If you have always wanted to own a home in Orlando, Florida, but you are facing some financial challenges, you might be interested in a rent to own option. This is a way to rent a home with the option to buy it at a predetermined 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 Orlando are becoming more attractive, especially in the current real estate market. Orlando is one of the hottest markets in the U.S., thanks to its warm climate, amazing attractions, and thriving economy. The demand for homes is high, and so are the prices. According to Realtor.com, the median listing home price in Orlando was $362,000 in January 2023, up 9.7% from the previous year.
By choosing a rent to own home, you can secure 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. Furthermore, 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 Orlando 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. Moreover, you will need to secure financing at the end of the lease period unless the owner offers seller financing.
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 Orlando 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 or Zillow. 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 Orlando, 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.
