Rent to Own Homes in Newport News
The below results are primarily rent to own homes in Newport News City City (County Equiv), VA:
Handsomely located on the James River in the Hampton Roads region, Newport News is ripe with maritime and military enterprises. The fifth largest population in Virginia, Newport News’ residents are mostly employed at longstanding Newport operations like Newport News Shipbuilding, nuclear shipbuilder Huntington Ingalls Industries and the U.S. Army-Air Force Joint Base Langley-Eustis. Employment opportunities here are so strong, in fact, that more than 20,000 residents from other Hampton Roads communities commute into Newport News city limits for work.
It’s not all business in Newport News, though, and locals enjoy a stellar quality of life here. The public school system is frequently ranked nationally for its exceptional education system. The city is also home to several universities, including Christopher Newport University. Its Riverside Healthcare System operates some of the nation’s best medical and diagnostic facilities, and the second biggest city park in the nation offers plentiful recreation and scenic views.
Buying a Home in Newport News
With all that the city offers, living in Newport News is very desirable. Although median home prices have climbed 5 percent over the last year, they remain affordable at $161,500. Local house hunters have a choice of about 1,030 homes for sale at any given time, and these homes stay on the market for an average of 97 days. Nearly 300 homes are coming onto the market each month, and 150 homes are sold during that same time period. Buyers pay an average of 97.8 percent of the original asking price.
Popular Neighborhoods in Newport News
Families, singles and retirees all appreciate the convenience of mixed-use communities like Port Warwick and Center City. Both are fun-filled with bountiful eateries, shops and community festivals. Locals of all ages also appreciate the newer planned communities of Kiln Creek, where the 2,947 single family homes, townhouses and condos offer easy access to golf and amenities. The eclectic Hilton Village welcomes residents to bungalows from the 1920s to 1930s, bountiful shops and James River views, while an upscale lifestyle is the hallmark of the Riverside neighborhood’s waterfront estates.
Buying vs. Rent to Own Homes
While buying a home the traditional way has many benefits, countless home buyers find that rent to own homes are a good option. Rent to own homes are particularly beneficial in markets where home prices are rising. This is because buyers negotiate a price today, but finalize the purchase in the future. Rent to own homes also often have more lax financial requirements, which can be helpful for those with lower credit scores. Best of all, rent to own homes give buyers time to build up adequate down payments, restore credit ratings and apply for home loans in a more relaxed time frame.
Cost of Living in Newport News
All of life’s essentials are a bit cheaper in Newport News than in the rest of the nation. Locals pay 4 percent less than the national average on overall cost of living indices. Utilities are the only living expense in Newport News that is noticeably above the national average, costing locals 8 percent more. Healthcare is 1 percent higher than the national average, but groceries, housing and transportation are 2, 6 and 11 percent cheaper respectively than the national average.
Named by Forbes magazine as one of the best cities for working mothers and noted for its manufacturing strength, Newport News is a popular place to live. Whether you prefer an urban-feeling community, as in Center City or an exclusive waterfront neighborhood like Riverside, the city brims with attractive and conveniently located homes. Drawn to these abundant local opportunities and inviting neighborhoods, house hunters find that the city’s affordable real estate prices are slowly rising. Even so, the cost of living here is economical.
Rent to Own Realtors
Rent to own is beneficial to both buyers and sellers, but that’s not common knowledge. A lot of people look to realtors as a credible source of information for their counterpart in a rent to own deal about the benefits of the program.
However, you likely won’t find a realtor who is interested in helping you. There’s not a lot of profit for realtors in rent to own deals.
Instead, you’ll have to become a credible expert on the process yourself. Honestly, that’s not a bad thing. It’s better that you know everything you need to about the process you’re investing so much time and money into.
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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