Don’t overlook the advantages that come with entering homeownership through the rent-to-own
sector of real estate in the Florida market. When you rent to own in Florida and its different
cities, like New Port Richey and Tampa, the arrangements usually last a year or two before
you purchase the property outright. This is appealing to buyers who wouldn’t necessarily be
successful in acquiring a traditional mortgage at this time. The asking price may be set higher,
because of the opportunities offered to buyers with little down payment, credit issues, or simply
wanting a trial run. Additionally, the price is slightly higher when you rent to own in Florida
because the seller is willing to wait, in order to make a larger profit overall.
When you rent to own in Florida, you also know your neighbors likely have more of a financial
and emotional investment, than the average renter would. They’re invested in the neighborhood
itself, as well as their own property and in being good neighbors. There is value in being located
in a community with planned recreational amenities and schools are usually near for families.
We’ll take a look at these 5 quick facts buyers should know about rent to own in Florida and the
many cities in the state, including New Port Richey, Orlando, and Destin.
Because you can live in the house without a lifetime commitment with a “lease-option” contract,
some buyers value the ability to try before buying. Some buyers choose the rent to own option in
Florida because they are willing to walk away, to be certain they’re happy with the location in
every way possible. They’ve likely had nightmare experiences with neighbors or other issues
with homeownership in the past, which makes them hesitant to jump with both feet into a new
home. Be aware, deciding not to take the option to purchase at the end of the contract, means
forsaking your deposit and any designated funds that would have applied towards your down
payment for the house in New Port Richey and other various cities of Florida.
For buyers with the expectation of positive financial growth within the next year or two, rent to
own in Florida is most agreeable. Especially if you’re committed to relocating to a certain home
or neighborhood in the cities like New Port Richey, Miami, and Tampa that would otherwise
be out of reach until the end of the contract, and you’d like to skip all the hassles of moving
Rent to own opportunities in New Port Richey and other cities of Florida allow those who
would otherwise be restricted to being renters, the chance of owning their own property.
Circumstances beyond anyone’s control can sometimes bring credit scores below the level that it
takes to qualify for homeownership. With the time allowed on the contract, you can work
towards the ultimate goal of repairing your credit score.
No Credit History
Rent to own in Florida is great for first-time buyers, or those who haven’t yet built a credit
history, yet are ready for homeownership. Having no credit history can be nearly as detrimental
to the dream of homeownership as having bad credit. The time built into the rent to own
arrangement allows some time for you to build up a credit history strategically, improving your
chances of qualifying for a mortgage loan at the end of the rent to own contract.
Making the Down Payment
Due to the nature of renting to own, the buyer has an advantage of an agreed-upon portion of
their rent applying towards the down payment in the different cities of the state, such as
New Port Richey and Florida city. Additionally, given the standard time frame of two years
for a rent to own in Florida, you’ll be able to build additional savings, towards a larger down
payment on a traditional loan.
We here at Florida Investor Deals are happy to provide even more facts buyers should know
about purchasing a rent to own property in Florida. Send us a message if you have any questions
about the process or call (954) 280-5883 today to learn more!