Rent to Own Homes in Williamsburg
Founded in 1632, Williamsburg replaced Jamestown as the capital of the Colony of Virginia in 1699, and served as such until 1780 when it was... Read More
Founded in 1632, Williamsburg replaced Jamestown as the capital of the Colony of Virginia in 1699, and served as such until 1780 when it was moved to Richmond. It was the center of political events which led to the American Revolution in 1765. The College of William and Mary, founded in 1693, is the second oldest institution of higher learning in the nation. Colonial Williamsburg, the restored historic section of the city, recreates life in the colonial era and makes tourism the main industry of the city. About four million people visit the Historic Triangle each year, made up of Williamsburg, Jamestown, and Yorktown.The below results are primarily rent to own homes in Williamsburg City City (County Equiv), VA:
Founded in 1632, Williamsburg replaced Jamestown as the capital of the Colony of Virginia in 1699, and served as such until 1780 when it was... Read More
Founded in 1632, Williamsburg replaced Jamestown as the capital of the Colony of Virginia in 1699, and served as such until 1780 when it was moved to Richmond. It was the center of political events which led to the American Revolution in 1765. The College of William and Mary, founded in 1693, is the second oldest institution of higher learning in the nation. Colonial Williamsburg, the restored historic section of the city, recreates life in the colonial era and makes tourism the main industry of the city. About four million people visit the Historic Triangle each year, made up of Williamsburg, Jamestown, and Yorktown.The below results are primarily rent to own homes in Williamsburg City City (County Equiv), VA:
Although officially a small city, Williamsburg is surrounded by large metropolitan areas: Newport News, Norfolk, and Richmond are all within 50 miles. The nation’s capital, Washington DC, is just 150 miles to the north.
Not only is Williamsburg historically significant, it is located near two rivers, Virginia Beach and Chincoteague Island; its proximity to the Atlantic makes the entire area a popular tourist destination, especially in the summer months.
Buying a Home in Williamsburg
The median home price in Williamsburg is about $296,000. Recent listings range from $149,000 to $675,000. The median age is 25, and about 29 percent of the population is married, making it a good area for singles and young couples. Approximately 46 percent of the homes are owner occupied.
Williamsburg boasts mild winters and hot summers. The average high is 47 in January and 87 in July.
The public school system operates 15 schools in Williamsburg – nine elementary, three middle, and three high schools. GreatSchools rates the schools between 4 and 9 (out of 10), so families with school-aged children should investigate the various schools when neighborhood shopping. Along with the College of William and Mary, there are three community colleges.
Popular Neighborhoods in Williamsburg
The city center is where the action is and also where the historic district is located. The median home price is about $505,000. The residential real estate is mainly medium- to small-sized single-family homes, and the residents are a mixture of owners and renters.
To the northwest is the Longhill Rd/Old Towne Rd. neighborhood. The homes there are a bit larger, with medium- to large-sized houses as the norm. Most homes are owner occupied. The median home cost is about $464,000. Many residences are newer, built since 2000, but a number were built between 1970 and 2000. Nearly 70 percent of the residents in this neighborhood are married, making it a family-friendly area.
Buying vs. Rent to Own Homes
You may already be thinking about a move to Williamsburg because of its historical atmosphere and proximity to large metropolitan centers. But buying a home can be out of reach for some. If you’re not quite ready for that step, consider a rent-to-own arrangement. A portion of each month’s rent is counted toward a down payment to eventually buy the house. It’s easier and doesn’t require a large outlay of cash, and renters can look forward to becoming proud homeowners – without ever having to move!
Summary
Williamsburg is dripping with historical significance, beautiful buildings and homes, and a family-friendly atmosphere. A low crime rate, mild winters and hot summers, and proximity to the ocean as well as Norfolk, Newport News, and Richmond mean it’s a small town with a big-city feel and plenty to do. Williamsburg has a little bit of everything.
Rent to Own Realtors
When it comes to contracts, there are usually plenty of loopholes. You don’t want to be blindsided because your counterpart in a rent to own deal knows them better than you do.
A realtor might be the logical person to ask for help with a real estate deal, but instead, you should consult with a lawyer to ensure that your lease-option contract benefits you just as much as it benefits the other party.
Realtors likely will not want to help you with a lease-option because they don’t make a lot of money off of them – at least, they don’t make a lot of money until the end of the lease, and that isn’t a guarantee.
Regardless, a lawyer will have more accurate information about your contracts anyway.
About Our Listings
Financially, buying apartments, houses or any other types of properties makes sense when compared to renting. You're paying roughly the same amount per month for your mortgage that you would to rent the same type of home. However, there are obstacles that make that process difficult to attain, like minimum down payments and bad credit. Those barriers prevent banks from ending up having to sell foreclosed homes.
Nonetheless, those barriers shouldn’t stop you from owning your own condo or townhouse. Through rent to buy and lease to purchase programs with no credit check, you could start working toward owning a house.
A lot of people who rent to own by owner take advantage of Rent to Own Lab’s free listings. Search our website for cheap lease-purchase or lease-option properties near me and see if rent to own could be the right option.
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