Rent to Own Homes in Downey
The Downey City Council hosts community events designed to bring residents together and encourage a healthy lifestyle. One of the most popular events is called Ride & Stride. Residents and visitors can walk, bike, jog or skate more than five miles of paved walkways that run through the city, stopping at some of Downey’s most popular landmarks along the way. Some of the most prominent landmarks include the Downey Postal Office and the Downey City Library, which sponsors a variety of educational programs to help children learn how to read.
While Downey, often called D-Town, is often referred to as a place for mostly conservative Americans and an older population, there are residents of all ages thriving in most areas of the city. In addition to family-friendly communities with quality public schools, the city boasts one of the best recycling programs. Residents are given recycling and green-waste barrels in addition to the standard trash cans for city collections.
Buying a Home in Downey?
Consider Firestone Boulevard a marker that splits the city of Downey in half. The northern end features the most luxurious homes with the highest price tags while the more affordable housing options are largely located in the southern regions of the city. Crime rates also tend to rise the further you move south, so you may want to consider northern neighborhoods if you’re searching for a family-friendly community.
While there are some luxurious million-dollar homes in the northern half of the city, the median listing price for the overall community is closer to $500,000. With more than 20 elementary schools and multiple middle and high schools serving the city, you may want to do your research to select a home that will place your children in one of the best schools available.
Popular Neighborhoods in Downey?
The most prestigious neighborhood is located in the northwestern corner of the city, roughly running along Guatemala Avenue between Florence Avenue and Telegraph Road. Many homes in this area will sell for more than $500,000, and most have at least three bedrooms. If you need a large home suitable for a growing family, this is a good place to find homes with five or more bedrooms. The vacancy rate is approximately four percent in this area, and most homes are owner occupied.
If you need to live in a more affordable area but also want a family-friendly neighborhood with reasonable crime rates, go to the southern end of the city. The community running between Lakewood Boulevard and Gardendale Street features homes closer to the $300,000 mark and is known for lower crime rates than surrounding communities in the southern Downey region.
Buying vs. Rent to Own Homes?
Rent-to-own properties are becoming more commonplace now that consumers are open to alternative home-buying programs. This is a special agreement that allows you to rent your home right away with the option to purchase the property by the end of your contractual period. If you aren’t ready to secure financing or take over the maintenance of a home immediately, this is a slower process that will help you eventually become a home owner.
There are different terms that can dictate a rent-to-own agreement, so it’s important to understand what responsibilities you will accept during the rental phase. In many cases, the current home owner will assume the expense of maintaining the property until the official sale is completed, but that isn’t always the case.
Cost of Living in Downey?
California is known for high real estate prices, and Downey is no exception. The housing index is double the national average, leading to an overall cost of living that is up to 50 percent higher than the national average. While most daily expenses are more in line with national averages, you can expect to pay a bit more for utilities in this area. Many residents are able to live in D-Town because they find ways to trim expenses in other financial categories.
If your California dream is to live reasonably close to a large city while enjoying the peace and quiet offered by a smaller town, you may consider yourself ideal for Downey. Often referred to as D-Town, this city is located 13 miles south of Los Angeles and offers luxurious homes with many upscale amenities that you may not find in the heart of LA. While the most prestigious communities are located in the northern end of the city, you can often find the best home prices further south.
Summary
If your California dream is to live reasonably close to a large city while enjoying the peace and quiet offered by a smaller town, you may consider yourself ideal for Downey. Often referred to as D-Town, this city is located 13 miles south of Los Angeles and offers luxurious homes with many upscale amenities that you may not find in the heart of LA. While the most prestigious communities are located in the northern end of the city, you can often find the best home prices further south.
Rent to Own Realtors
When it comes to contracts, there are usually plenty of loopholes. You don’t want to be blindsided because your counterpart in a rent to own deal knows them better than you do.
A realtor might be the logical person to ask for help with a real estate deal, but instead, you should consult with a lawyer to ensure that your lease-option contract benefits you just as much as it benefits the other party.
Realtors likely will not want to help you with a lease-option because they don’t make a lot of money off of them – at least, they don’t make a lot of money until the end of the lease, and that isn’t a guarantee.
Regardless, a lawyer will have more accurate information about your contracts anyway.
About Our Listings
When you’re looking for your first townhouse or condo, you learn pretty quickly that it’s difficult to secure financing for houses when you have bad credit. However, you can find properties, like apartments, in our free listings that might meet your needs.
Our database includes free listings for cheap properties available for lease-purchase, rent to own by owner, foreclosed homes and owner financing. Many of these programs will work with you with no credit check.
The convenient part of rent to buy and lease to purchase agreements is that they give buyers time to prepare to purchase a home by saving up a down payment and improving their credit score. Owner financing often has less stringent requirements than conventional financing. Search for properties near me to find the program that’s most convenient.
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