If you are looking for a way to become a homeowner in Pasco county Florida, but you don’t have enough savings or credit to qualify for a traditional mortgage, you might want to consider a rent to own option. This is a way to rent a home with the option to buy it at a fixed price after a certain period of time, usually between one and five years. This can be a great solution for people who need more time and flexibility to save money, improve their credit, or find the right home for their needs.
Rent to own homes in Pasco county Florida are becoming more attractive, especially in the current real estate market. Pasco county is one of the fastest growing counties in Florida, thanks to its affordable housing, natural beauty, and proximity to Tampa and Orlando. The demand for homes is high, and so are the prices. According to Bing, the median listing home price in Pasco county was $289,900 in January 2023, up 8.2% from the previous year1.
By choosing a rent to own home, you can lock in a purchase price at the start of the lease, and avoid the risk of price inflation or competition from other buyers in the future. You can also build some equity in the home, as part of your rent may go toward the purchase price or the closing costs. Additionally, you can enjoy some tax benefits, such as mortgage interest and property taxes, once you exercise your option to buy.
However, rent to own homes in Pasco county Florida also have some disadvantages that you should be aware of. For one thing, you will likely pay higher rent than the market rate, as well as an option fee or a premium that is non-refundable if you decide not to buy the home. You will also be responsible for the maintenance and repairs of the home, as well as the homeowners insurance. Moreover, you will need to secure financing at the end of the lease period, or you will lose the home and your investment.
Therefore, before you sign a rent to own contract, you should do your homework and consult with a professional. You should inspect the home carefully, check the title and the appraisal, and review the terms and conditions of the agreement. You should also work on improving your credit score and saving money for a down payment. Finally, you should shop around and compare different rent to own options, from individual homeowners, small landlords, and larger companies.
Rent to own homes in Pasco county Florida can be a great opportunity for aspiring homeowners who need some time and assistance to achieve their goals. If you are interested in this option, you can start your search on websites such as Central Florida Rent to Own. You can also contact me, a rent to own expert, to help you find the best deal for your situation. I have access to many rent to own listings in Pasco county, and I can guide you through the process from start to finish. Contact me today and let me help you make your dream of homeownership a reality.
