Rent to Own Homes in Escondido
The below results are primarily rent to own homes in San Diego County, CA:
Escondido is well known as home of the San Diego Zoo Safari Park. This attraction is similar to the San Diego Zoo, but the animals are allowed to wander in a protected environment. For California residents or visitors interested in the state’s wildlife, this is one of the best entertainment and educational venues. Another major attraction is Kit Carson Park. If you find your way to the back of this park, you’ll find a children’s garden featuring oversized mythological creatures painted bright colors. The area features climbing obstacles for children, but the large art pieces fascinate visitors of all ages.
This city is located 20 miles east of the Carlsbad coastline and approximately 30 miles northeast of San Diego. Rocky hills surround the city, and residents enjoy intense warmth during the summer and chilly days during the winter. Weather in the Escondido area is a bit more extreme than the coastal cities, but residents are still close enough to the coast to enjoy day and weekend beach trips. While in town, they have access to the Escondido Public Library and public schools like the Escondido High School. The Escondido City Council works hard to bring employers to the area, and some of the biggest employers are the local medical center, school district and Escondido city government.
Buying a Home in Escondido
The average listing price for single-family homes in Escondido is over $580,000, and final sale prices are typically well over $400,000. It’s common to pay more than $500 per square foot in this area of California. While the average down payment offered by buyers is less than 15 percent of the sale price, there are many cases where multiple offers lead to bidding wars. If you’re searching for a home in one of the more desirable neighborhoods, you should take fast action on properties that meet your needs. You may also work with a realtor or lawyer to ensure your offers are as attractive as possible to the seller.
Popular Neighborhoods in Escondido
San Pasqual is one of the most desirable and expensive neighborhoods in the Escondido area. The San Diego Safari Park is in this community, and the residential streets are full of large homes with listing prices well over a million dollars. You can sometimes find foreclosed properties selling closer to $600,000. The high prices are justified by the more remote location surrounded by vineyards, dairy farms and orchards. The homes also tend to come with more acreage than you’ll find in other areas of the city.
The most popular neighborhood slightly removed from downtown Escondido is Midway. Listing prices are typically under $400,000 in this area, and all downtown attractions are a short drive away. If you want that rural living environment without paying San Pasqual prices, look to East Grove. It’s more removed from downtown and the homes have some acreage, but the average listing price is around $540,000.
Buying vs. Rent to Own Homes
If you find the Escondido real estate market intimidating, take some of the stress away by shopping for rent-to-own properties. Sellers are interested in unloading these properties for the best price possible, but they’re willing to work with motivated buyers. If you can’t secure a loan right now for one reason or another, these homes are your opportunity to take a step toward home ownership. You may also consider this type of contract if you want to settle into a home before officially going through the buying process. You can save for your down payment or improve your credit while renting, and then take out a loan to purchase the property at the end of your contract.
Cost of Living in Escondido
Prices in California are notably higher than prices in most other states, and the Escondido economy fits right in with the state’s reputation. The overall cost of housing in this city easily doubles the national average, so you need to plan ahead to devote a large portion of your budget to home expenses. You’ll find that most other living expenses are about even with the national average.
Escondido is about 20 miles away from the coastline and those beautiful California beaches, but the city has a lot to offer residents without leaving city limits. There are many public green spaces throughout the area, including Kit Carson Park with its unexpected children’s garden and art display. Other parks are within close proximity to some of Escondido’s best neighborhoods. If you want to live in a more rural environment without straying too far from the beaches, pick a home in one of the more remote neighborhoods of Escondido.
Rent to Own Realtors
Realtors have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
About Our Listings
Rent to Own Labs offers more than free listings for rent to buy houses.
Our website also includes real estate owned properties, which are bank-owned foreclosed homes that didn’t sell at auction. You can buy these types of properties for cheap prices because the bank isn’t in the business of real estate; it’s just looking to get rid of the condo, townhouse, etc. that it has on the book.
Sellers directly list rent to own by owner apartments and houses as lease-option or lease-purchase programs with no credit check. On lease to purchase contracts, the buyer is contractually obligated to buy the home, and on lease to own contracts, the buyer is financially motivated. It doesn’t matter to the seller if you have a bad credit score because they know you have a lot at risk if you don’t buy the home you’re renting to own.
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