Rent to Own Homes in Melbourne
Divided by Babcock Street, which runs north to south, and the east-west Brevard Drive, Melbourne is home to a number of important institutions and facilities. The Florida Institute of Technology was originally founded to provide night classes to NASA astronauts and engineers. Today it numbers thousands of students from all over the world. Faculty members of FIT include Buzz Aldrin, the Lunar Module Pilot of Apollo 11 and the second person to walk on the Moon. The Melbourne International Airport is located 1.5 miles northwest of downtown and serves as a primary hub for tourists visiting the nearby Walt Disney World Resort.The below results are primarily rent to own homes in Brevard County, FL:
Divided by Babcock Street, which runs north to south, and the east-west Brevard Drive, Melbourne is home to a number of important institutions and facilities. The Florida Institute of Technology was originally founded to provide night classes to NASA astronauts and engineers. Today it numbers thousands of students from all over the world. Faculty members of FIT include Buzz Aldrin, the Lunar Module Pilot of Apollo 11 and the second person to walk on the Moon. The Melbourne International Airport is located 1.5 miles northwest of downtown and serves as a primary hub for tourists visiting the nearby Walt Disney World Resort.The below results are primarily rent to own homes in Brevard County, FL:
The Eau Gallie Arts District along the Indian River has a rich history that dates back to 1860. The Melbourne City Council has been successful in having the Eau Gallie designated as a Florida Main Street. The civic center is located in the Gallie Arts District and there are many art galleries, restaurants, and a public pier. This beautiful area is just one of many reasons why Melbourne is a shining gem of the Space Coast.
Buying a Home in Melbourne?
The median sales price of a home in Melbourne is approximately $113,400, and the city has led the state in home price appreciation with property values showing yearly increases. This makes buying a home in Melbourne an attractive proposition. Forbes magazine has also ranked Melbourne first among Florida's metro areas in affordable housing.
Roughly 20,000 of Melbourne's 75,000 residents own their own home. The average mortgage is just under $1,200 and most homeowners in Melbourne spend less than 30% of their total monthly income for home expenses. Houses in Melbourne also tend to be spacious, with more than 50% having three or more bedrooms.
Popular Neighborhoods in Melbourne?
The Eau Gallie neighborhood is a wonderful area with a rich appreciation of the arts. It is home to Eau Gallie High School and is an idea neighborhood for adults with teenage children. This neighborhood is located near the Indian River and offers a variety of family-friendly parks and recreation areas.
Aurora is another popular neighborhood which is bordered by Lake Washington Rd. to the north, N. Wickham Rd. to the east, and Sarno Rd. to the south. Babcock Street, one of Melbourne's main thoroughfares, runs along the neighborhood's western edge. Aurora is home to many retirees and couples, and the area has many beautiful houses on quiet landscaped streets. Aurora is also home to many subdivisions such as Hammock Estates.
Buying vs. Rent to Own Homes?
While there are many beautiful homes for sale in Melbourne, some individuals may find pre-qualifying for a home mortgage difficult. This is especially true for first-time homeowners in today's market. The solution to this can be a rent to own home. The important difference between a rent to own home and a standard rental is that a portion or all of your monthly rent is applied to the purchase of your home. A rent to own home offers far more value than an apartment or other rental because each month you are making an investment in your future.
Cost of Living in Melbourne?
Melbourne is regularly ranked as the most affordable Florida Metro area. On average, individuals spend less than 30% of their net income each month on mortgage payments or rent. The city has many discount retail stores and shopping centers which are in line with national pricing averages. Based on a U.S. average of 100, Melbourne scores a 93 in overall cost of living and a 73 in housing costs. This places the city significantly below the national cost of living average.
With housing costs significantly lower than the national averages, pristine beaches, and its close proximity to Walt Disney World Resorts and other attractions on Florida's Space Coast, Melbourne is a beautiful place to call home. Small, quiet neighborhoods where residents know one another by name abound. Home to the Florida Institute of Technology and top-rated schools, parents will enjoy raising their children here on the shores of the Atlantic Ocean.
Summary
With housing costs significantly lower than the national averages, pristine beaches, and its close proximity to Walt Disney World Resorts and other attractions on Florida's Space Coast, Melbourne is a beautiful place to call home. Small, quiet neighborhoods where residents know one another by name abound. Home to the Florida Institute of Technology and top-rated schools, parents will enjoy raising their children here on the shores of the Atlantic Ocean.
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
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.
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