Rent to Own Homes in Summerville
The town of Summerville is located in Dorchester County in South Carolina, with easy access to cities like Charleston and North Charleston, with whom it shares a Metropolitan Statistical Area. With a population of 43,392, the town has easy access to major highways, including US Route 78 and Interstate 26.
The Summerville town limits stretch over into Berkeley and Charleston counties, and reach to the Ashley River and the state historical park at Old Fort Dorchester. Summerville is a family-oriented community, and nearly 40 percent of households have children under 18. Kids in the community attend the Dorchester School District Two, while the town itself is part of the Charleston-North Charleston Urbanized area and its community services and programs.
Founded after the Revolutionary War, Summerville was settled in 1785 and became a town officially in 1847. It is host to a Summerville Historic District downtown, with historic homes, businesses, meeting houses and other well-preserved properties. The town has always taken pride in its green life. In the Summerville Azalea Park, it hosts the annual Flowertown Festival. The Summerville town motto is “Sacra Pinus Esto,” or “The Pine is Sacred,”
referring to its early laws against the removal of trees.
Buying a Home in Summerville
Summerville enjoys a healthy real estate market, with an active interest and properties coming off the market quickly after listing. $239,882 is the median price of homes for sale in Summerville. In comparison to the overall Charleston metropolitan area, Summerville homes are a savings; the median price per square foot in Summerville is $114, $40 less than the overall area median. Home prices have steadily risen since 2012 and are significantly higher than their pre-2012 prices. With easy access to North Charleston, Charleston and other busy, popular cities, Summerville is a desirable community for home buyers. In addition, homeownership is strong in the community; the town has a very low rate of foreclosure or default.
Popular Neighborhoods in Summerville
The Ashborough neighborhood in Summerville features classic homes on larger lots, surrounded by mature trees and green spaces. It’s a particularly popular area for families who enjoy space for their children to grow and play. Another classic neighborhood in the town is Twin Oaks, with larger homes, nice lawns and access to play spaces. Summerville Place, Brandymill and Briarwood are also well-regarded neighborhoods, with easy access to strong elementary schools and a good reputation for family-friendly activities. Many neighborhoods in the town have a Homeowners Association, or HOA.
Buying vs. Rent to Own Homes
When you are planning to buy a home in Summerville in the coming years but need a period of time to prepare your down payment or ensure your credit is in the best shape for a mortgage, a rent to own home may be a good option. You’ll agree on and lock in a price to exercise in the future and part of your rent over the next several years will go towards your down payment, as agreed. At the end of the lease period, you’ll be able to finish your home-buying transaction. If you want to lock in the home of your choice but want a few years to fully prepare for homeownership, rent to own may be an ideal option for you.
Cost of Living in Summerville
The cost of living in Summerville is right around the national average for most items. You’ll save a bit on transportation and housing, where the cost of living is 5 percent and 3 percent below the national average. On the other hand, groceries are around 8 percent above the national average cost, and utilities exceed the national average by about 14 percent, perhaps because of the importance of using air conditioning during the hot Southern summers.
Summerville offers a family-friendly community with great access to major cities like Charleston. Stretching down to the Ashley River, the town provides a range of neighborhood options, many offering leafy, green spaces great for outdoor activities. With a strong historical background, you can enjoy classic architecture as well as new construction in this town on the rise.
Rent to Own Realtors
An agent serves as a protection for both the buyer and the seller. They can save the buyer and seller a lot of time and money, which could offset the realtor’s commission.
However, not many realtors are interested in helping with lease-options. They make a minimal profit off of the lease portion of the deal, and the profit from the purchase is several years down the line and isn’t guaranteed.
Instead, protect yourself by communicating with lawyers, title agents and mortgage lenders to ensure that your rent to own deal works smoothly.
About Our Listings
The free listings for rent to own by owner properties on this website make it easier for buyers to find rent to buy programs near me online.
Rent to buy is a good way to sell apartments or houses when the market isn’t particularly active. It’s certainly a more profitable alternative than selling them for cheap prices.
You can choose to lease-option or lease-purchase a condo, townhouse, etc – anything other than foreclosed homes works. In a lease-option, the buyer has the option to buy the home, but in a lease-purchase, the buyer must buy it.
It’s important to note that lease to purchase deals usually come with no credit check because bad credit is the tenant’s responsibility. If the tenant cannot purchase the home at the end of the lease, the seller keeps their rent and option fee. Then, the seller can find another buyer and, hopefully, market conditions are better.