Rent to Own Homes in Tallahassee
Tallahassee is the Florida state capital, and flourishes with all of the associated government, political, legal and lobbying enterprises that go along with state government. Located in the central northern part of Florida, Tallahassee is also the seat of Leon County government and is a regional hub for business and agriculture.
The city offers bountiful services and attractions to its citizens, from the busy Tallahassee International Airport to the historic United States Federal Courthouse Building. Tallahassee is also home to a number of respected educational institutions, including Florida State University, Florida A&M University and Tallahassee Community College. Many of the 15,000 students at Tallahassee Community College transfer to Florida State University and Florida A&M University to continue their studies, and all three schools contribute to the city’s position as one of the important regional centers for scientific research.
Buying a Home in Tallahassee
Buying a home in the Tallahassee metro area is option-filled with 5,424 homes and condos on the market. The average sale price of a local home is $203,874, which is 96.8 percent of the original asking price. Homes tend to linger a bit longer than three months on the market before selling, so house hunters often have time to consider all of their options before making an offer on a home. RealtyTrac reports that 1,237 homes are in the foreclosure process, and they offer significantly lower prices. The median price for a foreclosed home in Tallahassee is $69,900.
Popular Neighborhoods in Tallahassee
Tallahassee has 1,840 neighborhoods to consider, but one of the top-selling neighborhoods is Southwood. This master-planned community offers a variety of home styles, a town center, walking trails and excellent schools. Families and commuters also enjoy Killearn Estates’ lovely newer homes with an average selling price of $222,648 for their proximity to I-10 and downtown as well as private golf, country, swimming and tennis clubs. Closer to downtown, younger home buyers appreciate the eclectic and trendy shopping, eating and entertainment of Midtown. The neighborhood is diverse, featuring historic homes and charming ranch homes with an average sales price of $185,000.
Buying vs. Rent to Own Homes
While buying a home the traditional way is suitable for many home buyers, rent to own homes are ideal for others with less-than-perfect financial situations. Rent to own homes give buyers the opportunity to negotiate home prices at today’s prices and jump into the market while prices are favorable. Buyers using the rent-to-own method can move into the home right away, rather than waiting one to three months for escrow to close as a traditional buyer would. The biggest advantage of rent to own homes is that these arrangements give buyers time to improve their financial position before seeking a mortgage.
Cost of Living in Tallahassee
Living in Tallahassee is delightful, and its low cost of living makes it even more wonderful. Housing is the best deal in Tallahassee, costing 14 percent less than in other towns. Groceries and transportation costs are 5 percent above the national average, but health care and utilities are slightly below the average. This mix of higher and lower costs evens out, giving Tallahassee residents a cost of living that is 4 percent below the national average.
Named one of the top best places to live by Livability, Tallahassee abounds with the services, neighborhoods and homes that make it a favorite hometown. The average home here sells just more than $200,000 and ranges from historic to new. There are still more than 1,000 homes in the foreclosure pipeline, so home buyers will have several less expensive home buying options. The city’s neighborhoods are just as diverse as its homes, offering chic, urban Midtown neighborhoods to new, master-planned communities. The cost of living in Tallahassee is affordable and just below the national average.
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
When you’re looking for your first townhouse or condo, you learn pretty quickly that it’s difficult to secure financing for houses when you have bad credit. However, you can find properties, like apartments, in our free listings that might meet your needs.
Our database includes free listings for cheap properties available for lease-purchase, rent to own by owner, foreclosed homes and owner financing. Many of these programs will work with you with no credit check.
The convenient part of rent to buy and lease to purchase agreements is that they give buyers time to prepare to purchase a home by saving up a down payment and improving their credit score. Owner financing often has less stringent requirements than conventional financing. Search for properties near me to find the program that’s most convenient.
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