Why Rent to Own Homes are Trending in NYC and how to find them?
NYC has always been a land of opportunities. People come from all over the world and the city never disappoints them. It has something to offer to everyone who happens to step into the city for once.
Buying a home in NYC is a real feat and not everyone can materialize that dream. Rent to own is a fascinating idea to buy a home in NYC. You might not have heard much about it earlier because it never gained momentum in the past. Rent to own programs seems to be gaining momentum now that the pandemic has caused sales to drop and according to a New York Times article, “is a tactic most commonly seen during the last recession.”
These programs are often geared towards luxury condominiums that developers are having a hard time selling. For people who can afford it, it’s a less daunting way to make a general commitment to buy. It may also be suitable for renters who want to buy, but need time to increase their credit or are concerned about job stability in the recent economy — and want the option to leave if necessary.
Rent to Own makes ownership less intimidating
The developer at 196 Orchard and 100 Barclay Street recently launched a rent-to-own program that allows tenants to apply a portion of their rent to the purchase price — the amount corresponds to the time they live in the building before deciding to buy. During the first six months of life in the apartment, 75% of the rent paid is credited to the purchase price. After six months, 50% of the rent can be credited to the purchase price. In other city condos, the program allows renters to apply 100 percent of a full year’s rent toward the purchase price.
How to find rent-to-own homes in New York?
Search by yourself: It is not like every building is offering rent to own homes. Instead, you have to do some work to get to know where it is being offered. To get to know about the latest listings, search about the latest listings and get in touch with people who may know about it.
Ask friends and family: If you do not have much time to do it yourself, ask your friends and family to let you know when and where rent-to-own apartments are available. Ask them to let their friends know that you are looking for a rent-to-own home.
Take help from the internet: The Internet is your best friend in modern times. There is hardly anything which is not available on the internet. There are several websites dedicated to new listings. In addition to it, you may take the help of social media platforms to get some information.
Hire a Real Estate Agent: Besides all other options, hiring an agent to run the whole operation is more valuable. Your agent is likely to let you know even before the apartment would appear in the market and would do all the essential work to get you a better deal. You would save a lot more than what you would spend against the agent’s fee.
Extraordinary time demands extraordinary measures so you are not likely to find them in every season. If you have been dreaming of buying a home, take full advantage of this program.
Beatriz Moitinho