Rent to Own Homes in Prosperity
The United States Census Bureau estimates the population of the city of Prosperity at a little over one... Read More
The United States Census Bureau estimates the population of the city of Prosperity at a little over one thousand people who live in an area that covers approximately 2.1 square miles. Prosperity is located in western central South Carolina and is a part of Newberry County in the United States. The household median income in Prosperity is at around 31 thousand dollars and the family median income is at around 39 thousand dollars. Of the 415 households in the city's limits, 46% are inhabited by married couples, 19.5% are inhabited by a sole female householder, and 13.3% are inhabited by individuals living alone over the age of 65.The below results are primarily rent to own homes in :
The United States Census Bureau estimates the population of the city of Prosperity at a little over one... Read More
The United States Census Bureau estimates the population of the city of Prosperity at a little over one thousand people who live in an area that covers approximately 2.1 square miles. Prosperity is located in western central South Carolina and is a part of Newberry County in the United States. The household median income in Prosperity is at around 31 thousand dollars and the family median income is at around 39 thousand dollars. Of the 415 households in the city's limits, 46% are inhabited by married couples, 19.5% are inhabited by a sole female householder, and 13.3% are inhabited by individuals living alone over the age of 65.The below results are primarily rent to own homes in :
There are three major historic sites in Prosperity that have been placed on the National Register of Historic Places: the Jacob Bedenbaugh House, Prosperity Cemetery, and Howard Junior High School. The Jacob Bedenbaugh House stands two stories tall and was the home of an interracial couple who inhabited the area between the late nineteenth and early twentieth centuries. To this day, the house is owned by their descendants. Prosperity Cemetery is a three acre long graveyard that has headstones dating as far back as 1802. Howard Junoir High School was built between 1924 and 1925 and has had a number of names over the years, including Prosperity School and Shiloh Rosenwald 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 have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
About Our Listings
Rent to Own Labs offers free listings for rent to own by owner, foreclosed homes and owner financed properties. Start looking for apartments or houses near me with the Rent to Own Labs search function.
These programs are a great way to buy a condo or townhouse if you have bad credit. In fact, lease purchase and rent to buy programs usually offer cheap homes with no credit check. Just make sure you look at your lease to purchase agreement to understand whether you have the option or obligation to buy the home you’re looking at. Lease-purchase agreements require the buyer to purchase by the end of the lease term, while lease-option agreements give the buyer the option to buy.
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