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The large, bright, and open eat-in kitchen offers plenty of cabinet space. The master bedroom is generously sized with a spacious bathroom, separate bathtub, and shower. Vaulted ceilings with skylights adorn the family room. Sliding glass doors open to the large covered screened porch, providing versatile space for relaxation and enjoyment. The fenced-in backyard, screened porch, and private garden ensure privacy with no nearby neighbors.
Tile flooring is throughout all areas. Stainless steel appliances and designer lighting adorn the kitchen and dining area. All rooms have been freshly painted.
This property is situated in a very quiet and pleasant neighborhood. It is located only minutes from Tampa International Airport and just a couple of minutes from the beaches. Additionally, it is close to International Plaza, West Shore Shopping Mall, and offers great access to the Veterans Expressway and Interstate 275.
Rent is $2950/month, and sale price is $595,000 offering luxury living at a fraction of the price. Don’t miss out on this opportunity! Call show contact info to arrange a viewing.
Rent-to-own, also known as lease-to-own or lease purchase, is an agreement between a landlord and a tenant that combines elements of both renting and buying a home. It provides an alternative path to homeownership for individuals who may not qualify for traditional mortgage financing or prefer a more flexible approach.
Here's how it typically works:
The landlord and tenant enter into a contract that outlines the terms and conditions of the rent-to-own arrangement. This agreement specifies the duration of the lease period, from one to five years. During this time, the tenant lives in the property and has the opportunity to improve their credit, save for a down payment, or address any other issues that may have prevented them from obtaining a mortgage initially. At the end of the lease period, the tenant has the option to purchase the property. The predetermined purchase price agreed upon in the contract remains unchanged, regardless of any changes in the property's market value during the lease term, which is $595,000.
The tenant pays an upfront option fee. It is from 6 to 10 per cent. which grants them the exclusive right to purchase the property at a price during or at the end of the lease term. This fee can be credited towards the purchase price if the tenant decides to buy the house.
Rent Payments: The tenant pays monthly rent, similar to a traditional rental agreement. The monthly rent is $2950.00.
The rent-to-own arrangement can have benefits for both landlords and tenants, although the advantages may vary depending on individual circ*mstances. Here are some potential advantages for each party:
Benefits for Landlords:
Reduced Vacancy Risk: Rent-to-own agreements often attract tenants who are looking to eventually purchase a home. This can reduce the risk of vacancies and provide a more stable rental income for landlords.
Benefits for Tenants:
1. Path to Homeownership: Rent-to-own agreements provide tenants with an opportunity to work towards homeownership, even if they may not qualify for a mortgage at the moment. It allows them to live in the property they eventually intend to purchase.
2. Time to Improve Credit: The lease period in a rent-to-own agreement gives tenants time to improve their credit score and address any financial issues that may have prevented them from obtaining a mortgage initially.
3. Lock-in Purchase Price: The purchase price of the property is agreed upon at the beginning of the lease, providing tenants with the advantage of potentially buying the property at a lower price if property values increase during the lease term.
4. Flexibility: Rent-to-own agreements offer more flexibility compared to traditional mortgages. Tenants have the option to walk away from the purchase at the end of the lease term if they choose not to exercise the purchase option.
5. Opting for a rent-to-own arrangement proves advantageous for renters, such as purchasing a $600,000 house would entail a monthly expense of $42,000 for the mortgage, along with additional costs of $5,000 to $8,000 for homeowner insurance and $7,000 for property tax; whereas, renting currently incurs a more manageable $2,950 per month until the mortgage rate decreases. The sale price is $595,000.00. The owner can consider to help loan up to 60%.
Call show contact info to arrange a viewing.
