Rent to Own Homes in Tampa
The below results are primarily rent to own homes in Hillsborough County, FL:
Tampa is a town dripping with excitement. The city is one of Florida’s hub cities because of its beautiful beaches, quality attractions and great educational opportunities. Tampa is located on the western edge of Florida along the shores of Old Tampa Bay, Tampa Bay and Hillsborough Bay. The city is separated from the Gulf of Mexico by a thin strip of land containing Clearwater and St. Petersburg, but it isn’t limited to waterfront property. It continues northbound just beyond the Lower Hillsborough Wilderness Preserve and incorporates the University of South Florida and Lettuce Lake Park. Tampa International Airport is in West Tampa, and MacDill Air Force Base rests on the southernmost tip of the city.
For amusement beyond the beaches, visitors and residents can enjoy trips to the Tampa Bay History Center, Busch Gardens, Florida Aquarium, Adventure Island and Dinosaur World. When it’s time to relax at home, residents enjoy flipping through a copy of the Tampa Bay Times.
Buying a Home in Tampa
Tampa may look like a small city nestled quietly along three bays on the map, but it’s large enough to feel overwhelming when you start looking for a new home. Whether this is your looking to purchase your first home, a vacation home or investment property, finding a home in Tampa begins with breaking the city up according to counties. Each county is in a different section of the city and offers different lifestyle amenities.
For example, beach lovers may prefer a home in Pinellas County while those more concerned about purchasing property with some acreage may go toward Pasco County. Simply deciding whether you want to live near the water or more inland is a great start to selecting the perfect location for your future Tampa home.
The Spirit of Tampa
Tourism is huge within the Tampa area. Just 84 miles from Orlando, Tampa residents are privy to both area’s big box attractions, like Busch Gardens, Universal Studios and the Walt Disney World and the local revenue that comes with having those types of tourism draws. Many Orlando theme park visitors venture out to Tampa to enjoy the beautiful beaches. However, Tampa isn’t just a stop along the way for travelers, it’s also a popular vacation destination for beach lovers.
Tampa is more central to Florida than Miami or Fort Lauderdale are; therefore, it’s also a popular place for central Floridians to spend weekends, whether it be on the beautiful beaches or cheering on the Tampa Bay Rays. And while all of Florida is hot over the summers, Tampa is cooler than other areas of the state because of its proximity to the water and because it is further north up the coast than cities in South Florida.
Residents enjoy outdoor recreation at many waterfront parks, including the popular Cypress Point, which offers views of the ocean and boardwalk, in addition to hiking trails, dunes and docks for canoes. When it’s time to hit the beach, there are dozens of options within a 30-minute drive of downtown Tampa.
The University of South Florida is a popular university within the state that boasts a beautiful campus and students have direct access to a large city with various job and internship opportunities. Tampa is a great place to move if you’re a family with kids who may be interested in studying at USF. The Tampa Bay Times, a local newspaper, has won numerous awards for quality writing, and is lauded up and down the state in university journalism departments.
Popular Neighborhoods in Tampa
Neighborhoods in South Tampa are best for home buyers interested in living close to the water. You’ll find many historic neighborhoods in this area with stately homes that are quite pricey, but there are some more affordable neighborhoods as well. One of the most popular is Ybor City, otherwise known as Latin Quarter. Residents enjoy a variety of outdoor celebrations held throughout the year as well as many Cuban restaurants and shopping centers within walking distance of residential areas. In general, you can expect highly-walkable neighborhoods in South Tampa.
If you’re okay moving away from the beaches and want a more suburban vibe, Pebble Creek is a good option. It’s located in the New Tampa area and is known for chain restaurants and popular retail stores as well as playgrounds and nature trails safe for families.
Buying vs. Rent to Own Homes
You don’t have to delay your dreams of homeownership because you are not ready to secure a loan. If you’re trying to save up for a down payment or you need some time to raise your credit score, you may want to consider rent to own. Many homes in Tampa allow you to enter a rent to own contract rather than buying the property immediately.
In a rent to own agreement, you pay an option fee upfront and move into the home right away. The option fee is charged because at the end of your lease, you have the option to purchase the home you’ve been renting. That way, you can get comfortable in the home and strengthen your finances before you assume ownership.
When you are in a rent to own agreement, you pay rent just like any tenant would; however, you pay a premium rate. The overage goes into an escrow account and it’s used for a down payment on the home should you choose to purchase it at the end of your lease. However, if you choose not to purchase the home or don’t qualify for financing, the seller keeps the money in the escrow account as a consolation for lost time. It is to your advantage that you purchase the home at the end of the contract. You should use the time that you’re leasing the home to pay down your debt, save up money and improve your credit score. Do everything in your power to improve your chances of being given a loan to avoid forfeiting the money you’ve saved.
Additionally, when you sign a rent to own agreement, you lock in the price of your home at today’s market rate. If the value of the home increases over the next few years, you get the home for a deal! However, if the value of the property decreases, you will still have to purchase the home at that price or forfeit the money that’s been saved in escrow.
The current owner may or may not assume responsibility for maintenance and repair expenses while you’re renting the property, but they will assume the cost of taxes and insurance. You should discuss the terms of the contract in detail before agreeing to the deal.
Cost of Living in Tampa
You may expect the cost of living to soar in a city known for white sandy beaches and big amusement parks, but that isn’t the case in Tampa today. Some neighborhoods are more expensive than others because they include large homes directly on the beach or historical homes with beautiful architecture, but there are many other neighborhoods where the prices are cheap compared to other large cities in Florida and across the country. This keeps the overall cost of housing in Tampa lower than the national average. All other expenses are comparable to the national average, so you’ll enjoy the savings gained from more affordable housing options. Additionally, the state of Florida does not charge income tax; therefore, you would only pay taxes at the federal rate.
Tampa has a lot to offer homeowners from affordable real estate in family friendly neighborhoods to properties with direct access to beaches to homes near amusement parks. Located on the shores of three different bays and close to the Gulf of Mexico, this is the perfect city for primary residences, secondary beach homes and investment properties. If you aren’t concerned with living right on the water, you can always venture into northern neighborhoods that offer a more suburban environment.
Rent to Own Realtors
Rent to own is beneficial to both buyers and sellers, but that’s not common knowledge. A lot of people look to realtors as a credible source of information for their counterpart in a rent to own deal about the benefits of the program.
However, you likely won’t find a realtor who is interested in helping you. There’s not a lot of profit for realtors in rent to own deals.
Instead, you’ll have to become a credible expert on the process yourself. Honestly, that’s not a bad thing. It’s better that you know everything you need to about the process you’re investing so much time and money into.
About Our Listings
Listing properties for traditional sale eliminates a big chunk of the buyer market. People with bad credit are left out of the traditional home buying process. Nonetheless, buyers who don’t qualify for mortgages are still in the market for apartments and houses.
Rent to own by owner programs with no credit check are an easy way for a seller to start earning money from their townhouse or condo in a market that isn’t viable, which appeals to new groups of buyers.
Through rent to buy and lease to purchase, sellers rent a property to potential buyers for a set lease term. During which, the seller earns profit through the rent buyers pay as a tenants. At the end of the lease, the buyer has the option to buy the property, or if they signed a lease-purchase agreement, they must buy it.
With a little patience, sellers can make rent money and the true value of their home from its eventual sale. Which is better than selling the home cheap and competing with bank-owned foreclosed homes that sell for less than market value.
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Reported Annual Crime In Tampa