Rent to Own Homes in Westerville
Westerville is a suburban city in the heart of Ohio that sits approximately 15 miles north of Columbus. Cincinnati is within a two-hour drive to the south, and Pittsburgh, Pennsylvania, is within a three-hour drive to the west. This location gives Westerville residents a short commute to Columbus for employment opportunities while other larger cities are convenient for long weekends and vacations close to home.The below results are primarily rent to own homes in :
Westerville is a suburban city in the heart of Ohio that sits approximately 15 miles north of Columbus. Cincinnati is within a two-hour drive to the south, and Pittsburgh, Pennsylvania, is within a three-hour drive to the west. This location gives Westerville residents a short commute to Columbus for employment opportunities while other larger cities are convenient for long weekends and vacations close to home.The below results are primarily rent to own homes in :
The Hoover Reservoir runs along the eastern edge of Westerville, and Sharon Woods Metro Park rests just beyond the city’s western border. There are a variety of outdoor recreation areas within and surrounding the city, including Inniswood Metro Gardens, Hoover Reservoir Park, The Golf Club at Little Turtle, Highlands Park, Hoff Woods Park, Heritage Park and Alum Creek Park North. Residents also benefit from community amenities like the Westerville Public Library, the Westerville Historical Society and the Westerville Community Center. The City of Westerville has a rich history that includes controversy over the sale of alcohol, which is now referred to as the Westerville Whiskey Wars. The wars extended into modern times, and until 2006, there was no beer served in Uptown Westerville in more than 70 years. Westerville residents are served by the Westerville City School District, which includes Westerville Central High School.
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
Most realtors aren’t going to want to work with a client looking for a rent to own deal. The upfront profit for a realtor is minimal, and the largest chunk of the commission isn’t guaranteed – even after the contract is signed. Successful rent to own deals make the bulk of commission for realtors as far as three years in the future.
Good realtors know that if they’ve done their job qualifying and showing a buyer options that meet their tastes and budgets, a rent to own deal has a great chance of success. But good realtors are rare.
Instead of using a realtor, learn about rent to own yourself and meet with professionals in the title, mortgage and legal industries to increase your chances of success.
About Our Listings
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.
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