5 Things To Consider While Opting For Rent To Own Home

Living in Tampa has become economical. If you can’t buy a house you can still enjoy the mesmerizing scenery by renting a house. However, before you go for this, it is recommended that you compare the rent rate in multiple areas and opt for one that is closer to your work and doesn’t require any out-of-the-box maintenance.

For reference only, the average rent rate is $1001, and the most expensive area to rent a house in Downtown with $2150. Besides, the rent rate of Tampa has increased 7% in past years and is forecasted to increase further. Hence the most reliable and profitable solution is to go for rent to own homes in Tampa FL.

Since hunting for a dream house is not an easy job, it requires a lot of research, field surveys, and negotiating prices. Still, people miss the minor details such as asking the seller about the average maintenance cost or the condition of soil and precaution for the rainy season. Therefore, we have compiled this article and listed 05 things that every rent-to-own program aspirant should know before investing in a house. This article goes beyond the conventional things e.g. tourist spots, different cosine offered in Tampa, and its moderate weather. This piece talks about the things that only a realtor can tell you. So, if you planning to buy a house and despite what people say you are determined to have your very own living space then you have come to the right place.

Things To Consider While Signing Rent To Own Home Agreement

  1. Rent rate – Top of our list is the rent rate. Like we told you above that living in Tampa is economical especially if you know where to look for and what you want. If you want to enjoy beaches or want the vibe of city and country then suburb is a good area to look for. However, you have to consider the rent and compare it with other houses in the area, also seek professional advice too.
  2. Rent Credit – In addition to the rent, you should also pay attention to the rent credit. It is the particular amount that every rent to own home buyer has to pay. It is collected by the landlord and the tenant can late use it to pay a deposit. Unlike the conventional rent price, the amount of this is set a bit higher by considering the prices of the property. Hold on, there is a catch. If you have signed for lease to own then you are obliged to buy the house at any cost. However, signing the rent to the option means you have reserved the right to choose whether you buy the house or not upon the term expiry, which mortgages don’t offer.
  3. Area proximity – Florida is suspected of floods and heavy rain season. Therefore, we suggest that you should look for a property that has a lower possibility of sinkholes occurrence and flood damage.
  4. Amenities – Also, pay attention to the amenities it offers ranging from pool to courtyard, garage to the deck, and porch. To remember whether you have missed anything or not you can create a checklist enlisting the thing that you want your dream home to have. If you planning to buy a house to live your golden years after retirement, then make sure you look into the property that is designed for older people. At the same time, ask your landlord about the age of the house and verify it by comparing the results received from the property inspection team.
  5. Maintenance Cost – The last thing on our list is the maintenance cost for everything that is being provided by the house e.g. HVAC, insurance, exterior or interior, homestead tax, etc. Knowing this will help you estimate your budget, and negotiate the maintenance terms with your landlord or company that is providing you with the program.

Conclusion

Residential properties’ are on a continuous rise. In past years even the rent of a house in the cheaper area of Tampa has increased to 7%. This is making things live on rent with constant uncertainty is making things worst. To break this lope, many organizations, government and private-owned, are offering rent-to-own or lease-to-own programs to empower rentees to buy a house. This program gives hope to every tenant who dreams of owning a property, especially to those, who don’t qualify for the mortgage program.

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