Rent to Own Homes in Hampton
The city is part of the Hampton Roads Metropolitan Area along with other major cities positioned along the Hampton Roads waterway. It’s connected with other parts of the Hampton Roads region by the Hampton Roads Bridge-Tunnel and the Hampton Roads Beltway. The roads are maintained by Hampton Roads Transit, and there are some jobs available with this department of the local government.
The Hampton River is the perfect place for residents to boat, fish and enjoy picnics or long walks. The Hampton Coliseum lights up throughout the year for a variety of events, and families enjoy visits to the petting zoo at Bluebird Gap Farm. Community festivals and other events are also held by the City of Hampton each year, and many are focused on jazz music and pirates.
Buying a Home in Hampton?
From June 2014 to June 2015, the number of homes listed for sale in Hampton increased by 14 percent. The median sale price in June 2014 was $156,000, and that dropped to $138,450 in June 2015. This shows that the median sales price is well under $200,000, offering affordable homes for buyers with restrictive budgets. There are some neighborhoods where homes sell for significantly more than the median, but you can work with a real estate agent to find homes that fit your budget if you want to limit housing expenses.
Popular Neighborhoods in Hampton?
If you want to walk or bike to beaches along Chesapeake Bay while remaining within close proximity of schools and shopping centers, the Grandview neighborhood may meet your needs. Home prices range from $200,000 to over $500,000, but the median price is around $350,000. This is a popular community for families as well as beach lovers.
A family-friendly neighborhood with lower home prices is Wythe. This is a close-knit community with many active residents ranging in age from early 20s to late 50s and beyond. Home prices are around $200,000, and you can find some properties selling for substantially less at times. There are also some larger homes that sell closer to $300,000. Like the Grandview neighborhood, this area is close to beaches and attracts families as well as singles interested in an active lifestyle.
Buying vs. Rent to Own Homes?
Before you get excited about buying a home, you have to jump over hurdles to finance the purchase. Since most people don’t have thousands of dollars waiting in the bank for this purpose, it often comes down to securing a mortgage loan from a bank or other lender. Most lenders now require a down payment that at least equals 10 percent of the purchase price, and they will check your credit score to determine if you’re a high or low-risk borrower. The final step is to determine how much money you can afford to borrow, and the entire process requires a significant investment of your time and a thick stack of paperwork.
If you need some time to go through that process or to prepare your finances for easy loan approval, a rent-to-own agreement is something to consider. These contracts allow you to purchase the home after you complete a rental period of a designated length of time. You can use the rental period to improve your credit score or save a more substantial down payment.
Cost of Living in Hampton?
The cost of living in Hampton is similar to the national average. You can buy groceries and many goods and services for less than the national average, and home prices are approximately 30 percent lower than the Virginia average. While home prices have traditionally been lower than the national average, prices are starting to rise as more people move into the area. You can still find affordable homes in most neighborhoods, and you can expect a reasonable overall cost of living.
Hampton is a military city surrounded by water on the tip of the Virginia Peninsula. Residents are attracted to the city because many neighborhoods are just as close to Chesapeake Bay beaches as they are schools and shopping centers. Many family-friendly communities offer homes around $200,000 or less, but there are also some prestigious neighborhoods where homes sell for more than $500,000. The local cost of living is comparable to the national average, so most buyers can find a home within their budget.
Summary
Hampton is a military city surrounded by water on the tip of the Virginia Peninsula. Residents are attracted to the city because many neighborhoods are just as close to Chesapeake Bay beaches as they are schools and shopping centers. Many family-friendly communities offer homes around $200,000 or less, but there are also some prestigious neighborhoods where homes sell for more than $500,000. The local cost of living is comparable to the national average, so most buyers can find a home within their budget.
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
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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