Realtor Candis Carmichael

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Pros and Cons of Rent to Own Programs

Pros and Cons of Rent to Own Programs - candiscarmichael-comThere are many pros and cons to rent to own programs. While they’re not for everyone, they definitely serve a purpose and help many families on the road to homeownership.

Rent to own programs in Tampa Bay, Florida have become increasingly popular in recent years as a way for individuals to achieve homeownership. These programs allow renters to live in a home while working towards purchasing it over time. However, like any real estate decision, there are pros and cons to consider before deciding if a rent to own program is right for you.

According to a report by the Tampa Bay Times, the median home price in Tampa Bay has risen to around $400,000 in 2021, which is significantly higher than the national average. This makes it difficult for many first-time homebuyers to afford a home, even with a low unemployment rate and a strong market.

Rent to own programs can be a great option for first-time homebuyers who are struggling to afford a home in the current market. These programs allow renters to live in a home while working towards purchasing it over time. However, it is important for renters to carefully consider their financial situation and the terms of the rent to own program before committing to a long-term purchase.

Pros of Rent to Own Programs

One of the biggest pros of rent to own programs is the ability for individuals to build credit and save for a down payment. Many renters may not have the financial means to purchase a home outright, but by participating in a rent to own program, they can work towards building their credit and saving for a down payment while living in the home they hope to purchase. Rent to own programs can provide renters with the opportunity to work towards these goals while living in the home they hope to purchase.

Another pro of rent to own programs is the ability to test drive a neighborhood. Renters can live in the home and neighborhood they hope to reside in, and get a feel for the area before making the longer-term commitment. This can be especially beneficial for individuals who are moving to a new area and want to make sure they are comfortable with the community before making a large financial commitment.

Cons of Rent to Own Programs

However, there are also cons to consider when it comes to rent to own programs. One of the biggest cons is the possibility of the home being sold to someone else before the renters have the opportunity to purchase it. This can be the case depending on the arrangement in-place with the landlord. In some cases, if a renter is not able to purchase the home within the average estimated time it would take the seller to sell it on the open market, they may lose the opportunity to do so.

Another con is that rent to own programs can be more expensive than traditional renting. Renters may be required to pay a higher monthly rent, as well as additional fees, in order to work towards purchasing the home. This can make it more difficult for renters to save for a down payment and purchase the home. Also, if there is a pre-agreed purchase price, it could possibly be higher than the market rate for the home when it comes time for the renter to buy the home and they might have challenges getting financing for the purchase with a price that’s above the lender’s appraised value. 

Overall, rent to own programs in Tampa Bay, Florida can be a great way for individuals to achieve homeownership, but it is important to weigh the pros and cons before making a decision. It is essential for renters to have a clear understanding of the terms and conditions of the rent to own program and to carefully consider their financial situation before committing to a long-term purchase.

Are you ready to start your home search? Then it’s time for us to talk! There are many ways I can help with the process and get you on your way to purchasing your next home. You can schedule your initial buyer’s or seller’s consultation by phone or video call by clicking here.

You can click here to check out the current market statistics as well. See average home prices, average time homes are on the market and how they compare year-over-year.

Not quite ready to start your home purchase journey, but want to get a look at what’s currently on the market? Click here to search current listings in the area.

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Client Testimonials

Jeff & Susie B.
Jeff & Susie B.
Clearwater, FL
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Candis is a real go-getter! She stayed on top of the listing and sale of our home. She was very quick to respond to questions and had up-to-date info on any details we had our attention on. We don't know how she could have done her job any better! She was really good when it came to negotiations and closing our sale. She did what it took to get our sale completed. You will be pleased with her personality and performance handling your transaction.
Jason P.
Jason P.
St. Pete, FL
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Candis was honestly a great Realtor! We were moving from out of state, and she gave us virtual tours of each property. She paid attention to details like the smell of each home. She was always punctual and even sent us helpful reminders to guide us through the move-in process. It would have been impossible for us to make the move without her help!
Bonnie B.
Bonnie B.
Port Richey & Pinellas Park, FL
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Candis went beyond my expectations. She was cheerful and found a place for me to move to within my tight budget in less than a month. She really cares about her clients - she even helped me find a place overnight to stay and provided transportation as I don't drive. I was so grateful to have Candis as my Realtor.
Ryan L.
Ryan L.
St. Pete, FL
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Candis worked so hard for us. She was always on time, prepared, and knowledgeable. She was also kind and patient with her reminders and support. I can't recommend her highly enough! I had an ideal experience!
Tiffanie R.
Tiffanie R.
Largo, FL
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Candis is a highly experienced and knowledgeable realtor. She prides herself on knowing the market, neighborhoods, and the larger view of real estate trends across the country. Her insights, professionalism, and excellent communication skills translate to an interaction that is easy, streamlined, efficient, and effective. I recommend Candis 100%!
Michelle F.
Michelle F.
Largo, FL
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Absolutely amazing. Was very helpful and willing to answer all my questions to the best of her knowledge. Came back to me with more information if she didn’t have the best answers available.
Janet D.
Janet D.
Largo, FL
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Candis was very hands on and always available. She got our home sold and was a huge help in my relocation. We had lived in the same house for 29 years and were unsure how to proceed in our sale. Candis knew what she was doing and steered us in the right direction. She was always thorough in explaining each and every step.
W. Pope
W. Pope
Clearwater, FL
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My buying experience started rough with an agent who did nothing for me. Then I found Candis. I could tell the difference! She immediately began working hard for me. She is a very educated, helpful Realtor who was always a step ahead! She has a great personality and I recommend her to everyone! Even in a tough market, she made my dream of buying my first home a reality and we closed within 30 days!
Joe C.
Joe C.
St. Petersburg, FL
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Thanks to Candis for helping me find a place to call home. In what can be a very stressful experience, Candis always kept things positive and stayed on track towards accomplishing the goal. I highly recommend her for anyone trying to find the right property. I appreciated all of her market insight and creative ideas for making this property more of a home!
Ashleigh & James
Ashleigh & James
Largo, FL
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Candis helped my boyfriend and I purchase our first home. She made the process so efficient and easy that we never stressed about a thing! She is extremely knowledgeable and was always available to answer my questions. She is very responsive and willing to assist whenever needed. The entire process from Pre-approval to Closing was seamless and I wouldn’t want to go through it with any other REALTOR!
Tasha Z.
Tasha Z.
Largo, FL
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Candis went above and beyond to help me secure my new home purchase. There were many hiccups we encountered (at no fault of Candis). She worked hard to be an advocate for me through the entire process, even after closing. 10/10 would highly recommend. Working with Candis was like house shopping with a good friend!
Kim C.
Kim C.
Holiday, FL
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It was great working with Candis. She really cares about her clients and what they want in a home. Her professionalism is top notch.
Tina P.
Tina P.
Clearwater, FL
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Candis has a very happy personality that is so refreshing! If we had questions, she was there to answer. And she worked well with our loan team! In this extremely difficult housing market, Candis kept us positive and patient and we finally got an offer accepted on our first home! If you are looking for a realtor, Candis is the perfect one!
T. Reynolds
T. Reynolds
Largo, FL
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Candis will exceed your expectations. She is personally committed to helping people with extreme professionalism. This combination results in a realtor who anticipates your needs and provides solutions, goes 'above and beyond' normal communication, and executes on your behalf with diligence, care, and expediency. I couldn't recommend her more!
Charlotte B.
Charlotte B.
Largo, FL
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We were moving from CA to FL and Candis made house search over the next year so easy. All we had to do was tell her what we were looking for and she did all the work! She made us feel like family and went above and beyond to help find our perfect house. Candis truly is an upbeat agent who listened to our needs and wants while her fun and positive attitude made her a joy to work with. And her honesty is refreshing.
Paul & Barb L.
Paul & Barb L.
Largo, FL
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We connected with Candis when we visited open house. It was our lucky break! She never made us a feel like just a commission, nor was she impatient as we dragged out the process. She took the time to understand our wants and provided insight, opinion and reassurance throughout the process. Her experience and knowledge were very helpful and she was patient with our many changes in direction. She exceeded our expectations!
Vicki & Daryl H.
Vicki & Daryl H.
Harbor Bluffs, FL
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Candis Carmichael is a fantastic realtor. Her positive outlook paired with her professionalism is a great combination! She is smart, experienced and knowledgeable. She was in constant contact with us and always returned emails, text messages or phone calls in a prompt manner. My husband and I would recommend Candis whether you are buying or selling your home.
Ron & Charlotte VB
Ron & Charlotte VB
Largo, FL
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REALTOR Candis is a true professional Realtor. She listens to your wants and needs, then goes out to find what you asked for. She has local knowledge of all areas (which helped with our relocation from out of State). Candis responds to all phone call and text messages within a short amount of time.
Melody H.
Melody H.
Pinellas Park, FL
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REALTOR Candis is a consummate professional who guides you every step of the way and beyond the sale. She is detailed, personable and always your champion. I can't say enough about REALTOR Candis and would whole-heartedly recommend her to anyone seeking to sell or buy a home.
Kim & Ray L.
Kim & Ray L.
Largo, FL
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She is a great realtor! She listens and truly wants to help people find their forever homes. She's smart and a go-getter and we greatly appreciate everything she did to help us quickly find and buy our new home. She thoroughly explained everything during the process, answered our questions and gave great suggestions. If you want someone who cares and will truly work for you, Candis is who you need! She really is awesome!
Theresa & Sean O.
Theresa & Sean O.
Pinellas Park, FL
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Candis was a such joy to work with! She found us our perfect vacation home and worked hard to get everything finalized. Thank you for your dedication and constant updates during this long distance purchase.
Jane & Dave H.
Jane & Dave H.
St. Petersburg, FL
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We appreciate that REALTOR Candis was genuinely concerned with helping us find a home. We had been blown off by other agents, owners and managers who who kept stringing us along only to tell us they sold or rented out the house. Thank you!
Daryl H.
Daryl H.
Spring Hill, FL
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Candis was recommended and after meeting with her, we were quickly impressed with her professional manner and knowledge of the areas where we were looking to buy.
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