Rent to Own Homes in Portsmouth
While Portsmouth isn't a large city, it has a sizable cultural center with a variety of historical sites and enlightening museums. This includes the Portsmouth Naval Shipyard Museum, the Virginia Sports Hall of Fame and Museum, and the Children's Museum of Virginia. Visitors also come to town to see the Hill House, which is a preserved historical treasure that takes you back in time for an insightful look at daily life around the turn of the century.
For outdoor recreation, Portsmouth residents head to the city park to take walks through beautifully maintained grounds. They can also enjoy the quiet and scenic trails located at the Hoffler Creek Wildlife Preserve.
Buying a Home in Portsmouth?
If you dream of purchasing a home in Portsmouth but need a little financial assistance, you may qualify for help through the Virginia Department of Housing and Community Development, the Virginia Housing Development Authority, the Virginia Affiliates of Habitat for Humanity or the U.S. Department of Agriculture Rural Housing. Each of these authorities offer home ownership assistance programs that may help you secure a lower interest rate and/or a reasonable down payment.
With a median sales price under $150,000 most of the time, it's common for Portsmouth home buyers to pay less than $100 per square foot. The market features hundreds of homes for sale at any given time, including some new constructions and waterfront properties. Nearly 60 percent of the city's residents are homeowners, so it's not difficult to find stable neighborhoods with a low rate of rental properties and low vacancy rates.
Popular Neighborhoods in Portsmouth?
One of the larger and more popular Portsmouth neighborhoods is located south of the Hoffler Creek Wildlife Foundation, ending just north of Towne Point Road. Twin Pines Road serves as the eastern border while Hoffler Creek serves as the western border. The median listing price for homes in this neighborhood is around $150,000 most of the time, but median sales prices are often closer to $120,000. You'll find many medium and large-sized homes with at least three bedrooms in the area, and most of the property is owned by its occupant. With a vacancy rate around 5 percent, it's not difficult to find properties for sale in Edgefield. Many of the homes do sell quickly, so you may see more "sold" signs than "for sale" signs.
If you want to live right on the river, you have the choice of purchasing a waterfront condo or single-family home. Expect to pay at least $200,000 for most homes with spectacular views and direct access to the water.
Buying vs. Rent to Own Homes?
If you're not ready to apply for a home loan and submit your financial life to scrutiny, you have an alternative option. Rather than renting while you work on improving your credit score and clearing up other issues, you can rent the home that you will eventually purchase. This eliminates the need of a future move, and you'll have the chance to settle into your new home two or more years before you're obligated to make the purchase.
The terms of rent-to-own agreements vary, so make sure that you ask who is responsible for property maintenance expenses during the rental period. You will have until a specified date to purchase the property at the agreed-upon price if you want to continue living there after the contract ends. Cost of Living in Portsmouth
Due to the low cost of housing in Portsmouth, the overall cost of living is typically a little lower than the national average. Residents also enjoy lower-than-average prices for transportation while utilities and everyday goods and services hover around national-average prices. If you're living on a tight budget, look for neighborhoods with homes selling for $150,000 or less to ensure that you can live comfortably in Portsmouth.
There are many perks to living in the Hampton Roads town of Portsmouth, Virginia. For starters, you can move into a waterside property with spectacular views of the river. You can take a shuttle across the river whenever you want to visit the neighboring city of Norfolk. This increases your options for employment and adds excitement into your daily life. When you consider the low cost of housing and the reasonable cost of living overall, you may decide that Portsmouth is your ideal hometown.