Rent to Own Homes in Davie
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The town of Davie in southern Florida is often referred to as Davie Town. The area was originally known as Zona, but it was renamed in honor of R.P. Davie. This investor purchased more than 20,000 acres of land in the city of Zona and built a school for the residents. He probably didn’t know that he was creating a town that would continue to thrive generations later, but the town now boasts nearly 100,000 residents. The original schoolhouse built by R.P. Davie is still standing and is maintained by the Davie School Foundation. The Davie Historical Society is also actively involved in preserving historical buildings throughout the town.
Residents of Davie Town stay in touch through the Davie Digest, which includes a website and an old fashioned newspaper that reports local news. Located approximately 11 miles from Fort Lauderdale and Hollywood, the town is considered a suburb of the larger surrounding cities. This makes it easy for residents to commute to work without living in a crowded city. Many horse enthusiasts move into this area, but it’s also home to many people in search of affordable homes within a reasonable drive of the coastal beach towns.
Buying a Home in Davie Town
You can find more than 500 homes on the real estate market in Davie at virtually anytime. This healthy market makes it possible for most homebuyers to find prices that match their budgets without giving up amenities that suit their lifestyles. The median listing price is typically just under $400,000, but the median sales price often drops below $300,000. This is a town where many sellers are willing to negotiate, and it’s not common for buyers to encounter bidding wars. You can expect median listing prices around $186 per square foot, but it’s possible to negotiate to around $160 per square foot for most homes.
Popular Neighborhoods in Davie Town
One of the most popular neighborhoods in Davie is located in the southwestern corner of town. Positioned south of Griffin Road and west of I-75, this small area looks disconnected from the rest of the town when you glance at a map. This is one of the more exclusive neighborhoods, so you can expect median real estate prices over $500,000. There are many large homes in the area, and most of those homes are occupied by their owners. The vacancy rate tends to stay below 3 percent, and the crime rates are low here as well.
Another popular neighborhood is located in the center of town, east of South Hiatus Road and west of SW 100th Avenue. Located close to Linear Park and Robbins Park, this community is ideal for families with younger children. Median real estate prices are typically just below $500,000, and there are many large homes in the neighborhood. While vacancy rates can climb higher than 10 percent at times, most of the homes in this area are owned by their occupants.
Buying vs. Rent to Own Homes
A rent-to-own property is on the market just like any other home for sale in Davie Town, but it comes with unique terms. Instead of securing a mortgage loan before moving into the property, you turn the typical home-buying process upside down. It starts with signing a lease and moving into the home as a renter. You have until a specified date to officially purchase the home if you want to stay long term. This prevents other buyers from placing their bids while you’re preparing for home ownership. You get more time to secure an affordable home loan and more time to enjoy the property.
Cost of Living in Davie Town
The town of Davie is typically 10 percent more expensive than the average U.S. city. This is a reflection of the housing market, which can rise 20 to 30 percent higher than the national average at times. Many homeowners do benefit from slightly lower-than-average utility rates, but that is easily offset by higher prices on everyday goods and services. If you shop for your home wisely, you can still live within a modest budget in this town.
Davie Town, Florida, is home to many horse enthusiasts, but it also provides a small town living environment for many workers commuting to larger cities nearby. The town is also a short drive from the beaches that grace Florida’s coastline. With a cost of living that spikes just above the national average and a large housing market that ranges from $100,000 properties to homes worth more than a million dollars, this is an interesting city to call home.
Rent to Own Realtors
When it comes to contracts, there are usually plenty of loopholes. You don’t want to be blindsided because your counterpart in a rent to own deal knows them better than you do.
A realtor might be the logical person to ask for help with a real estate deal, but instead, you should consult with a lawyer to ensure that your lease-option contract benefits you just as much as it benefits the other party.
Realtors likely will not want to help you with a lease-option because they don’t make a lot of money off of them – at least, they don’t make a lot of money until the end of the lease, and that isn’t a guarantee.
Regardless, a lawyer will have more accurate information about your contracts anyway.
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.