Rent to Own Homes in Inglewood
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Inglewood is perhaps best known for its central location near Los Angeles International Airport, and its highly educated and professional African American community. It is also now home to one of the state’s premier concert venues, The Forum, and the newest version of the Los Angeles Rams football team. It boasts a thriving art community in North Inglewood, several groups of active Inglewood neighbors and a reputation as one of the most Democratic cities in the state.
In a nutshell, Inglewood feels like a small town in a big city. That atmosphere is reinforced by local services, neighborhood shops and landmark sites such as the Inglewood post office, Inglewood School District and Inglewood Park Cemetery. The Inglewood school board oversees the school district’s Inglewood High School and Morningside Park High School, both once part of the Inglewood Union High School District.
Buying a Home in Inglewood
Inglewood homes are becoming more affordable with recent price declines. At the start of 2016, median home sales prices fell from $315,000 to $305,000. The current median listing price is much higher at $424,999. Of the 45 homes currently available for sale in the area, 33 are single family homes, 10 are condos and 2 are townhomes. More than one-third of these homes experienced a price reduction over the past month. Homes in Inglewood generally sell within 81 days of being placed on the market. In spite of this good news for buyers, the city’s housing inventory is low. At the current selling pace, there are only enough homes on the market to last two months. This anemic inventory creates a seller’s market.
Popular Neighborhoods in Inglewood
Morningside Park is a perennial favorite for its charming bungalows, friendly neighbors and beautiful views of the city skyline. Educated professionals and families enjoy the many mom-and-pop businesses in the area, and the neighborhood is convenient to several newer venues, including The Forum. Morningside’s median home prices are $439,900. Families and singles also appreciate the bungalows, condos and townhomes found in North Inglewood. The neighborhood is close to major thoroughfares like La Cienega and freeways such as I-405, and it’s near some of the better-rated public schools. Homes in North Inglewood have a median sales price of $368,000.
Buying vs. Rent to Own Homes
Renting to own a home offers a variety of benefits to homebuyers who are reluctant to buy a home the conventional way. First, renting to own a home allows you to lock in the price of the home at today’s market value. This is especially beneficial in markets like Inglewood’s where home prices are expected to rise. Secondly, you won’t have to come up with a large down payment right away. Instead, you’ll submit a smaller option fee. Third, you can take your time to find and apply for a home loan. Most rent-to-own arrangements take one to three years to complete, and that’s ample time to get your financial house in order. Finally, you can move into your new home immediately. Most traditional processes require you to wait 30 to 60 days of pending escrow.
Cost of Living in Inglewood
Inglewood residents enjoy a fairly low cost of living compared to most other Southern California towns. Housing is the biggest expense in Inglewood, costing residents nearly double the national average. All other necessities are just 10 percent more expensive than in the rest of the country. Overall, locals spend about 36 percent more on life’s essentials than the national average, but it’s 20 percent cheaper than Los Angeles.
Named the 2014 Los Angeles Neighborhood of the Year, Inglewood has a lot going for it. It has a strong, educated African American population, a growing Hispanic community and a major multi-use development on the horizon. Inglewood residents enjoy a nice mix of working class and professional neighborhoods filled with attractive vintage bungalows. Home prices are lower than in most of the Los Angeles area, and cost of living is equally affordable by Southern California standards.
Rent to Own Realtors
Most realtors aren’t going to want to work with a client looking for a rent to own deal. The upfront profit for a realtor is minimal, and the largest chunk of the commission isn’t guaranteed – even after the contract is signed. Successful rent to own deals make the bulk of commission for realtors as far as three years in the future.
Good realtors know that if they’ve done their job qualifying and showing a buyer options that meet their tastes and budgets, a rent to own deal has a great chance of success. But good realtors are rare.
Instead of using a realtor, learn about rent to own yourself and meet with professionals in the title, mortgage and legal industries to increase your chances of success.
About Our Listings
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.