley and surrounded by the Santa Catalina and Tortolita Mountains. According to the United States Census Bureau, the population of Oro Valley is 44,350 residents and growing.The below results are primarily rent to own homes in :
Oro Valley is located in southern Arizona, approximately six miles north of Tucson. This prosperous suburban community is nestled in the Cañada del Oro Valley and surrounded by the Santa Catalina and Tortolita Mountains. According to the United States Census Bureau, the population of Oro Valley is 44,350 residents and growing.The below results are primarily rent to own homes in :
The Oro Valley area boasts a captivating past throughout the Gold Rush period. The Oro Valley Historical Society is committed to preserving this rich history for modern-day residents. Several country clubs are located within the Oro Valley area for residents to refine their swing. The Oro Valley Country Club hosted the Pac-10 Women's Golf Championships in 2006. In the same year, the Oro Valley Country Club also welcomed the Girls Junior Americas Cup to hold their amateur competition. The Oro Valley Festival of the Arts is held in both December and March each year. Both festivals feature art exhibits, live performances, delectable food selections and family-friendly fun. The December festival includes the Oro Valley tree lighting ceremony. Several other art-focused events take place in Oro Valley throughout the year. The Oro Valley Town Hall hosts Musical Magic for Kids each winter, making performing arts accessible for the community's children.
Buying vs. Rent to Own Homes
Renting to own a home and buying a house have the same steps, just on different timetables.
When you buy a house, you either pay with cash or you make monthly payments to a mortgage or some other kind of financing option for a set time frame.
When you rent to own a home you pay an option fee, which is later credited toward the purchase of the home, and then you make monthly rent payments until you’re sure you want to buy this house and you can secure financing. Then, you do the same things you would if you were buying a house – just make sure you do it before the end of the lease term so that you don’t lose any of the money you’ve negotiated.
When you can choose between the two, buying might be the right option because your monthly payments will go towards equity in a home as opposed to someone else’s pocket. However, lease-options get you to the same place with a little more time.
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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