Rent to Own in Wilmington NC
Rent to own your home in Wilmington might just be your best option for home ownership.
If you have Bad Credit or not enough money for a Down Payment or you are self-employed, this could be the practical home ownership solutution that you’ve been looking for.
Simple Facts on how Rent To Own works
- You are living in a home that can one day be yours
- You choose from available homes in Wilmington
- Part of your monthly rent is applied toward the purchase price
In most cases, rent to own homes are put up on the market by the owner. This way, you’ll deal directly with the owner. It will start out as a traditional lease, then proceed to a rent to own basis if you decide you want to keep the home. Of course, many times owners that also advertise owner financing are open to “rent to own” or “lease to own” agreements.
You and the owner will then work out an arrangement, which will normally be quite a few years. Some owners are very flexible and will work with you just to get the price they want for their home, while others will charge you quite a bit more, in order to make a hefty profit.
If you have bad credit and can’t get approved for a mortgage, then rent to own would be your next best option. Although some don’t like to do it due to the price, for many it’s a better alternative than an apartment.
With rent to own houses you are paying money towards the home, instead of just paying rent. In some cases this is fine, although you should make sure to double check with the owner before you agree or commit to anything. This way, you’ll know how much you’ll be paying for the home – and for how long.