Rent to Own Homes in Glen Allen
Glen Allen is a census-designated place located less than 15 miles north of Richmond, Virginia. It's recognized as an unincorporated community in Henrico County, and there were close to 15,000 people residing in the area as of 2010. This region of the state is well-connected to surrounding communities with Interstate 295 running through the center of the community and Interstate 95 running along the eastern edge. This allows residents to easily reach Richmond for employment while taking advantage of surrounding recreation areas.The below results are primarily rent to own homes in :
Glen Allen is a census-designated place located less than 15 miles north of Richmond, Virginia. It's recognized as an unincorporated community in Henrico County, and there were close to 15,000 people residing in the area as of 2010. This region of the state is well-connected to surrounding communities with Interstate 295 running through the center of the community and Interstate 95 running along the eastern edge. This allows residents to easily reach Richmond for employment while taking advantage of surrounding recreation areas.The below results are primarily rent to own homes in :
Some of the biggest attractions in this region of Virginia include the Lewis Ginter Botanical Garden, General Sheppard Crump Memorial Park, Glen Allen Softball Complex, Hanover County Municipal Airport, Three Lakes Park and Nature Center, and the Richmond Raceway. Virginia Center Commons, Longdale Recreation Center, Virginia Rudolph Museum and Crump Park Playground are all located within Glen Allen CDP. The area that we now refer to as Glen Allen started out as a railroad stop known as Mountain Road Crossing. The community was later named Glen Allen in honor of a local landowner named Mrs. Benjamin Allen. There were just over 6,000 residents in 1980, and the community has since doubled its size. According to the 2000 United States Census, the median income in Glen Allen was approximately $55,000 per household or over $60,000 per family.
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
Using a realtor for your rent to own deal can offer great benefits. Agents are well versed in real estate so they can effectively communicate opportunities and discern which of those opportunities is a legitimately good deal.
Nonetheless, not a lot of realtors will want to help with your rent to own deal because upfront profit for a realtor is minimal and the big payout down the line is not a guarantee.
That means you’ll have to do a little research to ensure that you make the best decisions, but you will save money on commission.
About Our Listings
The free listings for rent to own by owner properties on this website make it easier for buyers to find rent to buy programs near me online.
Rent to buy is a good way to sell apartments or houses when the market isn’t particularly active. It’s certainly a more profitable alternative than selling them for cheap prices.
You can choose to lease-option or lease-purchase a condo, townhouse, etc – anything other than foreclosed homes works. In a lease-option, the buyer has the option to buy the home, but in a lease-purchase, the buyer must buy it.
It’s important to note that lease to purchase deals usually come with no credit check because bad credit is the tenant’s responsibility. If the tenant cannot purchase the home at the end of the lease, the seller keeps their rent and option fee. Then, the seller can find another buyer and, hopefully, market conditions are better.
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