Rent to Own Homes in Petersburg
Petersburg is a small city in eastern Virginia that rests approximately 25 miles south of Richmond. This location places residents within a two-hour drive of many cities on the Atlantic coast. This includes Virginia Beach, Chesapeake, Norfolk, Hampton and Newport News. The city is also less than 70 miles north of the North Carolina-Virginia state line, keeping residents within a two-hour drive of Murfreesboro and other North Carolina towns. Residents are well-connected to the surrounding area with Interstates 85 and 95 crossing through the city.The below results are primarily rent to own homes in :
Petersburg is a small city in eastern Virginia that rests approximately 25 miles south of Richmond. This location places residents within a two-hour drive of many cities on the Atlantic coast. This includes Virginia Beach, Chesapeake, Norfolk, Hampton and Newport News. The city is also less than 70 miles north of the North Carolina-Virginia state line, keeping residents within a two-hour drive of Murfreesboro and other North Carolina towns. Residents are well-connected to the surrounding area with Interstates 85 and 95 crossing through the city.The below results are primarily rent to own homes in :
The City of Petersburg was founded in 1748, and there were close to 3,000 residents in 1790. The population grew to more than 20,000 residents by 1880 and grew steadily before reaching more than 40,000 residents by 1980. Since then, the population has gradually declined with close to 32,000 people residing within city limits in 2016. While the city’s economy was originally supported heavily by the tobacco industry, it eventually grew into a major center for industrial businesses. Some of the largest employers today are fulfillment centers, warehouses and distribution centers for companies like Amazon and Walmart. Residents are served by Petersburg City Schools. The public school system includes Petersburg High School, one middle school, an early childhood education center and about five elementary schools. Local technical schools include the Appomattox Regional Governor's School for the Arts and Technology and the Maggie Walker Governor's School.
Buying vs. Rent to Own Homes
There are a few situations in which rent to own makes sense when you have the option to purchase. A good situation to rent to own is when you’re not sure about a home you’re looking at buying, and you want to test it out for a bit before making a final decision. This way, you have less money on the line if you change your mind.
Renting to own is also a good option if you’re close to qualifying for financing, but you need a little bit more time to get there.
Renting to own doesn’t trap you in a lease like normal renting does – you can buy the home whenever you’re ready. That’s why it’s the good option if you almost have a large enough down payment, if your credit score is close to where you need it to be or if you just need a little more time at your job to build your job history. It also works when you’re waiting for your old home to sell so that you have the cash to purchase your new home.
Rent to Own Realtors
Realtors have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
About Our Listings
When you rent to buy a condo or a townhouse, you’re taking the first step toward becoming a homeowner. You can take advantage of many rent to own by owner programs with no credit check. Having bad credit shouldn’t stop you from owning one of your favorite apartments or houses.
While you lease-option or lease-purchase, you’ll work on improving your credit score and saving up a down payment so that you can qualify with the bank for the house you’re interested in. The bank is frugal with mortgage approvals because they often end up selling foreclosed homes for cheap prices because people cannot afford their mortgage payments.
When you lease to purchase, you’re making yourself into a better candidate for purchasing properties. Check out Rent to Own Lab’s free listings to find properties near me that meet your family’s needs.
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