A lease option (AKA “rent-to-own”) agreement is not the most common way to purchase a home, but for the right Cape Coral buyer and seller, it can sometimes be a solution that fills an otherwise unbridgeable gap. It’s most commonly seen when a potential buyer needs time to repair credit damage at the same time a seller is finding it difficult to sell via more conventional means. If you fall into either category and are considering using the lease option approach, it’s important to arrive at terms that meet your specific needs.
Because the rent-to-own model is one that not all landlords or sellers are eager to enter into, buyers usually find a limited number of Cape Coral lease option properties from which to choose. But caution is warranted. Rather than diving into such an agreement simply because it is one of the few that is available, make sure you consider the details carefully. Approach a lease option contract as though you were buying the property via the usual route – and that definitely includes recruiting an experienced agent to help with the fine print!
Of course, you’ll certainly want to pay close attention to the bottom line. Before signing any lease option contract, you need to be confident you are satisfied with the price you will ultimately be obligated to pay. The majority of lease option contracts involve paying more than you would if you were purchasing the home outright. It’s true that sellers need to include consideration for carrying the cost of taxes and maintenance for the duration of the contract, but the premium doesn’t have to be prohibitively expensive. Always keep in mind that it’s possible you’d be better off looking for another property.
There are any number of creative buying and selling options available in Cape Coral, whether via lease option or a more traditional route. By taking your time and working with a knowledgeable agent, you can arrive at the buying decision that’s best for you and your family. If you are thinking of buying or selling this fall, contact me to set a plan in motion!