Renting to own a home in Florida, or any city for that matter, isn’t a new concept… but the whole process of “renting to own a house” is a process that most people have questions about.
Well, you’re in the right place!
This article will walk you through what to look for if you’re looking for Florida rent to own houses.
3 Things To Look For When Renting To Own A Home In Florida FL
1. Find The House You Want To Live In Long-Term… Not Just Rent
Many individuals who are grappling with the decision to rent or pursue a “rent-to-own” agreement often approach the process with a flawed perspective. Instead of recognizing it as a short-term lease, it is essential to identify a dwelling that can be occupied comfortably for an extended duration, ideally no less than five years.
The error of thought that individuals fall prey to when considering rental properties is a perception of transience. This perception leads them to compromise on their requirements, accepting suboptimal dwellings. However, a rent-to-own agreement is fundamentally distinct. It represents an opportunity to acquire a home that can be enjoyed by one’s family for an extended period, and perhaps culminating in a purchase at the end of the lease term. Consequently, even though the agreement is technically a rental, it is imperative to select a dwelling that one can comfortably inhabit for an extended period of time.
2. Terms That Fit Your Goals And Needs as A Florida Home Seeker
It must be emphasized that not all of the rent-to-own dwellings available in the vicinity of Florida adhere to identical terms and conditions. Hence, it is judicious to meticulously evaluate the details of the lease and purchase options before consenting to any agreement. In general, the monthly rent for these unique properties is slightly higher than that of the customary rental arrangements, primarily due to the added value provided by the potential prospect of acquiring the property at a fixed price in the future.
It is of paramount importance to ascertain that the rent-to-own contract permits some degree of adaptability to safeguard your interests. It is prudent to verify the non-existence of charges in the event that you opt not to exercise your right to purchase the property upon conclusion of the accord.
Also, clarify with the owner of the house on who will pay for things during the rental term like…
- Maintenance
- Lawn care
- Insurance
- Repairs
- Upgrades inside the house (new appliances, paint, etc.)
It is imperative to document and establish the authority responsible for managing such affairs during the lease term. It is advised to have an agreement in writing that outlines these responsibilities explicitly to prevent any ambiguity or confusion that may arise.
3. The Value Of The Home – The Value Going Up?
One significant advantage of choosing to rent-to-own a home in Florida is the ability to secure a fixed price for the property well in advance of the actual purchase. This is made possible through the rental contract, which entails agreeing on a monthly rental fee, a rental term typically spanning 12-24 months, and a predetermined purchase price for the future.
It is noteworthy that the selection of a rent-to-own arrangement in a coveted and appreciating district in the Florida area of FL may lead to prompt equity gains, despite the unlikelihood of a discounted purchase price. Such a proposition is contingent on the potential decision to purchase the property at the conclusion of the tenancy.
See Our Current Florida Rent
To Own Homes Below!
In case you have any lingering inquiries regarding the rent-to-own procedure, please do not hesitate to reach out to us at (786) 904-1444 at any time.
Moreover, if you wish to enlist in our inventory of Rent-to-Own homes in the local Florida area, kindly click on the provided link to peruse the available options.