Rent to Own Homes in Coral Springs
The below results are primarily rent to own homes in Broward County, FL:
Created as a master-planned community by Coral Ridge Properties, today’s Coral Springs is a vibrant community just 20 miles northwest of Fort Lauderdale and directly east of the Florida Everglades. Although the city itself is only a little more than 50 years old, Coral Springs provides its 121,000 residents with a high quality of life through helpful services, abundant recreation and plentiful entertainment.
The city’s public schools, including Coral Springs High School, all receive “A” ratings from the Florida Department of Education, and some of the 19 schools have earned additional recognition for outstanding programs. The city operates several parks, a gymnasium, the Sandy Ridge Sanctuary and offers dozens of recreation classes and camps. Families also enjoy the rousing entertainment at the Coral Springs Center for the Arts’ Broadway production tours and the Coral Springs Museum of Art. The first permanent Coral Spring building still stands as the city’s heritage site, the quaint Coral Springs Covered Bridge.
Buying a Home in Coral Springs
Median home prices have increased in Coral Springs over the past few months, reaching $334,000, although the median price per square foot dipped just slightly to $143.70 during the same time period. The average home price also rose to $350,367 and an average per-square-foot price of $141.40. Homes stay on the market here for an average of 57 days, which gives most house hunters plenty of time to consider their options. About 24 percent of the local housing market consists of distressed properties.
Popular Neighborhoods in Coral Springs
Families like the safety and good schools available in the Kensington neighborhoods. Some Kensington subdivisions are gated for extra safety, but all offer nice, slightly newer homes and a pleasant, welcoming community feel. The average selling price of a Kensington home is $369,906. The Westchester neighborhood’s location between the country club and the Everglades is attractive to many families who want a safe neighborhood with older, well-kept homes and waterfront views. The average selling price of a Westchester home is $262,266. Ramblewood also appeals to a variety of residents, with its larger yards, mature landscaping and spacious ranch homes. Ramblewood homes have an average selling price of $307,038.
Buying vs. Rent to Own Homes
Buying into a strong market like Coral Springs takes some patience, especially for buyers who haven’t yet saved a large-enough down payment. Rent to own homes can lessen some of those fears about financial requirements. These less-conventional purchases ease buyers into the process, setting up the transaction to last one to three years. Instead of an initial down payment, buyers submit a one-time option fee. Home prices are negotiated at today’s rates, and buyers pay those prices even if the market has escalated by the time the contract period is finished. This gives buyers the gift of time without sacrificing potentially good deals now.
Cost of Living in Coral Springs
Coral Springs locals can expect to pay about 22 percent more for overall living expenses than the average American. Utilities are the least expensive essential, costing 2 percent less than the national average. All other necessities are more expensive. Groceries, health care and transportation are 10 to 11 percent more than the national average, and housing is 52 percent higher.
Surrounded by scenic natural landscapes, manicured neighborhoods and an appealing open-air shopping and entertainment mall, it’s easy to understand Coral Springs’ reputation as a great hometown. The city frequently ranks among the nation’s best cities, recently earning CNN/Money magazine’s approval as one of the country’s best cities. Local neighborhoods are friendly and safe, and their homes are comfortable and diverse. These amenities and quality of life traits aren’t cheap, though, and Coral Springs residents pay a slightly higher cost for living here.
Rent to Own Realtors
Realtors can qualify buyers to get an idea of when they will be ready to purchase a rent to buy home and inform them on how long to set the lease term, but mortgage officers can do that too.
Banks can make a lot of profit off of a successful mortgage. That’s why mortgage officers will be willing to help you figure out the details of your rent to own deal. However, real estate agents don’t make enough profit off of rent to own deals to justify waiting a few years for the commission.
While real estate agents might be a logical partner in rent to own deals, you’ll have a lot of difficulties finding one to help you. For everything you think you need a realtor for, consider what other types of professionals might be able to help you, like title companies or lawyers.
About Our Listings
When you rent to buy a condo or a townhouse, you’re taking the first step toward becoming a homeowner. You can take advantage of many rent to own by owner programs with no credit check. Having bad credit shouldn’t stop you from owning one of your favorite apartments or houses.
While you lease-option or lease-purchase, you’ll work on improving your credit score and saving up a down payment so that you can qualify with the bank for the house you’re interested in. The bank is frugal with mortgage approvals because they often end up selling foreclosed homes for cheap prices because people cannot afford their mortgage payments.
When you lease to purchase, you’re making yourself into a better candidate for purchasing properties. Check out Rent to Own Lab’s free listings to find properties near me that meet your family’s needs.