Rent to Own Homes in Reynoldsburg
According to the United States Census Bureau, the population of Reynoldsburg is estimated to be somewhere near the 36 thousand mark. The city is located in central Ohio, is split between Fairfield, Franklin, and Licking counties, and is a suburb of the larger city of Columbus. Reynoldsburg covers an area of around 11.24 square miles, 0.08 square miles of which is water. The average household size in the city is 2.49 and the average family size is 3.06. The median income for a household in Reynoldsburg is 51 thousand dollars and the median income for a family is 60 thousand dollars.The below results are primarily rent to own homes in :
According to the United States Census Bureau, the population of Reynoldsburg is estimated to be somewhere near the 36 thousand mark. The city is located in central Ohio, is split between Fairfield, Franklin, and Licking counties, and is a suburb of the larger city of Columbus. Reynoldsburg covers an area of around 11.24 square miles, 0.08 square miles of which is water. The average household size in the city is 2.49 and the average family size is 3.06. The median income for a household in Reynoldsburg is 51 thousand dollars and the median income for a family is 60 thousand dollars.The below results are primarily rent to own homes in :
Reynoldsburg is home to six elementary schools, four junior high schools, and two high schools (including Reynoldsburg High School). The high school's colors are purple and gold and its mascot is the Rocky Raider, which is a pirate. The city is also home to more than 275 acres of parks including Franklin County Metro Park, Blacklick Woods, and the Blacklick Woods Gold Course. Both the woods and golf course are named for Blacklick Creek with flows through the city.
Buying vs. Rent to Own Homes
When you rent to own, you pay an option fee and rent the home for up to three years while prepping for financing approval. Then, you buy it as soon as you’re ready. When you buy a home normally, you skip to the third step of the process.
Basically, when you’re almost ready to own a home, you should consider renting to own, but when you are ready, you should go ahead and purchase it.
Rent to own gives you more time to improve your credit score or save up a greater down payment in preparation for buying a house. Ultimately, rent to own is more expensive than outright buying a property because you’re paying rent to the owner every month. However, lease-options are a much better alternative than renting a property because you’re building some equity in the home, just not as much as you will once you purchase.
Once you own a home, you will likely be making monthly payments to a mortgage. Mortgage payments are typically around the same amount as rent to own payments, but all of it – minus interest, PMI and taxes – builds equity in the property, which directly benefits you.
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
Listing properties for traditional sale eliminates a big chunk of the buyer market. People with bad credit are left out of the traditional home buying process. Nonetheless, buyers who don’t qualify for mortgages are still in the market for apartments and houses.
Rent to own by owner programs with no credit check are an easy way for a seller to start earning money from their townhouse or condo in a market that isn’t viable, which appeals to new groups of buyers.
Through rent to buy and lease to purchase, sellers rent a property to potential buyers for a set lease term. During which, the seller earns profit through the rent buyers pay as a tenants. At the end of the lease, the buyer has the option to buy the property, or if they signed a lease-purchase agreement, they must buy it.
With a little patience, sellers can make rent money and the true value of their home from its eventual sale. Which is better than selling the home cheap and competing with bank-owned foreclosed homes that sell for less than market value.
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