Lease With Option To Buy?

January 14, 2021

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Okay, so you’re new in town! Just got here from a couple hundred miles away and don’t know where to live, eat or stay away from.

That’s in not unusual in the Tampa Bay area. We get over 300 people moving into the area every day!!

Most know very little about the area for several reasons. Their employer did not give the time to travel here and look is the most common.

One of the major decisions to make is, where are you going to live? Renting an apartment for a year or two can be fun, if you’re single and no kids. Other than that, you are probably going to be looking at single family homes, with maybe a backyard and a garage!

Again, renting one is possible. Depending on the market, finding a rental could be difficult. Over the last several years, the Tampa Bay area has had phenomenal growth and rental homes are hard to come by. When you do find one, it is usually more expensive than buying.

Let’s say you find a home you would like to buy but would like to put that purchase off for a period of time. Maybe to be sure you like the area, or get your finances in place. There are several reasons that come to mind.

Enter Home Partners of America. Home Partners is a national rent to own company that we have used with success in the past.  Their program is simple, you find a home, submit to them for approval. They purchase the home and you lease it from them.

At some point in time, no more that 5 years, you decide you want to buy and stay put. You get financing from your favorite mortgage company and exercise your option to purchase.

Fairly simple.

Okay, there are some limits. The price of the home cannot be more than a certain amount depending on what area you live in. It has to be an approved community, the list can be seen at www.homepartners.com/how-it-works/communities.

It can’t be near a industrial building, airport runway or a railroad. Something that would impair the value of the home. Not sure why anyone would choose to live near something like that anyhow. A complete property guide can be had at https://programguides.homepartners.com/view/130803/

The program is not for everyone, but for some it is perfect.

If you think you might be interested, reach out to us at 813-575-2124. We would be happy to talk.