Rent to Own Homes in Pensacola
The below results are primarily rent to own homes in Escambia County, FL:
The city of Pensacola is positioned toward the western edge of Florida’s mainland and is less than 10 miles north of Pensacola Beach. The city rests on the northern shores of Pensacola Bay, and residents can cross the Pensacola Bay Bridge to reach the beaches and scenic parks located on the nearby barrier island in 20 minutes or less. Gulf Breeze Zoo is located on the island as well. Pensacola people can also reach many of the coastal cities in Alabama within an hour, including Orange Beach and Oyster Bay.
This city is part of the Pensacola Metropolitan Area and is home to the Blue Wahoos Stadium. This sports complex sits right on the Gulf of Mexico shore and offers spectacular views of the water as well as exciting games throughout the year. Other city highlights include the National Naval Aviation Museum, Fort Barrancas, the Pensacola Museum of Art and the Pensacola Lighthouse.
You can’t have a conversation about this city without mentioning the Naval Air Station Pensacola. This was the first naval air station established in the United States and it remains a primary training ground for naval aviators. The station helps define the culture of the city, but the coastal location is a major influence as well. For higher education, residents have access to Pensacola State College, Pensacola Christian College and the University of West Florida.
Buying a Home in Pensacola
The Pensacola real estate market includes beach homes and condos. It’s a popular destination for retirees, and some of the properties can sell for more than $400,000. This doesn’t mean that you can’t find affordable housing in this city. The median sales price for Pensacola homes is typically around or under $150,000, and it’s common for buyers to pay a bit less than $100 per square foot. If you need help securing a down payment, check with the city for information regarding the State Housing Initiatives Partnership Program, which is often referred to as SHIP.
Popular Neighborhoods in Pensacola
One of the most popular Pensacola neighborhoods touches the Gulf coast and then runs north along Bayou Texar. If you stay east of North 17th Avenue and south of Texar Drive, you can expect to see home prices between $250,000 and $300,000. You’ll find a lot of older homes in this established neighborhood, and most properties are owned by their occupants.
If you want to live close to the water but prefer to pay a bit less for your home, you can find prices closer to $200,000 in the neighborhood south of Tarklin Bayou Preserve State Park. Big Lagoon State Park sits in the western corner of this community, and it falls south of Route 292 and west of South Blue Angel Parkway. There are more new constructions in this area, but most of the homes are still owned by their occupants.
Buying vs. Rent to Own Homes
When you buy a home in Pensacola, you must secure pre-approval from a lender and then find a home within your maximum spending allowance. Most buyers spend at least one year saving up for their down payment and perfecting their credit report so that they can qualify for an affordable interest rate. If you don’t want to rent an apartment or home while you’re preparing for that process, you might consider a rent-to-own property. These homes allow you to move into a property that you intend to purchase in the future. You can take the time that you need to prepare for home ownership, but you won’t have to move yet again when you do purchase the property.
Cost of Living in Pensacola
The cost of housing in Pensacola sometimes drops 30 percent or more below the national average. Most residents pay a bit more than average for utilities, but most are able to balance that expense by more affordable food, goods and services. The overall cost of living in this city is often 10-20 percent lower than the national average, so most residents can afford to purchase a home and live comfortably.
Located 10 miles north of Pensacola Beach on the western edge of Florida’s mainland, the city of Pensacola is well known as a primary training ground for naval aviators. It sits right on the Gulf of Mexico and is a short drive from many beaches along Florida’s western coast as well as the Gulf Coast in Alabama. The city is home to a variety of parks, museums, art galleries and scenic coastal attractions. You can also find affordable housing in Pensacola, including properties right on the coast or facing a bayou.
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
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.