Rent to Own Homes in Corona
The below results are primarily rent to own homes in :
Sometimes dismissed as a mere bedroom community for Orange County, Corona has a compelling history, flourishing industry and lively population in its own right. The third largest city in Riverside County, Corona was originally founded as South Riverside and was an important link to Los Angeles County and the coast through the Santa Ana Mountains. In recent history, Corona residents launched a failed attempt to secede from Riverside County and create an autonomous Corona County within the Corona city limits.
Drawn to Corona’s golf courses and early 19th-century seclusion, many Hollywood celebrities like Desi Arnaz created their own private retreats in south Corona. Today, residents continue to revel in the region’s many golf courses and can add to their list of Corona amenities shopping at various malls, enjoying summer concerts on the green and learning to fly at Corona Municipal Airport.
Buying a Home in Corona
Corona’s housing market is strong with the median list price of single family homes at $506,088 and the median price for condos and townhouses at $333,404. While the single family home price is higher, it’s actually a good value at $197 per square foot. Condos have a per-square-foot selling price of $206. Single family homes sell slightly faster than condos. Homes sell within an average of 76 days on the market, while condos sell within an average of 80 days. On a down note, home inventory dropped from about 800 a year ago to the current 650.
Popular Neighborhoods in Corona
Corona’s southern neighborhoods like South Corona and the unincorporated Temescal Valley offer newer homes and custom residences in master-planned subdivisions and gated communities. Many South Corona homes are large executive homes with views of the valley and an average selling price of $461,925. Families also enjoy the restored historic homes in parts of Central Corona, where Victorian, Monterey, Pueblo and Traditional homes mix to create charming and unique neighborhoods. The average selling price of a Central Corona home is $327,796. To the north, families and couples appreciate the excellent safety, good schools and newer homes of Corona Hills. Homes here offer interesting architecture, newer construction, views of the bordering hillsides and an average selling price of $364,173.
Buying vs. Rent to Own Homes
Buying a rent to own home has three main advantages over conventional purchase methods. First, most of the stressful financial issues are delayed until the end of the rent-to-own contract, which usually lasts for one to three years. This rental period gives buyers time to save additional money for down payments and improve credit scores. Second, rent-to-owners can move into the home immediately instead of waiting for months for escrow to close. Finally, buyers negotiate the house price at today’s rates. If prices rise during the contract period, the buyer still pays the original negotiated price.
Cost of Living in Corona
With housing costs 132 percent more expensive than the national average, total living costs in Corona are about 48 percent pricier than the norm. Other living expenses are only slightly elevated. Food, healthcare, utilities and transportation all cost 10 to 11 percent above the national average. To put that into perspective, though, Corona’s overall cost of living is still about 15 percent below that of nearby Los Angeles.
Conveniently located at the edge of the Santa Ana Mountains and serving as a gateway to Riverside County, Corona is a great hometown. Historic homes mingle with mid-century ranch homes in Central Corona, while new communities in the north and south enjoy hillside settings. Home prices are rising slightly here, but they’re on par with most surrounding towns. The cost of Corona living is fairly high by U.S. standards at 48 percent above the national average, but living expenses are relatively cheap when compared to neighboring Los Angeles.
Rent to Own Realtors
Realtors can qualify buyers to get an idea of when they will be ready to purchase a rent to buy home and inform them on how long to set the lease term, but mortgage officers can do that too.
Banks can make a lot of profit off of a successful mortgage. That’s why mortgage officers will be willing to help you figure out the details of your rent to own deal. However, real estate agents don’t make enough profit off of rent to own deals to justify waiting a few years for the commission.
While real estate agents might be a logical partner in rent to own deals, you’ll have a lot of difficulties finding one to help you. For everything you think you need a realtor for, consider what other types of professionals might be able to help you, like title companies or lawyers.
About Our Listings
Lease-purchase programs offer sellers more certainty than traditional rent to buy because buyers are contractually obligated to buy the condo, townhouse or house by the end of the lease term. Normally, rent to own by owner means the buyer has the option to buy and the seller has the obligation to sell.
Lease-options are more convenient for buyers. However, buyers and sellers may work out lease to purchase deals for houses and other properties when the seller is overlooking a bad credit score or a small option fee. The requirement for buyers to purchase properties makes sellers feel more comfortable leasing with no credit check because they don’t have to worry about whether buyers will opt out.
If you’re interested in looking for apartments for lease option, check out our free listings by searching for properties near me. We showcase more than just rent to own. Use our site to find cheap foreclosed homes or owner financing.