Rent to Own Homes in Fullerton
The below results are primarily rent to own homes in Orange County, CA:
Best known for its respected California State University Fullerton and Fullerton College campuses, the city of Fullerton is a busy suburban town just north of Anaheim. Founded by the Amerige brothers, Fullerton was named for the president of Pacific Land and Improvement Co., George H. Fullerton, in the late 1800s. For decades, the city was a picturesque agricultural hub, but growth in other Orange County towns also spread to quiet Fullerton.
Today, Fullerton is a vibrant Southern California city of historic institutions like Fullerton Union High School, Plummer Auditorium and Fullerton Municipal Airport as well as green spaces like Fullerton Arboretum and Ralph B. Clark Regional Park. While Fullerton College and other higher education institutions are some of the Fullerton area’s largest employers, the city also boasts other large companies like Raytheon, St. Jude Medical Center, Alcoa and Kraft Foods.
Buying a Home in Fullerton
Fifty-four percent of Fullerton’s residents own their homes, while 45.4 percent rent their homes. Those who want to make the transition from renting to owning will find that houses and condos are selling slightly faster in the last few months. Houses sell within an average of 55 days, and condos last on the market only about 46 days. The median price is also climbing, reaching $695,000 for single family homes and $448,888 for condos and townhouses. There are currently 173 homes and 63 condos on the market.
Popular Neighborhoods in Fullerton
Families and residents who want full-service safety appreciate one of Fullerton’s newest neighborhoods, Hawk’s Point. The community is protected by a guard-posted security gate and offers newer homes, nice walking trails and excellent views. The Las Palmas neighborhood appeals to couples, families and retirees who appreciate recreation, with the Puente Bike Trail, nearby hiking and golf course just minutes away. The neighborhood features custom homes overlooking the golf course and a wide range of ranch homes throughout. Historic homes, from Craftsman to Spanish Revival bungalows, can be found in the Jacaranda-Malvern and College Park neighborhoods.
Buying vs. Rent to Own Homes
Making the transition to home ownership can be stressful, especially for those with less-pristine credit scores. Rent to own homes relieve some of that tension, placing less importance on credit ratings than with a conventional purchase. Rent-to-own arrangements usually last one to three years, which gives buyers time to coordinate a mortgage and accumulate a down payment. The delay also gives a price advantage to buyers who are purchasing homes in escalating markets. That’s because buyers negotiate the price at today’s rates, but don’t finalize the purchase until the contract period is up, when house prices are potentially more expensive. As an added bonus, buyers can move into rent to own homes immediately rather than waiting for escrow to close.
Cost of Living in Fullerton
Fullerton housing costs are more than triple the national average, while other living expenses are more in line with the rest of the country. Groceries, health, utilities and transportation prices run from 7 to 15 percent above the national average, somewhat balancing the high cost of housing in the area. With all of these expenses combined, Fullerton residents can expect to pay 71 percent more for essentials than the average American.
Welcoming historic Downtown Fullerton is just the beginning of Fullerton’s charm. The city is home to a variety of appealing attractions, from the Leo Fender Gallery at the Fullerton Museum to classes and performances at the Muckenthaler Cultural Center. The city’s neighborhoods and homes are equally diverse, ranging from historic bungalows in Jacaranda to contemporary open-plan homes in Hawks Pointe. Home prices are increasing, climbing 26.6 percent between 2010 and 2014, leading to an overall cost of living that is 71 percent higher than the national average.
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
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.