Rent to Own Homes in Norfolk
Although Norfolk itself is home to a comfortable 246,392 citizens, it is part of the Hampton Roads metro area of 1.6 million residents. Norfolk city leaders do their best to keep Hampton Roads' locals housed, educated, protected and entertained. They began in the 1980s with the city's waterfront and downtown Norfolk redevelopment. The urban renewal there created some of Norfolk’s most exciting venues, from the Waterside festival marketplace to Harbor Park’s baseball stadium. Since that time, Norfolk has continued to revive aging neighborhoods while creating new and exciting sites for locals to gather.
Buying a Home in Norfolk?
Local house hunters have 959 Norfolk homes to consider, and 333 of them are graced with waterfront locations. The overall average price of a home in beautiful Norfolk is $262,543, or $126 per square foot. Many home buyers will find that one of the biggest price jumps in pricing occurs between homes with three bedrooms and homes with four bedrooms. A three-bedroom home’s average price is $192,612, while the average price of a four-bedroom home is $302,889. The average sales price of a Norfolk home is slightly lower than it was at the same time last year, but the average price per square foot rose slightly.
Popular Neighborhoods in Norfolk?
West Freemason is a beloved neighborhood along Norfolk’s riverfront. It features homes with historic charm, a tightly knit community, abundant parks and the title of the American Planning Association's Top 10 Great Neighborhood of 2013. Talbot Park boasts equally stunning residential architecture, wide lawns and walkable streets that lead to lively entertainment and cultural activities. The average listing price of a home in Talbot Park is $423,155. Professionals, singles and families also like the convenience of downtown, where lovely apartments and condos are just steps from the city’s energetic nightlife, shopping and employment.
Buying vs. Rent to Own Homes?
House hunters who want to avoid the stress of buying a home find a number of benefits in renting to own a home. Rather than making a large down payment right now, rent-to-owners don’t make a down payment until the end of the contract period, usually one to three years in the future. Financial requirements for rent to own homes are also less rigid than buying a home outright, and rent-to-owners negotiate a purchase price based on today’s market not the market one to three years from now. These arrangements also allow rent-to-owners the opportunity to move into the home right away, rather than waiting 30, 60 or 90 days for escrow to close.
Cost of Living in Norfolk?
Living expenses for Norfolk residents are on par with the national average, although locals will actually spend 1 percent less on overall costs. Utilities and housing are slightly higher than average, leading residents to pay 9 percent more than the average American on utilities and 2 percent more on housing. Costs for groceries and healthcare are 2 percent less than the national average, and transportation is a notable 11 percent less expensive.
Historic, picturesque and ideally located on Chesapeake Bay and Elizabeth River, Norfolk is welcoming and innovative. Homes in the area are less expensive than the state and national average, and they’re set in a variety of history-filled, waterfront and urban neighborhoods. Even with all of its incredible charm, Norfolk is actually quite affordable. The city’s cost of living is a pleasing 1 percent less expensive than the national average.
Summary
Historic, picturesque and ideally located on Chesapeake Bay and Elizabeth River, Norfolk is welcoming and innovative. Homes in the area are less expensive than the state and national average, and they’re set in a variety of history-filled, waterfront and urban neighborhoods. Even with all of its incredible charm, Norfolk is actually quite affordable. The city’s cost of living is a pleasing 1 percent less expensive than the national average.
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
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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