Rent to Own Homes in Berkeley
The below results are primarily rent to own homes in :
The city of Berkeley is located in central California with the San Francisco Bay running along the western boundary and the Berkeley Hills stretching toward the sky nearby. With local attractions like McLaughlin Eastshore State Park, Indian Rock Park and Tilden Regional Park, there’s no end to the opportunities for outdoor recreation in this city. Taking up residency will also place you a short drive from Wildcat Canyon Regional Park and many beaches stretching along California’s sandy shoreline.
While the city was originally created by George Berkeley, it’s now best known as home to the University of California Berkeley. The campus is located in West Berkeley and has a substantial impact on the character and culture shared by students as well as residents of all ages. Thanks to the Kent School District and support from the city’s cultural centers and businesses, younger students also thrive in Berkeley. For instance, The Greater Kent Historical Society Museum offers scholarships to seniors attending Kent High School.
When visiting or moving to Berkeley, make sure to visit Kent Station on Railroad Avenue North. This is a thriving hot spot where you can shop, eat and find fun activities suitable for every member of your group.
Buying a Home in Berkeley
The median listing price for Berkeley homes can hover near or above $900,000, and it’s common to see median sales prices over $1 million. A million-dollar budget can buy you an upscale home in a prestigious neighborhood with three or more bedrooms. While there aren’t as many small homes with one or two bedrooms on the market, you can typically expect homes of this size to list for $700,000 or less.
If you don’t have the financial power to secure adequate funding to cover those prices, consider improving your finances first or looking for a rent-to-own home. Keep in mind that Berkeley has an aggressive real estate market and the most desirable homes will easily receive five or more offers before a sale is final. Work closely with a professional to ensure that you have a good chance of winning the home of your dreams.
Popular Neighborhoods in Berkeley
If you want to live on a hilltop surrounded by trees, look to the Berkeley Hills neighborhood in the East Bay region. Most homes in this area are positioned on sizable lots and are dedicated more to rural living than upscale amenities. You’ll live in the hills, so get ready to enjoy spectacular views and heart-stopping sunsets performing right outside your windows. There are many local outdoor recreational areas in this neighborhood, but you will have to travel a bit for stores or other businesses.
If you want to stay closer to the Bay with easier access to upscale shops and restaurants, look to Claremont. You’ll find many craftsman homes along with spectacular mansions in this area, and the neighborhood offers many outdoor walking trails. You may even discover a hidden path or two if you spend enough time outdoors.
Buying vs. Rent to Own Homes
There is one big difference between the traditional home-buying process and a rent-to-own home: timing. When you purchase a home the traditional way, you have to secure pre-approval for a mortgage loan and then finalize that loan before you take ownership of the keys and call the property your own. Renting to own may give you the option to move in faster because it eliminates the step of securing financing first.
This type of agreement allows you to start as a renter, and the current owner may accept responsibility for maintaining the property during this phase. Some deals may even set aside some of your monthly rent so that you can use it toward your down payment or closing costs. Living in the home now gives you the opportunity to take your time when securing funding. Consider it the low-stress method of buying a new home.
Cost of Living in Berkeley
It’s common for Berkeley’s cost-of-living scores to more than double the national average. While everything from the cost of food to the price that you pay for a handbag is at least a little higher than national averages when you live in this prestigious California city, you can count on housing to rank as your biggest expense. The price of housing is often three or four times the national average.
While the high cost of living may deter many people from moving to Berkeley, California, there are many redeeming factors that may convince you to take up residency. You can live at the top of a tree-lined hill in a secluded area surrounded by beautiful landscapes, or you can live close to the University of California Berkeley. There are quality educational opportunities for students of all ages in this city, and your options for outdoor recreation are almost never ending.
Rent to Own Realtors
You can plan a party without an event planner, you can go swimming without a lifeguard, and you can rent to own without a realtor.
That’s important because there isn’t as much money for realtors in rent to own deals as in traditional sales. Therefore, finding a realtor to help you is rare.
While the listed activities might be easier with a professional, they’re all possible without one. To successfully rent to own without a realtor learn all you can about it.
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.