Rent to Own Homes in Winston-Salem
The below results are primarily rent to own homes in Burke County, NC:
Winston-Salem, North Carolina is a city of many names. As home to the manufacturer of Camel cigarettes, the R.J. Reynolds Tobacco Company, the city earned the nickname Camel City. Due to the active tech and fine arts community, it’s also referred to as the City of the Arts and Innovation. Finally, you may hear it referred as the Twin City due to its unique story in United States history.
Downtown Winston-Salem is home to most of the art galleries and theaters in the city, but it also includes the Winston-Salem business district. The city’s Downtown Partnership works to attract new businesses while ensuring maximum safety for residents. Some downtown residents also pay a small county tax to collectively keep the area clean, secure and marketable.
Public transportation in the city is well supported, and that includes the impressively-designed Winston-Salem Transportation Center. This luxury bus station has a spacious lobby with restrooms and vending machines, and the buses park in a covered area for comfortable boarding.
Other major attractions for the city include Winston-Salem State University, Wake Forest University, Bowman Gray Stadium and Spry Soccer Stadium. The Arts District is also home to the Reynolds House Museum of American Art and the Southeastern Center for Contemporary Art. Located approximately one hour outside of Charlotte, this is an active city that attracts families, professionals and artists.
Buying a Home in Winston-Salem
Winston-Salem is a growing city, and some residential areas are booming with new construction and new businesses. Some homes in the area could potentially have liens due to annexation by the city, and it’s often left to the buyer to note these liens and understand what it will take to clear them from the property. There are still many quiet neighborhoods near good schools featuring affordable single-family homes, but other areas are actively growing and deliver immediate access to more retail stores and restaurants. Think about the long-term character of a neighborhood rather than what it may offer today.
Popular Neighborhoods in Winston-Salem
Ardmore is one of the most popular neighborhoods for families. It’s close to Miller Park, and the median home price is less than $200,000. The area is also located between Wake Forest Medical Center and Forsyth Hospital, so it’s common to find medical workers in this area.
If you want to live in a more affluent area, head over to Buena Vista, Runnymede and West Highlands. All three neighborhoods are close together on the west end of the city, and the median home price for the area is over $300,000. Large oak trees line the streets, and there are two private schools nearby. A similar neighborhood is Sherwood Forrest where residents also enjoy a community swimming pool.
Bermuda Run is a gated neighborhood located just outside of city limits. Inside the gate you’ll find beautiful homes and a private country club and golf course. If you prefer to live downtown close to the nightlife, the downtown area features a variety of comfortable lofts that now reside in former knitting mills and tobacco factories.
Buying vs. Rent to Own Homes
Are you stressed out over the home-buying process? This is a common reaction to the current system, but you can alleviate some of the stress by finding a rent-to-own home. This is a unique rental agreement that gives you the option to purchase the property before the end of the contract. The rental period will last for an agreed upon number of years, giving you time to secure a home loan with an acceptable interest rate. You may use the rental period to improve your financial standing and save a larger down payment, reducing the cost of your home.
Cost of Living in Winston-Salem
The cost of housing in Winston-Salem is more than 20 percent lower than the national average and more than 5 percent lower than the state average. All other expenses in the area are comparable to the national average, so the area is affordable even for residents with tight budgets.
Winston-Salem is an affordable North Carolina city located approximately one hour outside of Charlotte. Tobacco factories and knitting mills in the downtown area have now been transformed into comfortable lofts, allowing residents to live close to the business district as well as the city’s nightlife. Other residential areas throughout the city offer affordable houses near parks, schools, golf courses and country clubs. While the local schools are excellent, many residents choose to live in neighborhoods close to private schools, and others live just outside city limits in a gated community with its own golf course and country club.
Rent to Own Realtors
Realtors have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
About Our Listings
Listing properties for traditional sale eliminates a big chunk of the buyer market. People with bad credit are left out of the traditional home buying process. Nonetheless, buyers who don’t qualify for mortgages are still in the market for apartments and houses.
Rent to own by owner programs with no credit check are an easy way for a seller to start earning money from their townhouse or condo in a market that isn’t viable, which appeals to new groups of buyers.
Through rent to buy and lease to purchase, sellers rent a property to potential buyers for a set lease term. During which, the seller earns profit through the rent buyers pay as a tenants. At the end of the lease, the buyer has the option to buy the property, or if they signed a lease-purchase agreement, they must buy it.
With a little patience, sellers can make rent money and the true value of their home from its eventual sale. Which is better than selling the home cheap and competing with bank-owned foreclosed homes that sell for less than market value.
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