Browse Rent To Own Homes in Clearwater, FL
Are you looking for a rent to own house in Clearwater? If so, then browse the featured listings on this page, or signup to access our complete guide and listings for all lease to own properties in the Clearwater area.
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Featured Rent To Buy Houses in Clearwater, Florida
Browse the following featured properties in the Clearwater, Florida area, or click the link on this page to get access to the complete listings for Clearwater rent to own houses.
How Rent To Own Real Estate Works
Also known as a lease option, rent to buy homes are a type of owner financing tor real estate properties.
While the terms of the agreements can vary from house to house, the typical scenario is one in which the owner is looking to sell the property but is willing to accept payment over a period of time, rather than an up front settlement.
In this case, the buyer and seller both agree on the selling price of the home, and the terms of the purchase agreement, specifying things such as payment terms, interest, and length of the agreement.
Usually, owner-financed properties are paid off much sooner than a traditional bank mortgage, but by allowing the renter time to accrue equity in the house, the renter can often roll over that equity into a traditional mortgage after 1-3 years, if the need arises.
Every month the renter/buyer makes a payment to the seller. Typically, part of this payment is credited as rent, while a second part is credited towards the interest on the loan and/or equity in the home. Over time, the renter can then buy out the seller, even if the renter didn’t originally have a large downpayment or the credit needed to qualify for a traditional mortgage.
Clearwater Lease Purchase Homes and Houses
While there are many advantages to lease option, or lease to purchase homes, one of the main difficulties can be in locating the currently available properties.
Many rent to own listings are never uploaded to national or local databases, since it is common for sellers to work independently and not go through a real estate agent for these transactions. It is also common for sellers of owner financed, rent to buy properties to sell their homes casually, meaning that they are interested in selling, but are in no hurry to do so, meaning the listings are not widely publicized.
To find the full list of rent to buy properties in your area, you need to sign up for a dedicated listing service, which works to identify all of the relevant opportunities within your target geographical area.
Without a reputable listing agency, finding these properties can be extremely difficult!
Sign up below to get access to one of the most comprehensive rent to own listing services in the country.
Listings for Rent To Buy Properties in Clearwater, Florida
Are you considering buying a home in Clearwater, Florida? If so, there are a number of great options you can take advantage of in order to find the house that’s right for you. Let’s look at a few of the basic questions you need to answer before you start your home search.
Firstly, you need to ask yourself what type of home you’re looking to move into. Are you buying a house for you or your family, or looking for an investment property either to fix and flip or to rent out to tenants and enjoy long term cash flow?
Do you want to purchase a self standing house, an apartment, or a condo? How important is the location? Are you looking to buy land in addition to a house, in which case you’ll need to be looking at properties that are slightly outside the city. If having a yard isn’t as important, but proximity to cafes and restaurants is, then you can consider a house that’s closer to downtown.
Another huge area to think about is how you plan on financing your home. Are you going to be paying cash for the house, using money earned from the sale of a previous home, for example? Will you need to obtain a loan from a bank or other mortgage lender? If so, what percentage of the house can you afford to place a downpayment on, and how much can you reasonably afford for the monthly payments on the home?
One option many people overlook is the ability to purchase a rent to own home in Clearwater, FL. Rent to buy real estate is a great option for people who don’t want to place a large downpayment on a property and obtain a traditional mortgage from a bank.
Instead, they negotiate with the seller for the previous owner to carry part or all of the cost of the house. This allows you to have positive cash flow more quickly, paying off the house in monthly rental installments, where a portion of the rent works for you to build equity in the house.
Over time, you’ll be able to buy the house outright, or roll over your credit in the house as a downpayment to then find a mortgage from a bank or other financial institution.
This makes rent to own houses a great option for a wide variety of people, regardless of your job or financial status or credit score.
If this sounds like an option that might be right for you, then sign up for an online listing on this page and start looking for rent to buy homes in Clearwater today!