Browse Rent To Own Homes in Miami Gardens, FL
Are you looking for a rent to own house in Miami Gardens? 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 Miami Gardens area.
Click the link below to access the listings!
Featured Rent To Buy Houses in Miami Gardens, Florida
Browse the following featured properties in the Miami Gardens, Florida area, or click the link on this page to get access to the complete listings for Miami Gardens 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.
Miami Gardens 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 Miami Gardens, Florida
Nestled between Hollywood and Hialeah, Miami Gardens, FL is a wonderful district of Miami, and a great cross between city and suburb.
A community of just 110,000 people, Miami Gardens has all the amenities of the big city without the crowds and fast-paced way of life. It’s located just a few miles from the beach, which is great for convenient access and a day of fun in the sun, but far enough away that you don’t face crowds of tourists down for spring break, or have to worry about the next hurricane coming through and wiping out your house.
Additionally, because Miami Gardens is set inland by a few miles, the home prices are actually more affordable than you might think. While there are neighborhoods for a range of price levels, this area has a lot of wonderful homes and apartments that are accessible to middle income families and individuals.
If you find yourself in that group, you can also use creative seller-financing to help you with the purchase of your house. Miami Gardens is great because there are usually plenty of homes available on the market that are sold as lease option, or rent to buy houses.
This type of real estate transaction allows you to work directly with the owner of the property – avoiding annoying agent fees and commissions – to negotiate purchase terms that work for you. It’s very common not to have to deposit a lot of money, since you can move in and ‘rent’ the house from the seller, with a part of every month’s rent check working towards your ownership in the home.
After a few years, you’ll have built up enough equity in the house to roll over the loan to a bank or other lender, and then be able to continue making payments on your mortgage, all without even having to come up with the ominous 20% down that is so often required of homebuyers.
Not every house on the market is sold this way, however, and to take advantage of these opportunities you need to register with a rent to own listings provider, who will maintain a current database of properties that fit your criteria, and notify you when one becomes available.
You can either browse these listings yourself, confident that every home you look at is actually available, or you can set notifications to automatically filter for certain criteria that you’re looking for, such as price, neighborhood, house size, etc.
Sign up today to get started and see first hand just how easy buying a new home with a lease option can be!