Rent to Own Homes in Fort Lauderdale
The below results are primarily rent to own homes in Broward...
The below results are primarily rent to own homes in Broward County, FL:
With its scenic position on Florida’s Atlantic Coast and its legendary Fort Lauderdale Beach, the city of Fort Lauderdale is as attractive to visitors as it is to its residents. The Greater Fort Lauderdale area welcomed 13.4 million visitors in 2013, spurring a sizable tourism industry that brings $10.67 billion into the local economy.
Visitors and locals alike appreciate the many attractions and transportation options available in Fort Lauderdale/. From Fort Lauderdale beach activities to cheering on soccer matches and football games at Fort Lauderdale Stadium, there are always fun things to do in Fort Lauderdale. Getting here is convenient, too, with the fast-growing Fort Lauderdale-Hollywood International Airport and Port Everglades, the third largest cruise port in the United States.
Buying a Home in Fort Lauderdale
Whether you’re looking for a townhouse or a larger detached home, Fort Lauderdale’s housing market is full of possibilities. Prices for both types of houses are on the climb, with median sales of single family homes up 3.6 percent to $290,000 and median sales of townhouses and condos up 7 percent to $135,000. The same is true for average sales prices; they’ve increased 6 percent for single family homes to $367,284 and 5.7 percent for condos and townhouses to $190,794. The two housing types differ, though, in their availability. Listings for single family homes are up 5.3 percent to 2,609, while new listings for condos and townhouses are down 2.8 percent to 2,456.
Popular Neighborhoods in Fort Lauderdale
While Fort Lauderdale is filled with attractive neighborhoods, the areas around downtown are an appealing option. Colee Hammock is one Fort Lauderdale’s oldest neighborhoods, just minutes from downtown. Its blend of historic and new homes and condos gives residents quick access to the Intracoastal Waterway and New River as well as shopping and entertainment. More established families and professionals also appreciate nearby Victoria Park for its large, historic homes, shopping, dining and proximity to downtown and the Intracoastal. Harbor Beach, Isles and Inlet are the upscale, waterfront neighborhoods that appeal to more affluent tastes. They feature large estates, abundant golf courses and private schools.
Buying vs. Rent to Own Homes
Rent to own homes give house hunters more flexible financial options, particularly with respect to credit scores and down payments. Instead of making an initial down payment as in a traditional home purchase, buyers pay a smaller option fee initially and a down payment at the end of the rent-to-own contract when the mortgage is secured. Rent to own homes also often charge a marginally higher monthly rent than normal, with the excess rent being credited to the eventual down payment. Rent-to-own purchasers especially gain the advantage in markets where prices are increasing because they negotiate the purchase price based on today’s rates.
Cost of Living in Fort Lauderdale
Life’s essentials cost Fort Lauderdale residents about 18 percent more than the average American overall. That’s mainly because Fort Lauderdale housing costs are 41 percent higher than the national average, although groceries, healthcare and transportation are also about 10 more expensive here. On the other hand, locals spend about 2 percent less than the national average on utilities, and they enjoy nearly 30 percent greater purchasing power than residents of nearby Miami.
Just 23 miles north of exotic Miami, Fort Lauderdale enjoys its position along the Intracoastal Waterway and New River as well as its access to treasured beaches and gorgeous neighborhoods. The city offers an abundant supply of historic homes, newer condos and a host of waterfront properties. Prices of both property types are increasing, making it more expensive to live in the area’s most beloved neighborhoods like Victoria Park and Harbor Isles. That higher-than-average housing cost contributes to the city’s overall cost of living that is fairly expensive.
Rent to Own Realtors
Most realtors aren’t going to want to work with a client looking for a rent to own deal. The upfront profit for a realtor is minimal, and the largest chunk of the commission isn’t guaranteed – even after the contract is signed. Successful rent to own deals make the bulk of commission for realtors as far as three years in the future.
Good realtors know that if they’ve done their job qualifying and showing a buyer options that meet their tastes and budgets, a rent to own deal has a great chance of success. But good realtors are rare.
Instead of using a realtor, learn about rent to own yourself and meet with professionals in the title, mortgage and legal industries to increase your chances of success.
About Our Listings
Listing properties for traditional sale eliminates a big chunk of the buyer market. People with bad credit are left out of the traditional home buying process. Nonetheless, buyers who don’t qualify for mortgages are still in the market for apartments and houses.
Rent to own by owner programs with no credit check are an easy way for a seller to start earning money from their townhouse or condo in a market that isn’t viable, which appeals to new groups of buyers.
Through rent to buy and lease to purchase, sellers rent a property to potential buyers for a set lease term. During which, the seller earns profit through the rent buyers pay as a tenants. At the end of the lease, the buyer has the option to buy the property, or if they signed a lease-purchase agreement, they must buy it.
With a little patience, sellers can make rent money and the true value of their home from its eventual sale. Which is better than selling the home cheap and competing with bank-owned foreclosed homes that sell for less than market value.
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