To everyone that wants to purchase a new home in the future.

[Opacy]

Pay $350 above market rates in rent so that several years in the future I can get a small discount on an extremely limited number of homes to choose from?

Where do I sign up?

[iron_guitarist1987]

Thanks for all the responses! I am actually living in a community where a 2 BR apartment costs $1800 and does not have this program, while the apartments I am considering moving to do have the program an costs $200 less per month. I am considering buying a home in Ashburn, so taking a new home from them is not such a bad idea after all (at least for me). They have very nice 3 BR townhomes for less than $300,00k and I've read their reviews, and supposedly they're pretty good at building homes. It just seems that saving at least $10,000 towards the purchase of a new home is better than nothing. If I don't end up buying their one of their houses, then is not like choosing an apartment that does not have the program was actually any better anyways. I just see it as a win-win situation for both the company and the tenant/purchaser.

Of course, I'll be paying them a visit to take a look at all the fine print. I'll post any new details I find.

Is there anyone out there that has done this?

[boyd888]

Originally Posted by iron_guitarist1987

It just seems that saving at least $10,000 towards the purchase of a new home is better than nothing. I just see it as a win-win situation for both the company and the tenant/purchaser.

No, it's not win win. A $10K discount is nothing and is something that ANYONE could negotiate easily on the purchase of a new home regardless of where they rented beforehand. It is pure marketing strategy and obviously you have fallen for it.

The key here is that you may be able to find a similar apartment for even less if you keep looking (or a nicer place for the same $1600). If you can find a similar place for $1400 with no program that's $200 a month of YOUR MONEY you are saving, not some phantom discount. When you are ready to buy a house you'll be able to consider hundreds of locations and homes (including cheaper "used" homes) instead of just the few areas in which they could build you a new one.

[slim04]

FYI, Bozzuto bought a lot of poorly maintained apartment complexes, threw the poorer residents out, and did what in my opinion was cheap, superficial renovations to turn them into condos marketed to yuppies. They did this when developer loans were easy to get and the demand for condos were strong. The bottom fell out, and I suspect those condos are extremely overvalued and have HOAs that are heavily subsidized by the developer.

I'd be wary, as those kitchens have nice looking granite countertops, but when the HVAC needs to be replaced, you may be looking at a huge special assessment once the developer is gone.

[iron_guitarist1987]

Originally Posted by boyd888

No, it's not win win. A $10K discount is nothing and is something that ANYONE could negotiate easily on the purchase of a new home regardless of where they rented beforehand. It is pure marketing strategy and obviously you have fallen for it.

The key here is that you may be able to find a similar apartment for even less if you keep looking (or a nicer place for the same $1600). If you can find a similar place for $1400 with no program that's $200 a month of YOUR MONEY you are saving, not some phantom discount. When you are ready to buy a house you'll be able to consider hundreds of locations and homes (including cheaper "used" homes) instead of just the few areas in which they could build you a new one.

Makes sense. I think I'll keep away from these places then. I live in a really nice apartment and wouldn't want to have to move somewhere worse for nothing. I'll just stay a couple of years more where I'm at, and then try to get a home.

It would still be nice to hear from someone who has actually used the program.

Thanks for all the responses.