Thinking about buying a home in NY, but not ready to make that huge down payment? Let us clue you in on a little secret: there is no best way to find an apartment in NYC. That’s because there are so many different ways to find an apartment in NYC, and what works best for one person may not work for another. First, figure out if you want to rent, sublet, or buy.
Here’s one option you may not have heard about: rent-to-own. There are several options for seeking out rent to own homes in NY. Let the real estate experts at Platinum Properties tell you more about it.
What does it mean to “rent-to-own”?
Rent-to-own homes are arrangements offered on certain properties that allow tenants to put some or all of their rent toward a pre-negotiated purchase price for a certain period of time. While the length of renting time varies, its duration usually lasts somewhere between 6 and 12 months. You can find rent to own homes all over NY. They are available in many of the boroughs. Whether you are looking for rent to own homes in Queens, Manhattan, Brooklyn, or the Bronx, a real estate agent can help.
What kind of apartments can you get when you’re looking to rent-to-own a home?
Condos and, less typically, co-ops may have the option of renting to own. Rent-to-own homes are commonly found in highly saturated markets. They are typically found when a property is taking too long to sell or developers and management companies are anxious to fill a mass amount of condos.
Does it make sense to explore the rent-to-own option in New York?
Rent-to-own homes are an interesting prospect for buyers in markets where it is cheaper to own than rent, which isn’t necessarily true in a place like New York. However, it can be a great alternative to buying outright in some situations. Look for them in the off-season of the New York real estate market (late fall or winter is ideal) and in neighborhoods and new developments that have yet to evolve or are still early in the process of evolving into one of the city’s latest trendy locations. Keep an open mind about rent-to-own homes in the Bronx, rent-to-own homes in Brooklyn, and rent-to-own homes in Queens. You’re more likely to find great options in these boroughs.
How do I find rent-to-own homes in NY?
The easiest way is to connect with an NYC real estate agent. Our professional team at Platinum Properties is well versed in the New York real estate market and can do the hard work of searching for you. Connect with an agent today and get living in NY.