5 Things To Know Before You For Rent To Buy Properties In Florida

October 22, 2021

317 3 minutes read

Are you planning for a retreat because you don’t like winter? Then now is the right time to visit Florida. It is one of the ideal places to live right now since the property is soring high. Therefore there are fair chances that in a matter of a few years your small property will produce higher ROI. However, it is recommended that you read this article through before you jump on the very first opportunity you get to rent to buy properties in Florida.

Here in this article, we have provided some key tips that every rent to own enthusiast should know, especially when it comes to the Floridian property. Some of the key things you need to know about it are, it has a huge coastline, so you won’t miss out on the water for sure. Along with this, it is in proximity to Disney Land, you can plan a fantasy trip. Lastly, the weather is great, you just have to be on the watch out for natural occurrences e.g. hurricanes, tornadoes, etc.

1. Pricing Of The House

The first thing that you need to know about housing is, it is very expensive. The average price start from $300,000, and the monthly rent cost around $1900. So if you can manage this much the rent to own is a nice option. Also, take into account the credit you have to pay along with the rent. The average price of a house is set a bit higher than the current market price since the duration period is longer. Moreover, the closer you get to the beach the more expensive it gets. And, you have to take into account the maintenance and update cost too.

2. Location Of The House

In addition to price, you should also consider the location. Since Florida is closer to Disney land, this means you can plan a fun & dream vacation with your family and friends, also enjoy the sunny weather and the breeze of the ocean. However, you have to take the COVID and sudden weather changes in mind. Therefore, buying a house in the center of Florida is recommended. Obviously, there is more to it, as in great food spots and natural reserve parks where you can go for bird watching and camping.

3. Who’ll Manage and Maintenance Property

Another thing that needs to be clear about, while buying or renting a house is who is going to maintain it. In a regular lease, the landlord is responsible for the maintenance and tax payments. Similarly in the case of rent to own. However, there are many loopholes you need to know. First, read the contract. If it contains a condition where the landlord has put the responsibility on the tenant then you are bound to pay. Contrary to this, you can modify the contract and hold the landlord responsible and you can pitch in with the deposit.

4. Contract Types

When it comes to purchasing a property through a contract, then there are two types. First, that locks you in ‘rent to own’ and obliges you to buy the house at the end of the contract. Saying no is considered a contract breach. Another type of contract to ‘rent to option.’ In this type of contract, the tenant is given an option to either buy the house or opt-out. And, this type of contract is usually beneficial for the buyer when he or she is not sure about the house.

5. Don’t Forget To Contact Expert

The last tip from our side is, always consult an expert before investing money in real estate. Never rely on the information you are getting from the website because the realtor can give insights that you need about the market. Moreover, consulting a Georgian realtor about the Floridian property is not a good decision either. So, if you are searching for rent to buy properties in Florida, then contact the one who has a direct link or experience in the field, like Dream America.

Conclusion

Investing in real estate is like buying a bitcoin, the more you hold on to it the more ROI will it produce in long run. However, never miss a chance when you can cash the opportunity and make money. Moreover, whatever decision you make, always consult an industrial expert, not your friends or uncle who live in that area. Also, remember if you can’t qualify for the mortgage to finance a dream house, you can still opt for the rent to own or rent to buy. It gives you liberty in the form of less deposit and you can enjoy your stay and evaluate your options. In the end, if you don’t like the house then opt-out or sell the lease to another person.