Rent to Own Homes in Timberlake
Timberlake is an unincorporated municipality located in the north-central region of North Carolina, approximately 20 miles north of Durham. This south-central Person County community is primarily residential, with a fairly large population estimated at 6,800 residents.The below results are primarily rent to own homes in :
Timberlake is an unincorporated municipality located in the north-central region of North Carolina, approximately 20 miles north of Durham. This south-central Person County community is primarily residential, with a fairly large population estimated at 6,800 residents.The below results are primarily rent to own homes in :
Children living in Timberlake are served by Person County Schools. The district consists of a preschool program, seven elementary schools, two middle schools and one traditional high school. The district is also home to the Person Early College for Innovation and Leadership, which prepares high school students for future careers in science, technology, engineering and math. The Person County Learning Academy is also available, encouraging academic success among troubled students. Most people living in Timberlake commute to Roxboro or Durham for work. The median household income in nearby Roxboro is just over $21,500 per year. Manufacturing and retail careers employ over one-third of residents in Roxboro and likely in the unincorporated community of Timberlake. Timberlake residents never lack for leisure activities, with access to a multitude of programs and facilities operated by the Person County Recreation, Arts and Parks Department. Mayo Lake Park is a jewel in scenic Person County, offering camping, canoeing, kayaking, fishing and acres of open space enjoyed by residents and visitors alike.
Buying vs. Rent to Own Homes
The difference between buying a home and signing up for a lease-option depends on your timeframe and how much money you spend on buying the house.
When you buy a house outright, you pay for the fair market value of the home plus interest and other fees charged by your financial lender, if you have one. You buy the property today and immediately start building equity in it.
However, when you rent to own, you won’t own the home until you close on the property, which could be as far as three years from today. You’ll also pay rent monthly, and you don’t get that money back.
There are some fees that you pay for rent to own that you’ll get back as a credit towards the price of your home, like option fees and rent credits. These count as equity on the home, but they’re not on the scale of equity you would build with a mortgage. Therefore, these don’t add anything on to the price you pay for the home the way that rent does.
Rent to Own Realtors
When it comes to contracts, there are usually plenty of loopholes. You don’t want to be blindsided because your counterpart in a rent to own deal knows them better than you do.
A realtor might be the logical person to ask for help with a real estate deal, but instead, you should consult with a lawyer to ensure that your lease-option contract benefits you just as much as it benefits the other party.
Realtors likely will not want to help you with a lease-option because they don’t make a lot of money off of them – at least, they don’t make a lot of money until the end of the lease, and that isn’t a guarantee.
Regardless, a lawyer will have more accurate information about your contracts anyway.
About Our Listings
It’s in the bank’s best interest to avoid foreclosed homes because they end up having to sell them cheap to recoup lost money. So, they try to play it safe with mortgage approvals by steering clear of people with bad credit.
That doesn’t help someone who’s working on getting their credit together to buy a condo or a townhouse. Nonetheless, rent to buy programs can help people work toward purchasing houses and apartments with no credit check.
The free listings on our site are usually rent to own by owner, so deals are more reasonable and trustworthy than big company lease to purchase properties are. Whenever you’re ready just look for lease-option or lease-purchase homes near me on the Rent to Own Labs website.
- 27583