Why Rent To Own in Jacksonville
Are you looking for a rent to own house in Jacksonville, Florida
Learn about local rent to own homes in Jacksonville. With today’s hot market, you may have noticed ads in the newspaper or online for rent to own homes in Jacksonville that look attractive, and most are.
Rent to own and lease purchase options can allow even the credit or down payment challenged, to own a home. We all know that it’s hard to acquire a loan for a home with less than perfect credit.
Rent to own allows you to get into a home and experience the stability from being a homeowner. All the while paying into your future instead of just paying rent into a landlord’s pocket.
What You Should Know - Renting to Own in Jacksonville, FL
What to Expect on a Rent to Own Agreement?
It’s really simple and easier than other real-estate contracts. A rent to own agreement document usually has two main parts. The first part will outline a regular rental contract you may be familiar with from past rentals. This is a basic rental lease.
The next section is an option to buy the house at a set price in the future. The usual timeline is at least 2 years and at the most (for us) 10 years. Within this time period you should be able to raise your credit worthiness and purchase the home with a traditional mortgage or acquire the payoff amount previously agreed upon.
An Established Time-Frame to Buy the Home
You will decide what time frame is best for your future. Of course, anywhere between 2-10 years allows time to get things in order and acquire a traditional loan. This is the time period we offer for rent to own homes here at Dream Quest.
Will My Rent Be Toward the Purchase Price?
Don’t just assume when paying rent that you’re paying a percentage toward the home price. Always ask your rent to own contact. And get it in writing! So many have been duped into paying way too much with rent to own houses. Don’t be fooled, always stipulate terms upfront in the original contract.
Federal law makes “down payment credits” from your monthly rent amounts very hard to apply to your purchase price. We have a system that allows a portion of the rent monies to be placed in escrow towards the purchase price. This can be set up easily.
Take note, the rent amount on a rent to own house in Jacksonville Florida is a little more than the on a regular rental. This is due to a few factors; the price set in your contract for the house stays the same, but home costs do not! Think about it, even if it’s a 2 or 10 year agreement, you pay the same amount in the contract. In 5-10 years, that same house will be worth 20%-40% more than what you agreed upon originally. The rent to own seller is legally bound to sell the house at the pre-determined price set in the original agreement. This is a win-win for you.
The next factor that may induce higher rent is the seller can do nothing with that home while you are renting to own, their hands are tied. For example, when home values increase many landlords/owners leverage equity out of a home with a HELOC or sell the home for a profit. With your rent to own agreement in place this is not even an option. So, rent to own homes may have a bit higher monthly rental costs, but the potential for you is great.
What About Home Repairs or Damages?
This depends on the rent to own agreement. At Dream Quest, the way we have it set up is, the renter is responsible for damage repairs and the home maintenance. This has shown over time to induce a level of care on the part of the “rent to own” client to take better care of the property over time.
If problems occur, we own another company who can handle home repairs and maintenance at a fraction of the normal costs. We make this option readily available for any rent to own situation.
Can I Extend the Rent to Own Option?
If renting to own time frame is not met, and you are not able to purchase the house, what happens? We strive to make it work for you make things work, this is just smart business all the way around.
Be sure to choose a rent to own company you trust. And of course, it always a good idea to talk with the seller on such matters. In many cases an extension of agreement can be worked out to benefit all parties.
We Have Bad Credit – Can I Still Get a Home?
Yes, that is what the rent to own system is geared towards. Dream Quest helps in many ways. We point you towards options to raise your credit worthiness. So often, the rent to own buyers have challenged credit, we can help!
Rent to own programs are an asset for the credit challenged. Renting to Own a home in Jacksonville can develop the structure and discipline needed to improve credit scores.
Can My Attorney Look At The Agreement?
Yes, it’s always a good idea to have an attorney or other knowledgeable parties look over any legal agreement. These are professionals who deal with rent to own contracts and alike on a daily basis. There are important factors you should understand and having a trusted lawyer, real estate professional of CPA look over the rent to own agreement is always recommended.
How Do I Find Rent 2 own homes in Jacksonville, FL?
The rent to own information above should give you a general idea of the rent to own process. Now it's time to search and get you in a home. We have many rent to own home options.
As always do your research and find rent to own homes that fit your home ownership criteria.
To begin a rent to own search…Contact Us. Enter your contact information and we will send you rent to own homes available in Jacksonville.
Rent to own houses in Jacksonville Florida go quickly…when we send you rent to own houses, don’t delay and miss out on your Dream Home! If you’d like more rent to own information give us a call we would be happy to help you get started with our rent to own program.