Rent to Own Homes in Suffolk
One... Read More
One would be hard pressed to find more idyllic landscapes than those afforded by Suffolk. Located in the southeast corner of Virginia, Suffolk borders the Great Dismal Swamp and is in close proximity to the state's luxurious beaches. Southwestern Suffolk City also includes the smaller community of Whaleyville, and in all there are seven boroughs in Suffolk City. Six of these are former municipalities of Nansemond County.The below results are primarily rent to own homes in Suffolk City City (County Equiv), VA:
One... Read More
One would be hard pressed to find more idyllic landscapes than those afforded by Suffolk. Located in the southeast corner of Virginia, Suffolk borders the Great Dismal Swamp and is in close proximity to the state's luxurious beaches. Southwestern Suffolk City also includes the smaller community of Whaleyville, and in all there are seven boroughs in Suffolk City. Six of these are former municipalities of Nansemond County.The below results are primarily rent to own homes in Suffolk City City (County Equiv), VA:
The Suffolk public schools are located on twenty various campuses throughout the city and generally score high for placement scores in comparison to other cities in the state. The local economy is strong and driven by various industries that include the production of tea and peanuts. Suffolk is also home to the U.S. Joint Forces Command. The Suffolk sister cities are Suffolk County, England and Oderzo, Italy, and the sister cities initiative in the United States actually began in Virginia under the direction of Governor Mills E. Godwin.
Buying a Home in Suffolk
Making a home purchase in Suffolk can be an expensive proposition. The median home price is $240,200, way above the national average. Many households in the city are occupied by families in which husband and wife both work. The typical monthly mortgage payment in the city is just over $1,800. Even with home prices being on the higher end of the scale, there are values to be found in the local market with just two-thirds of units being owner-occupied.
Three-fourths of homes in Suffolk have three or more bedrooms, making the market popular with families. A high number of homes are less than 25 years old and sport many modern conveniences. Some individuals with below median incomes may find it difficult to qualify for the kind of traditional mortgage home ownership in Suffolk requires.
Popular Neighborhoods in Suffolk
Because of its sheer size, it would be fair to say that Suffolk has a large number of neighborhoods that are quiet, pleasant, and virtually crime free. Like any large city, however, there are neighborhoods best removed from consideration by the home buyer. The Kilby neighborhood in the center of Suffolk is by far the city's most affluent. Most homes in this community are valued at $300,000 or more. It is largely occupied by middle-aged, married couples. Those looking for a more affordable choice might want to explore the Elephant Fork/Sadler Heights neighborhood. It is also centrally located in Suffolk, but the homes are more in line with median prices. Both of these neighborhoods are walkable and offer easy access to shopping, dining, and the public school system.
Buying vs. Rent to Own Homes
Purchasing a home in any market can be difficult for a first-time buyer. The hurdles of qualifying for a traditional mortgage can be discouraging. Thankfully, there is often another option. A rent to own home offers the advantage of no standard qualifying in addition to more flexibility should the buyer decide they would prefer another home. A portion of each month's rent is applied to eventual ownership, and these costs can often be lower than that of a standard rental.
Summary
With gorgeous beaches, wildlife habitats, and a wealth of historic attractions nearby, Suffolk is one of the best places to live in Virginia. The city is the 14th largest in the United States and has a thriving economy and housing market. While it can be more expensive to purchase a home in Suffolk, the atmosphere, great schools, and low crime rates are often worth the cost.
Rent to Own Realtors
Most realtors aren’t going to want to work with a client looking for a rent to own deal. The upfront profit for a realtor is minimal, and the largest chunk of the commission isn’t guaranteed – even after the contract is signed. Successful rent to own deals make the bulk of commission for realtors as far as three years in the future.
Good realtors know that if they’ve done their job qualifying and showing a buyer options that meet their tastes and budgets, a rent to own deal has a great chance of success. But good realtors are rare.
Instead of using a realtor, learn about rent to own yourself and meet with professionals in the title, mortgage and legal industries to increase your chances of success.
About Our Listings
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.
- 23434
- 23435
- 23437
- 23438
- 23432
- 23433
- 23439
- 23436