Rent to Own Homes in Cape Coral
The below results are primarily rent to own homes in Lee County, FL:
On the breezy shores of the Gulf of Mexico, Cape Coral, Florida, and its record-breaking number of canals are known as the Waterfront Wonderland. While Cape Coral itself has 165,831 residents, the city is part of the Cape Coral – Fort Myers Metropolitan Statistical Area that contains 679,513. Locally, residents are served by Cape Coral Hospital and the Lee County VA Hospital and Lee County School District with four high schools, including Cape Coral High School.
The local transportation needs are served with the Cape Coral Parkway that runs through the city west to east, the Cape Coral Bridge that connects Cape Coral and its parkway with Fort Myers, Southwest International Airport and a variety of public transit options. The long Cape Coral waterways are also a convenient source of transportation.
Buying a Home in Cape Coral
Cape Coral home prices are increasing, reaching an average price of $405,000. That’s about 25 percent higher than a little more than a year ago and includes waterfront homes as well as inland homes. With this booming market and only 4.7 months of available home inventory, home buyers aren’t negotiating on price much, paying 97 percent of the original asking price. Local house hunters have some competition in the market, too, with vacation home buyers. The city has experienced a record proportion of home buyers purchasing second or vacation homes, making up 21 percent of all home sales in Cape Coral.
Popular Neighborhoods in Cape Coral
Families delight in the good schools and river views of Del Prado Boulevard South area. Its proximity to Cape Coral Bridge adds extra convenience, and homes are comfortably mixed with high-rise and low-rise apartment buildings. The median home price in Del Prado is $313,174, and rent is about $1,211. Families and retirees also appreciate Cape Coral Parkway West for its safe, coastal setting and large, new homes. There are also a fair number of attractive apartment buildings in the area. The median home cost in the Parkway area is $322,377 with rent at $1,497. More established families and couples like the exclusivity of Bayshore Drive and its riverfront location. Homes on Bayshore have a median price of $360,543.
Buying vs. Rent to Own Homes
Using the traditional way to buy a home is suitable for many, but those with lower credit ratings or less-generous down payments can find a terrific alternative in rent to own homes. Financial requirements of rent to own homes are often less rigid than conventional financing, and the down payment and mortgage aren’t needed until the rent-to-own contract period is complete. This gives buyers time to improve their financial situations and shop for a mortgage, all while living in their new dream home. Sellers benefit, too, especially if they are anxious to sell the home and haven’t found a suitable buyer.
Cost of Living in Cape Coral
Overall, Cape Coral residents pay 96 cents for every dollar the rest of the nation spends on living expenses. A few of Cape Coral necessities aren’t so affordable, including transportation and groceries, which are 3 to 6 percent more expensive than the national average. Housing is a noteworthy 12 percent below the national average; healthcare is 4 percent cheaper, and utilities are 15 percent less expensive. The combination of these measurements leads to an overall cost of living that is especially affordable for retirees, students and young families.
Water parks, thriving community theaters and endless miles of beaches and mangroves keep everyone happy in Cape Coral, and the 400 miles of navigable waterways only make the city more appealing. Locals are blessed with many options of waterfront homes, inland bungalows and everything in between. Many neighborhoods, like Bayshore, are extremely safe and overflowing with amenities and special features. Even with all of these attractive benefits, living in Cape Coral is surprisingly affordable.
Rent to Own Realtors
Realtors have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
About Our Listings
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.
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