Rent to Own Homes in Anaheim
The below results are primarily rent to own homes in Orange County, CA:
Anaheim is in California’s popular Orange County, otherwise known as the OC. The city is located approximately one hour outside of Los Angeles and less than an hour away from the North Pacific coast. A long list of beaches are approximately an hour away, but Seal Beach is one of the closest. The city is best known as the home of Disneyland and the Disney California Adventure Park. They are both located in the Anaheim Resort area along with the Anaheim Plaza Hotel.
The most affluent residents live in luxury planned neighborhoods in the Anaheim Hills area, which is often referred to as the Hills. Neighborhoods with more affordable housing options are found throughout the city, but the Hills area is well known for appearances on reality television programs like MTV’s “The Hills.”
Residents in search of jobs often find their place at the Anaheim Canyon Business Center. More than 2,000 businesses are located in this area, and the Metrolink bus system operates an Anaheim Canyon station to help workers make their way to and from work conveniently. When they aren’t working, residents often attend events at the Anaheim Convention Center or further their education at Anaheim University. A variety of public parks are available as well.
Buying a Home in Anaheim
When moving to Anaheim, you don’t have to worry much about purchasing a home in an unsafe neighborhood. This is one of the most important considerations when moving to an unfamiliar city in general, but most areas of this city are safe. You have some unique things to worry about when moving here, such as whether you can afford even the smallest of homes. Some of the more upscale neighborhoods of the OC are located here, so you will have to do more searching if your budget doesn’t allow you to spend at least $400,000 on a home.
Working closely with a real estate agent familiar with all areas of the city rather than just the more exclusive neighborhoods will help you find a home that is within your budget. Keep in mind that many of the local residents rent their homes because purchase prices are so high.
Popular Neighborhoods in Anaheim
You can’t discuss Anaheim neighborhoods without mentioning Anaheim Hills. This is the most prestigious area of the city, but it’s also one of the most expensive. The price of housing in this area is more than 50 percent higher than the average for Anaheim as a whole, and some homes more than double the current national housing index. That may explain why less than half of the neighborhood’s residents own their home.
If you want to live close to the downtown area, look for a home in The Colony. This is a small neighborhood that covers approximately two square miles, but it allows you to walk to businesses, retail shops and farmer’s markets located downtown. The median home value in the area is approximately $400,000.
Buying vs. Rent to Own Homes
Are you intimidated by the housing market in Anaheim? This is a common reaction to the high housing prices, but you don’t have to settle for renting forever. If you know right now isn’t the right time to make a purchase, consider a rent-to-own agreement. This allows you to rent a home for a certain number of years with the option to buy it at the end of the contract. This allows you to settle into a neighborhood immediately while saving up for a more substantial down payment or clearing up your credit so that you qualify for a lower interest rate. These efforts may make a big difference in your monthly mortgage payments once you do buy the home.
Cost of Living in Anaheim
When determining whether you can afford to live in Anaheim, you have to consider the housing market. Prices are far more than double the national average, and you can’t easily make up for that in other areas of your budget. You will pay a bit more than national average prices for goods, services, utilities and transportation. The best way to reduce your cost of living here is to select the smallest home possible, conserve electricity and consider living downtown where you can rely more on foot and bike transportation.
Once you adjust to the price of housing in Anaheim, you’ll find many reasons to love this famous California city. Perhaps you’ll live close to the Disney Resort area so that you have easy access to Mickey Mouse and his friends. Maybe you’ll buy the home of your dreams in the Hills neighborhood and rub elbows with the more prestigious members of society. You may even choose to live close to work and spend your time driving out to the coast to hang at one of the many nearby beaches. The options are endless when choosing your lifestyle in Anaheim.
Rent to Own Realtors
Most realtors aren’t going to want to work with a client looking for a rent to own deal. The upfront profit for a realtor is minimal, and the largest chunk of the commission isn’t guaranteed – even after the contract is signed. Successful rent to own deals make the bulk of commission for realtors as far as three years in the future.
Good realtors know that if they’ve done their job qualifying and showing a buyer options that meet their tastes and budgets, a rent to own deal has a great chance of success. But good realtors are rare.
Instead of using a realtor, learn about rent to own yourself and meet with professionals in the title, mortgage and legal industries to increase your chances of success.
About Our Listings
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.