Selling your home in a competive place like the Tampa real estate world can be difficult. The market is fiercely competitive, and the lower home values that blanket the area don’t help matters very much at all. Often a seller has to look at alternative options to the traditional sale. The rent to own option is one many do consider. Here are a few reasons why renting to own is becoming more popular.
In summary the classic rent to own option provides a way for a renter to offer a little more money as a downpayment, and to pay the rest over a longer period of time. This idea is very popular in the Tampa real estate community for a number of reasons. One advantage to the seller is the go up in money coming in from the property being sold. The buyer has the advantage of being able to budget for the eventual mortgage payment. Another overall benefit is that it makes it easier to remove the property from the already saturated market.
Remember that this nature of agreement means that the buyer and seller must determine who is responsible for the upkeep of the property. In many cases that responsibility is passed onto the renter of the property. Be sure to make certain that the contents of the contracts are agreed to by both parties, and that the information is legally sound.
Similar to other arrangements outside the Tampa real estate market, these rent to own deals are designed for the protection of all parties involved. One example is the act of placing the monthly payments into an escrow account. This way if a party is found to be violation of the agreement, legal actions can be taken without putting the financial assets in jeopardy. The agreements of this type found in the Tampa real estate market usually last around four years. This time period gives the buyer ample time to determine if the home is right for his family. While breaking the lease at a penalty is certainly an option, most choose to buy the home after investing so much time and money.
As you can see, there are a number of advantages to offering a rent to own option on your property for sale. There is the influx of rental income, as well as the likelihood of your property being sold.