Rent to Own Homes in Miami
The below results are primarily rent to own homes in Miami-Dade County, FL:
The Miami Metropolitan Area is often referred to as South Florida by locals because it incorporates Miami and other cities located on the southern tip of the state. This makes the Miami area one of the most desirable regions in Florida because it contains some of the leading beach towns in the United States, including Pompano Beach, Fort Lauderdale and Boca Raton. While it is separated from the mainland by Biscayne Bay, Miami Beach also contributes to the sandy real estate in the area.
Beyond fun in the sun, you’ll find upscale shopping boutiques, restaurants, golf courses and theaters in the Miami Beach area. The convention center is another big attraction, and there are bridges that make the beach island easily accessible to downtown Miami, the Miami International Airport and the University of Miami.
Life in Miami isn’t all about the Atlantic coast. The Miami River offers a pleasant place for relaxation and exercise, and there are art displays and other public events held along the river annually. Miami Rock Ridge Park and other public recreational areas ensure that residents always have a place to enjoy daily life alone or with their children and friends.
Buying a Home in Miami
The house you ultimately buy in Miami will largely depend on your reasons for moving into the city. If you want to live on the beach, you can expect to pay far more for your home than someone living further away from that prime real estate. If you’re moving for business, then you should determine your ideal budget as well as your maximum budget. This allows you to look in various neighborhoods within reasonable driving distance of your office, finding something that fits your budget as well as your preferred lifestyle.
You may also give some thought to the quality of local schools and availability of public parks. Not all schools are equal, and you want to end up in an environment that is safe and comfortable for every member of your family.
Popular Neighborhoods in Miami
If you’re moving to Miami to live on the beach and rub shoulders with the many celebrities that call the city home, you want to look in the South Beach neighborhood. This luxurious area features an active nightlife and a variety of upscale boutiques and restaurants, but you can expect to pay for your prestigious address. For upscale homes located on the mainland, find the Brickell neighborhood. Some of the most expensive homes are located there.
If your priority is finding a safe place for your growing family, look to the Miami Shores neighborhood. This area is considered a small village and has a community city where camps and other events for children are hosted throughout the year. From the aquatic center to the tennis courts, there’s always a safe place for recreation in this community.
Buying vs. Rent to Own Homes
Homeownership is a goal for many people, but it’s not an easy process for every consumer to handle. You have to save up for your down payment and get your credit score high enough to pass the critical eye of a lender, and then the process of finding a home within your budget begins. If you want to own a home in Miami but aren’t ready for one of those steps right now, consider renting to own. This is a special contract that allows you to rent your home for a specified period of time before making the official purchase. The current homeowner will assume all responsibility for maintenance of the property until you officially buy the home.
Cost of Living in Miami
Prices in Miami are slightly higher than the national average, and housing prices can rank substantially higher if you look in the more prestigious neighborhoods. Housing is the largest expense for most residents, and utilities are often the smallest expense. Depending on where you choose to shop, the cost of goods will vary. While there are many upscale boutiques and pricey department stores throughout the city, you can find cheaper alternatives in some neighborhoods.
Miami Beach is what attracts many people to this coastal Florida city, and many come specifically to dip their toes in the sand of South Beach. Those with a mind for business appreciate the influential business district formed by downtown Miami and surrounding areas. This is a highly walkable city with a variety of neighborhoods that meet the needs of the businessman or growing family just as easily as the beach lover.
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
Financially, buying apartments, houses or any other types of properties makes sense when compared to renting. You're paying roughly the same amount per month for your mortgage that you would to rent the same type of home. However, there are obstacles that make that process difficult to attain, like minimum down payments and bad credit. Those barriers prevent banks from ending up having to sell foreclosed homes.
Nonetheless, those barriers shouldn’t stop you from owning your own condo or townhouse. Through rent to buy and lease to purchase programs with no credit check, you could start working toward owning a house.
A lot of people who rent to own by owner take advantage of Rent to Own Lab’s free listings. Search our website for cheap lease-purchase or lease-option properties near me and see if rent to own could be the right option.