Rent to Own Homes in Colonial Heights
Colonial Heights lies in southeastern Virginia, approximately 25 miles south of Richmond. It is located along the Appomattox River, across from the city of Petersburg. According to recent data from the United States Census Bureau, the population of Colonial Heights is more than 17,700 residents.The below results are primarily rent to own homes in :
Colonial Heights lies in southeastern Virginia, approximately 25 miles south of Richmond. It is located along the Appomattox River, across from the city of Petersburg. According to recent data from the United States Census Bureau, the population of Colonial Heights is more than 17,700 residents.The below results are primarily rent to own homes in :
Colonial Heights was established as a city in 1948. It was a part of Chesterfield County until 1960, when it became completely independent. Colonial Heights has a rich history and significant role in the American Revolution and Civil War. Historic landmarks that stand today paint a vivid picture of the Colonial Heights area. The Violet Bank Museum and Fort Clifton are available for tours and give present-day Colonial Heights residents an appreciation for the area's past. Historic Colonial Heights consists of two distinct neighborhoods. The Chesterfield Highlands Historic District and the Violet Bank Historic District are unique, yet both emulate the trends in middle class neighborhoods of the early 20th century. Children living in Colonial Heights may attend Colonial Heights Public Schools. The district consists of three elementary schools, Colonial Heights Middle School and Colonial Heights High School. All schools in the district are located within the city limits of Colonial Heights.
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
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
Lease-purchase programs offer sellers more certainty than traditional rent to buy because buyers are contractually obligated to buy the condo, townhouse or house by the end of the lease term. Normally, rent to own by owner means the buyer has the option to buy and the seller has the obligation to sell.
Lease-options are more convenient for buyers. However, buyers and sellers may work out lease to purchase deals for houses and other properties when the seller is overlooking a bad credit score or a small option fee. The requirement for buyers to purchase properties makes sellers feel more comfortable leasing with no credit check because they don’t have to worry about whether buyers will opt out.
If you’re interested in looking for apartments for lease option, check out our free listings by searching for properties near me. We showcase more than just rent to own. Use our site to find cheap foreclosed homes or owner financing.
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