Rent to Own Homes in Burbank
The below results are primarily rent to own homes in Santa Clara County, CA:
You’ll find Burbank in southern California, approximately 12 miles north of Los Angeles. With the Angeles National Forest and the Los Padres National Forest a short drive away and the Pacific coast less than hour away by car, there’s no end to the opportunities for outdoor recreation in this city. Go for a hike and view the city from the top of a mountain at Griffith Park, and don’t forget to visit the L.A. Zoo while you’re there. Take the family to the Pickwick Drive-in Theater or catch an outdoor concert at Starlight Bowl.
This is a great place to live if you work in the entertainment industry, since Hollywood is nearby and many entertainment companies are headquartered here. This includes Disney, Burbank Studios, Marvel Studios and the Cartoon Network. The Lockheed Aircraft Company once maintained an aircraft-manufacturing complex here as well, but the company shut the complex down and paid for the city to clean the site up. A water-treatment facility that serves much of the local community now operates in the complex.
When they aren’t exploring the mountains or working hard, many residents spend their time in beautiful downtown Burbank. The Burbank City Council works hard to keep the city’s center clean and safe for visitors as well as locals, and there are now more than 400 shops and restaurants in the area.
Buying a Home in Burbank
It’s common for homeowners to pay upwards of $500 per square foot for homes in Burbank, so it should come as no surprise when you see median listing prices over $750,000. The median sales price is typically closer to $700,000, but there is a healthy market for homes worth more than $1 million. Many sellers will receive more than four offers before they finalize a sale, so you may want to enter with a strong offer when you find a property that fits your needs. All three of the city’s elementary schools are rated highly, and Burbank High School is the preferred school for teenagers.
Popular Neighborhoods in Burbank
Many of the most popular Burbank neighborhoods are located north of Glenoaks Boulevard in the Hillside District. This area delivers direct access to quality schools as well as many nature trails in the Verdugo Mountains. If you’re a horse lover, you’ll fit right in at the Rancho. This is a small district that is known as an “equestrian-friendly” zone, so you may pass a horse or two on the road as you head out for your morning walk. If you prefer shopping to horseback riding, then you may want to look for homes in the popular Magnolia Park area. You’ll find a variety of small shops and service-oriented businesses in this community, but it’s also one of the best places to call home.
Buying vs. Rent to Own Homes
How can you move into a new home right away without going through the home-buying process right now? Many Burbank residents are accomplishing this by selecting rent-to-own homes. These homes come with a unique agreement that includes a rental phase and a final purchase. You rent the home with the exclusive right to purchase the property before the end of the contract. As long as you find funding and complete the purchase before a specified date, you’re guaranteed to make the property your permanent home. This is a great opportunity if you need just a little more time to secure a home loan.
Cost of Living in Burbank
If you’re relocating to Burbank from outside California, plan ahead for the high housing prices. The average monthly mortgage payment is over $2,000, and most renters pay close to this figure for rent. This represents a housing index that nearly triples the national average much of the time. While prices for groceries and everyday goods and services are more in line with national averages, the cost of housing significantly inflates the overall cost of living.
While the cost of housing in Burbank is quite high, there are many reasons that residents don’t mind paying to live in this community. They enjoy direct access to recreational trails winding through the mountains, and the city is home to many large companies within the entertainment industry. That’s not even mentioning the close proximity to Hollywood and the endless opportunities for shopping and socializing at entertainment venues. There are also some unique neighborhoods in this city, including an area that is popular with horse lovers.
Rent to Own Realtors
Realtors are highly skilled at informing potential buyers and prospective sellers about rent to own. A realtor can help find the second half of the deal you have been searching for.
Unfortunately, not many realtors are interested in rent to own because there isn’t a lot of money for them in the process. In the past, that would constitute a serious roadblock to rent to own; however, there are plenty of websites available for buyers and sellers to find each other.
Completing your rent to own deal without a realtor could save the seller a lot of money on commission. That gives the seller some wiggle room on the sale price, which attracts even more buyers.
About Our Listings
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These programs are a great way to buy a condo or townhouse if you have bad credit. In fact, lease purchase and rent to buy programs usually offer cheap homes with no credit check. Just make sure you look at your lease to purchase agreement to understand whether you have the option or obligation to buy the home you’re looking at. Lease-purchase agreements require the buyer to purchase by the end of the lease term, while lease-option agreements give the buyer the option to buy.