Find Rent-to-Own Apartments in NYC with BCP Real Estate Group
Buying a home takes a lot of work, and that's especially true in New York City. If you dream of owning your own apartment but aren't quite ready to take the plunge, these type of homes may be the answer. Although not widely available, this option allows you to test-drive a place before committing to purchase it. Many times, all or part of your rent payments are applied toward the eventual purchase price, letting you hit the ground running when you're ready to sign a mortgage.
Since finding a living situation like this isn't widespread in NYC, it pays to have help when seeking to do so. To that end, you can't go wrong by connecting with the real estate experts at BCP Real Estate Group. From our offices at Rockefeller Center, we offer an array of valuable resources for New Yorkers trying to buy, sell or rent homes across the city. Whether you're looking in Long Island City, Williamsburg, Tribeca or elsewhere, our team can connect you to resources like up-to-the-second property listings, referrals to skilled brokers and more.
Like most New Yorkers, you may be tired of giving your money to landlords and ready to start building your own nest egg. However, the Big Apple has one of the most competitive real estate markets on earth, making it difficult for many folks to get their foot in the door of home ownership.
This may be the optimal solution if you are not quite ready to buy a place but would like to soon. For example, perhaps you need more time to save up a down payment, or maybe your credit could use a little work. Whatever the situation, renting a place and applying part of your payments toward a down payment can be an excellent way to achieve your goals.
On the other hand, maybe you're not ready to buy an apartment because too many things are up in the air – or perhaps you aren't really sure if you're ready to take the plunge. It can be a terrific way to get used to making house payments and discovering the ins and outs.
Then again, maybe you are incredibly particular about where you'd like to live and want to give a place a trial run before any significant commitment. Again, it can be a fantastic solution, allowing you to live in and get used to a place before signing a mortgage.
Regardless of why you may be considering, BCP Real Estate Group can help you explore the best opportunities in the neighborhoods of your choice. Before you know it, you'll be signing a contract to rent a lovely apartment before eventually buying it outright.
How It Works
Every rent-to-own situation is unique. Therefore, you'll have to explore individual opportunities to find one that works for you. In general, however, units are located in massive older buildings. Some properties have official programs that streamline the process, but these opportunities are few and far between. For instance, places like One Manhattan Square and 100 Barclay Street have rent-to-own programs.
Lease Option
The more popular and flexible choice, the lease option provides the option to buy an apartment at the end of your lease. However, you are not obligated to buy, so you have wiggle room. The deed holder agrees not to sell the unit to anyone else without offering you the right of first refusal first. If you get to the end of your lease and still want to buy the place, you can. If you decide not to, you can walk away with minimal repercussions.
Lease-Purchase Option
Under this arrangement, you sign an agreement giving you the exclusive right to buy the property later. When you sign the contract, you obligate yourself to purchase the apartment later. If you change your mind, you may lose whatever you've invested or even be sued for breach of contract. Therefore, this option is best suited for people who are confident about wanting to buy but just need a little more time.
Benefits
Some of the top benefits of pursuing this time of living arrangement include the following:
- Get Your Finances in Order – If you're close to being ready to buy but not quite there, it lets you start the process while allowing time to get your finances in order. That way, when you're ready to go, you'll already be part way there.
- Test Drive Owning a Home – For those who aren't positive about owning NYC apartments, it can be an excellent way to feel things out. In most cases, all or some of your rent payments go toward your eventual down payment, so you get the basics.
- Lock In a Great Deal – In many scenarios, the tenant signs a contract early on locking in the eventual purchase price of the unit. In the meantime, rent payments may be fully or partially applied to the down payment. Therefore, you may be able to snag a better deal by renting for a while first.
Disadvantages
It isn't for everyone, and it can be tricky to do in general. Some downsides include:
- Uncertainty – In most cases, the landlord reserves the right to sell the unit to someone else even while you're renting it. If you need more of a sure thing, it's probably best to rent traditionally for a while before exploring home ownership.
- Few Options – It's relatively rare to find it in NYC. If you have your heart set on doing so, you'll need to be extra flexible.
- Extra Fees – You may be required to pay upfront fees called option fees. These and other fees may be forfeited if you don't end up buying the unit, making the situation even more expensive.
How BCP Real Estate Group Can Help
If you are interested in Brooklyn, Manhattan, Queens or elsewhere in NYC, do yourself a favor and connect with the experts at BCP Real Estate Group. Our team can help you explore exciting options across the city, making it easier to secure the right place with the right terms.
Sign up via our website to search our continually updated listings immediately. Use the search tool to zero in on homes throughout the five boroughs. Adjust filters to pinpoint properties that suit your needs in terms of location, price, total square footage and more. In no time, you'll have a list of options to explore.
Our team also has connections with skilled and experienced brokers specializing in neighborhoods across the city. When you're ready, contact us for a referral to one in your desired neighborhood. Before you know it, you'll be on your way to home ownership.
You can also visit our website for in-depth info about renting, buying, selling and otherwise navigating the NYC real estate market. For more information, contact BCP Real Estate Group today.