Rent to Own Homes in Virginia Beach
The below results are primarily rent to own homes in Virginia Beach City City (County Equiv), VA:
Part of the legendary Hampton Roads region, Virginia Beach boasts beautiful beaches, flourishing resorts and a rich history as “America’s First Region.” While the area’s business district is located in nearby Norfolk, Virginia Beach Town Center is one of the city’s many gathering spots that keep everyone feeling connected. Virginia Beach’s waterfront location is important to the area too. Nearly half of the city’s 497 square miles is covered by rivers and the bountiful bay, all contributing to Virginia Beach City’s rousing recreation, picturesque views and robust economy.
Whether you live in Virginia Beach or are just visiting, you can’t help but appreciate the city’s unique place in United States history. From the Old Cape Henry Lighthouse and Princess Anne-style Ferry Plantation to nearby Colonial Williamsburg, there’s always something to learn or explore here.
Ultimately, Virginia Beach is a city of superlatives. It’s Virginia’s most populous town. It sports the longest pleasure beach in the world, and it rests on the southern end of the Chesapeake Bay Bridge-Tunnel, the world’s longest of its kind in the world. No matter how you look at it, Virginia Beach is a treasure.
Buying a Home in Virginia Beach
Living in Virginia Beach’s captivating location isn’t inexpensive, but house prices are stable, dropping just 1 percent over the past year. While steady, median homes prices here are $239,900, which is above the national median home price of $219,400. Homebuyers have slightly more choices than last year, too, with 2,810 homes now on the market. On average, homes are selling in 66 days. That’s longer than the national average of 39 days on the market.
Popular Neighborhoods in Virginia Beach
Virginia Beach teems with engaging, desirable neighborhoods. Alanton is great for established families due to its low crime rate and median home price of $500,000. Great Neck is a bit pricier but brims with parks, neighborly cheer and grand waterfront homes. Bay Colony is also upscale, private and quiet, and it’s near Princess Anne Country Club and the beach. Families also enjoy Christopher Farms’ 300 newer homes, easy access to shopping and small lakes. Other families like the sociability of Heritage Park where most of the backyards join with a large community space, schools are strong and the amenities and walking trails are plentiful.
Buying vs. Rent to Own Homes
Paying rent is more productive when you’re paying it towards buying a home, and that’s exactly what a rent-to-own contract accomplishes. Rather than immediately making a large downpayment, rent-to-buyers pay a smaller option fee. Rent will be slightly higher than usual, and that extra money is applied toward the eventual downpayment. Rent-to-own options are especially helpful to homebuyers who don’t have a large downpayment at the ready or need to build up a favorable credit score.
Cost of Living in Virginia Beach
Overall, living expenses in Virginia Beach are a moderate 10 percent above the national average. Most of that expense is due to housing costs, which are 37 percent higher than average. Utilities are also a little more expense here, at 9 percent above the norm. It’s not all bad news, though, as locals pay about 2 percent less for their groceries and healthcare. Transportation is even cheaper, costing 9 percent less than the national average.
Beachside living is just part of Virginia Beach’s considerable appeal. The largest city in Virginia, charming Virginia Beach is filled with lovely neighborhoods and some of the most exclusive waterfront homes in the area. Living on or near the beach is a bit costlier than living inland, though, and Virginia Beach homes are slightly more expensive than average. While locals spend less on groceries, transportation and healthcare, the region’s housing costs and marginally higher utilities result in living expenses that are 10 percent higher than in other parts of the nation.
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
Rent to Own Labs offers more than free listings for rent to buy houses.
Our website also includes real estate owned properties, which are bank-owned foreclosed homes that didn’t sell at auction. You can buy these types of properties for cheap prices because the bank isn’t in the business of real estate; it’s just looking to get rid of the condo, townhouse, etc. that it has on the book.
Sellers directly list rent to own by owner apartments and houses as lease-option or lease-purchase programs with no credit check. On lease to purchase contracts, the buyer is contractually obligated to buy the home, and on lease to own contracts, the buyer is financially motivated. It doesn’t matter to the seller if you have a bad credit score because they know you have a lot at risk if you don’t buy the home you’re renting to own.
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