Rent to Own Homes in Pompano Beach
The below results are primarily rent to own homes in Broward County, FL:
You’ll find Pompano Beach on the southeastern tip of Florida, approximately 11 miles north of Fort Lauderdale, fewer than 10 miles south of Deerfield Beach and about 12 miles east of the Everglades Wildlife Management Area. While the beach is a popular area for residents as well as visitors, this is an active city that offers many other forms of entertainment. You can shop or find a job in the downtown Pompano Beach area or soak up the sunshine at the Pompano Beach Golf Course.
For upscale shopping and a variety of entertainment and dining options, head to the eastern edge of town. This is where you’ll find the Pompano Citi Centre, which is the leading shopping destination for the city. The Pompano Beach Amphitheater, the Pompano Beach Golf Shop and the Pompano Beach Airpark are also located in this general area.
Whether you’re searching for luxury housing or just want to find an affordable home that allows easy access to public transportation and the beach, you can find it in this southern Florida city. Residents have easy access to the Pompano Beach Tri-Rail station as well as a reasonable commute time to larger nearby cities with more job opportunities.
Buying a Home in Pompano Beach
The average listing price for homes in Pompano Beach is typically around $200,000, and the median sales price per square foot is under $150. Many homes sell for significantly less than their listing price, so you may want to look at homes that are listed at prices slightly higher than your maximum spending limit.
While some public transportation is available in some areas of the city, the majority of residents depend on private transportation to get around. You may want to find a home close to your work location if you don’t have a vehicle. If you have children and want to live near the best schools, consider homes near Pompano Beach High School.
Popular Neighborhoods in Pompano Beach
Terra Mar is one of the most popular neighborhoods in Pompano Beach because it’s right on the coast and features a variety of housing options, including single-family homes and large apartment complexes. While the area has a high vacancy rate, you can expect median real estate prices that often rise close to $400,000. There are many vacation homes in this area, but you can also find affordable homes suitable for primary residence if you watch the market.
If you don’t need to live right on the water but want to remain relatively close, consider the Pompano Beach Highlands neighborhood. It’s located more to the north and further inland, and median real estate prices fall to around $130,000. The vacancy rate is also much lower than in waterside communities, and many of the residents own their homes. There are fewer vacation homes in this area, so it’s more of a quiet, suburban living environment.
Buying vs. Rent to Own Homes
Are you mentally ready to purchase your own home but not so much financially ready? It’s easy to slip into negative thinking when you realize how long it could take you to save up for your down payment or to pay off outstanding debt on your credit report. Instead of marking homeownership off your bucket list, consider a rent-to-own agreement. You enter the contract as a renter, but you could claim the property as your own by the end.
Not all Pompano Beach homes will offer this type of agreement, and you have to ask questions because the terms of each deal are different. What you can expect is a reasonable rental term that allows you to better prepare for homeownership followed by a smooth home-buying process. If you’re ready to move but need some time to secure financing, this is the perfect way to claim your home.
Cost of Living in Pompano Beach
The overall cost of living in Pompano Beach is about equal to the national average despite a below-average housing market. The price of a home is about 10 percent lower than what you will find in many other cities throughout the country, but that is balanced out by above-average prices for transportation, healthcare, food and other expenses required for daily living. You’re left with an affordable home and a reasonable cost of living that makes it possible to live comfortably even on a tight budget.
Pompano Beach, Florida, is popular with beach lovers and those interested in living with intense sunshine most of the year, but you don’t have to purchase property right on the coast to enjoy a high quality of life here. The housing prices are lower than the national average, but the overall cost of living is comparable to the current national average. This allows many residents to live comfortably even if they don’t have large budgets. If you want to live on the coast, you will find affordable prices on vacation homes as well as primary residences, and there are many entertainment and shopping venues nearby.
Rent to Own Realtors
Realtors are highly skilled at informing potential buyers and prospective sellers about rent to own. A realtor can help find the second half of the deal you have been searching for.
Unfortunately, not many realtors are interested in rent to own because there isn’t a lot of money for them in the process. In the past, that would constitute a serious roadblock to rent to own; however, there are plenty of websites available for buyers and sellers to find each other.
Completing your rent to own deal without a realtor could save the seller a lot of money on commission. That gives the seller some wiggle room on the sale price, which attracts even more buyers.
About Our Listings
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.
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