Rent to Own Homes in Plantation
The below results are primarily rent to own homes in Sarasota County, FL:
Plantation is located in South Florida, approximately six miles west of Fort Lauderdale and four miles south of Sunrise. The city was incorporated in 1953 and was name after the Everglades Plantation Company, which was one of the first land owners in the area. Now located in Broward County, the city is known as a family-friendly community positioned close to one of the most popular tourist destinations in the United States.
Working from Plantation City Hall, the local government is taking ambitious steps to spark growth within the community. For instance, they support the development of a large urban center known as Plantation Midtown. This mixed-use complex covers more than 800 acres and should attract more businesses as well as residents to the city.
Plantation is also home to many family-centered neighborhoods and reputable schools. There are now six Plantation middle schools, six local high schools and a growing list of active elementary schools. Residents can spend time at the Jacaranda Golf Club and Plantation Preserve Golf Course, and the Plantation Historical Museum is a big attraction. Other local businesses include a couple day spas, a movie theater and a healthy collection of bars and pubs.
Buying a Home in Plantation
The median listing price in Plantation is typically a little less than $300,000, but many homes sell for prices closer to $200,000. There are some prestigious neighborhoods where the homes are valued at more than $300,000, so you have the opportunity to invest in a more upscale property if you have the budget available. While there are many schools serving the city, they aren’t all rated highly. If you’re concerned about the quality of education that your children will receive, look for homes close to Central Park or Plantation Park elementary schools.
Popular Neighborhoods in Plantation
One of the most prestigious neighborhoods in Plantation is located east of North Flamingo Road, west of South Hiatus Road and north of I-595. With median real estate prices close to $700,000 most of the time, this is also one of the most expensive communities in the city. You’ll find mostly larger homes with more than three bedrooms, and most of the property is owner-occupied. The vacancy rate is generally around 12 percent, so finding properties for sale isn’t difficult.
For real estate prices closer to $500,000, head further east to the Plantation Isles and Plantation Park neighborhoods. These communities are centered around Plantation Heritage Park and have vacancy rates below 5 percent. You can find prices below $400,000 in Plantation Park, but expect to pay closer to $500,000 in Plantation Isles.
Buying vs. Rent to Own Homes
Are you ready to make a Plantation home your own? This is an affordable city that allows many consumers to become home owners, but it’s important to wait until you’re ready for the responsibility that comes with owning property. This is why rent-to-own homes are becoming so popular. These properties allow you to occupy your new home before you take out a mortgage loan. You’re a renter at first, but you will eventually secure financing and make the property your own. This is the perfect way to move right away while preparing for the responsibility of ownership.
Cost of Living in Plantation
The cost of housing in Plantation can easily rise more than 50 percent above the national average. This drives up the overall cost of living to at least 10 percent beyond the national average. Utility rates are typically a little lower than average, but all other expenses are within 10-20 percent higher than average. If you’re shopping for a home on a limited budget, make sure that you look in some of the more affordable neighborhoods and budget for the higher price of food and transportation.
Located less than 10 miles from the coast in sunny southern Florida, Plantation is a family-friendly community with multiple golf courses, spas and entertainment venues suitable for kids of all ages. It’s not difficult to find welcoming residential communities centered around well-kept parks and close to quality public schools in this city, but you’re also a short drive from the sandy beaches. This allows you to strike the perfect balance between everyday life and days off spent romping in the south Florida sunshine.
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.
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These programs are a great way to buy a condo or townhouse if you have bad credit. In fact, lease purchase and rent to buy programs usually offer cheap homes with no credit check. Just make sure you look at your lease to purchase agreement to understand whether you have the option or obligation to buy the home you’re looking at. Lease-purchase agreements require the buyer to purchase by the end of the lease term, while lease-option agreements give the buyer the option to buy.