Rent to Own Homes in Smithfield
Smithfield is a rapidly-growing town positioned approximately 30 miles southeast of Raleigh. It serves as the county seat of vibrant Johnston County. Located a two-hour drive from the panoramic beaches of the Atlantic Coast and a four-hour drive from the Blue Ridge Mountains, the landscape of Smithfield appeals to many different lifestyles. According to the U.S. Census Bureau, Smithfield has a total area of 11.4 square miles. Its population is approximately 12,300 residents. The population density of the town is approximately 1,008 residents per square mile.The below results are primarily rent to own homes in :
Smithfield is a rapidly-growing town positioned approximately 30 miles southeast of Raleigh. It serves as the county seat of vibrant Johnston County. Located a two-hour drive from the panoramic beaches of the Atlantic Coast and a four-hour drive from the Blue Ridge Mountains, the landscape of Smithfield appeals to many different lifestyles. According to the U.S. Census Bureau, Smithfield has a total area of 11.4 square miles. Its population is approximately 12,300 residents. The population density of the town is approximately 1,008 residents per square mile.The below results are primarily rent to own homes in :
The U.S. Census Bureau lists the median income of households in Smithfield as $27,813. The average household size in the town is 2.30 occupants. The median age of residents in Smithfield is 39 years old. Current Mayor Andy Moore works with the council to set policies for the city of Smithfield. The town manager is Michael Scott. He is responsible for supervising daily operations of the city. Downtown Smithfield is lined with locally-owned businesses and restaurants. Residents can get a glimpse into the area's past by strolling the streets of the Downtown Smithfield Historic District, which is listed on the National Register of Historic Places. Residents of Smithfield do not need to travel far to enjoy plenty of outdoor recreation opportunities. The Neuse Riverwalk is a popular 3-mile paved trail connecting Smithfield Community Park to Smithfield Town Commons. The scenic trail attracts hikers, bicyclists and nature enthusiasts.
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 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
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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