Rent to Own Homes in Wilmington
Wilmington is located in the northern tip of Delaware, approximately 30 miles south of Philadelphia. This New Castle County city is a part of the Wilmington Metropolitan Division, which also includes Cecil County, Maryland and Salem County, New Jersey. According to the United States Census Bureau, the population of Wilmington is more than 71,000 residents, making it the most populous city in Delaware.The below results are primarily rent to own homes in :
Wilmington is located in the northern tip of Delaware, approximately 30 miles south of Philadelphia. This New Castle County city is a part of the Wilmington Metropolitan Division, which also includes Cecil County, Maryland and Salem County, New Jersey. According to the United States Census Bureau, the population of Wilmington is more than 71,000 residents, making it the most populous city in Delaware.The below results are primarily rent to own homes in :
The city of Wilmington has a well-organized government structure, and Wilmington city workers strive to represent residents. The Wilmington City Council is made up of 13 total members. In the Wilmington City Council, eight members are elected by geographic district, four members are elected at-large and one council president is elected by the entire city to ensure that Wilmington city residents' voices are heard. The Wilmington Riverfront makes the city a unique destination for residents and visitors alike. A day at the riverfront might include a stop at the Delaware Children's Museum or an afternoon at Daniel S. Frawley Stadium, home of minor league baseball's Wilmington Blue Rocks. North Wilmington is considered to be a desirable area, attracting families to the greater Wilmington area. North Wilmington offers highly-regarded schools, hassle-free commutes and plenty of options for shopping and dining to residents.
Buying vs. Rent to Own Homes
Renting to own a home is like a test drive for buying a house. It’s comparable to the car dealership letting you drive out of the lot with the car that you want (after you pay a small option fee) and telling you to come back when you have the money to pay the full price of it, as long as it is within the lease term. Then you make monthly lease payments until you’re ready to buy it.
You should lease-option when you’re close to getting financing for the home you’re looking to purchase, but need a bit more time (1-3 years) before you’re ready. And if you’re unsure about the house, you have more time to consider it from a more personal perspective.
Similarly to test driving a car, once you’re sure that this is the house you want and you have the money to purchase it, you should buy it as soon as possible. There’s no sense in paying rent money for longer than you need to. Rent to own also gives you the flexibility to close on a home whenever you’re ready to. It’s a mix of the best parts of renting and buying.
Rent to Own Realtors
Working with a realtor doesn’t guarantee that you will successfully complete a rent to own deal, but their knowledge and expertise can make a big difference in your success rate.
Unfortunately, not many realtors will want to work with you on a rent to own deal. There isn’t a lot of profit for a realtor in rent to own deals.
So, you’ll need to find others with the knowledge and expertise you are looking for to ensure a successful lease-option experience. Consider consulting with a realtor, a title company and a mortgage officer instead. These professionals are better than a realtor because they are experts in their respective fields, as opposed to realtors who know a good deal about each of those rent to own factors.
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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