Rent to Own Homes in Ocala
The below results are primarily rent to own homes in Marion County, FL:
The city of Ocala is located approximately 75 miles north of Orlando in north-central Florida. It goes by the nickname “Brick City” because a majority of the buildings in the Ocala downtown area were constructed with brick after a massive fire destroyed the area in 1881. Today, residents enjoy more durable public structures as well as a variety of family-friendly entertainment venues. This includes the Wild Waters amusement park, Silver Springs Amusement Park, Discovery Center and the Tuscawilla Park Historic District. The city is also known as a major destination for professional horse shows.
Positioned within Marion County, Ocala is directly west of the Ocala National Forest and about six miles east of the Ocala International Airport. Some of the city’s major employers include the State of Florida, the Marion County Public School system, the City of Ocala, Munroe Regional Medical Center and a variety of local retail stores.
Outdoor recreation in the greater Ocala area is offered through a variety of open community parks that provide fun amenities for all ages. This includes the scenic walking trails at Silver Springs State Park, the basketball courts at Jervey Gantt Park and the playground at Brick City Adventure Park. The area is also home to an assortment of historical sites and museums, including the Marion County Museum of History, the Silver River Museum and the Fort King Site.
Buying a Home in Ocala
Approximately 80 percent of Ocala residents own their homes, largely due to the low cost of housing in most areas of the city. The median sales prices typically stays below $150,000, and you can easily find homes selling for around $120,000 at any given time. When you come across listings for homes close to or under the $100,000 point, you should order an inspection to uncover problems that may require renovation before you move into the property. There are many fixer-uppers in this city, but that requires an added investment of time and money.
Popular Neighborhoods in Ocala
If you want to feel like part of a friendly community, you can’t go wrong by moving into the exclusive gated neighborhood surrounding the Country Club of Ocala. You can find homes selling for as little as $500,000 here, but many of the properties are worth more than $1 million. In addition to enjoying the golf course, a swimming pool, tennis courts and other community amenities, you’ll get to attend member-only parties and other social events.
If a gated community is on your must-have list but you don’t have $1 million to invest, look for homes in the Carriage Hill gated neighborhood. The real estate prices are typically around $300,000 in this community, and the area is convenient to the city’s medical facilities and many restaurants, parks and shopping centers.
Buying vs. Rent to Own Homes
Is buying a home one of those tasks that you haven’t checked off your to-do list yet? If you need some time to prepare for ownership but want to move into a new home quickly, you might consider rent-to-own properties in Ocala. You will start out renting a home that you plan to purchase at some point in the future. As long as you make the purchase official before a designated date, you will one day transition from renter to owner. The best news is that you won’t have to move again once you purchase the property.
Cost of Living in Ocala
The overall cost of living in Ocala is typically within 10 percent of the national average. Many residents do pay a bit more than average for transportation, utilities and some other expenses, but that’s balanced out by the low cost of housing. The housing market can drop 30-40 percent below the national average at times, allowing buyers to purchase bigger and newer homes at affordable prices. There are many exclusive neighborhoods where home prices are high, but it’s not difficult to find more affordable housing options in most areas of the city.
Ocala is located in north-central Florida and known as the “Horse Capital of the World” due to the active horse show circuit. Positioned just outside of the Ocala National Forest, this area is the perfect place to call home if you enjoy hiking, mountain biking or bird watching. The city is also a short drive from beaches along Florida’s eastern and western coasts. Local jobs are provided through Marion County, the City of Ocala and local medical facilities.
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
It’s in the bank’s best interest to avoid foreclosed homes because they end up having to sell them cheap to recoup lost money. So, they try to play it safe with mortgage approvals by steering clear of people with bad credit.
That doesn’t help someone who’s working on getting their credit together to buy a condo or a townhouse. Nonetheless, rent to buy programs can help people work toward purchasing houses and apartments with no credit check.
The free listings on our site are usually rent to own by owner, so deals are more reasonable and trustworthy than big company lease to purchase properties are. Whenever you’re ready just look for lease-option or lease-purchase homes near me on the Rent to Own Labs website.