Rent to Own Homes in Irvine
The below results are primarily rent to own homes in Orange County, CA:
Irvine is located approximately 12 miles west of Newport Beach in Orange County, California. While most cities develop on their own over time, this is a planned city designed by the Irvine Company. The Irvine family is prominent in California, and many of the schools in Irvine are named in their honor. Myford Irvine served as the head of the Irvine Company until his death, and many locals are still debating the circumstances surrounding that death. Philanthropist James Irvine is another noteworthy member of this prestigious family.
While beautiful homes and spectacular weather are two big perks to living in Irvine, education is what brings many new residents to town. There are many institutions of higher education located here, including Irvine Valley College, the University of California, Brandman University, Concordia University and Stanbridge College. Other landmarks of interest include Irvine Ranch, the Orange County Zoo and the Verizon Wireless Amphitheatre.
Besides taking the short drive to the coast for a day at the beach, residents have many opportunities for outdoor recreation. Families enjoy visits to Irvine Lake and Wild Rivers waterpark. William R. Mason Regional Park and the Orange County Great Park are also frequented for daily exercise as well as social gatherings.
Buying a Home in Irvine
Buying a home in a planned city is much different than buying a home anywhere else. The developing company in charge of planning the city often owns much of the land on which homes are built. This means that you can own your home but not the land underneath your home. The Irvine Company does own the land on which many Irvine homes sit, so you have to pay attention when entering contracts for homes in this city. It’s possible to buy a home along with the land as you would in any unplanned city, but you must work closely with your realtor and let them know that you want to avoid land leases.
Popular Neighborhoods in Irvine
Two popular Irvine neighborhoods for families and singles are Orangetree and Woodbridge. Both neighborhoods offer a variety of housing options, including condos and single-family homes. Prices can range from $200,000 to well over a million dollars, so there are options for buyers with different housing budgets. These neighborhoods offer easy access to golf clubs, restaurants, retail stores and public schools.
For buyers with a more substantial housing budget, Oak Creek is one of the most popular residential areas. It’s close to the Great Park and local shopping centers, and luxury shopping boutiques are a short drive away. This is a good neighborhood for families or singles commuting to work because it’s located near the main highways. In general, neighborhoods around the Great Park area will feature luxury homes with access to recreational trails, community vegetable gardens and other upscale amenities.
Buying vs. Rent to Own Homes
If you need to move into a new home fast but don’t have the resources to select and purchase a home quickly, rent-to-own properties may meet your needs. These homes are available for immediate occupancy, but you don’t have to become an immediate owner. You start out as a renter, and the current owner may assume some or all responsibility for the upkeep of the property as you rent. You will have a specified date by which you need to purchase the home if you want to continue living there. This gives you some time to get comfortable in Irvine and find a home loan with affordable terms before you take on the responsibility of home ownership.
Cost of Living in Irvine
The overall cost of living in Irvine is approximately 70 percent greater than the national average. This is largely reflective of the housing market. The cost of housing in the city is 300 to 400 percent higher than the national average, and other expenses are slightly over national averages as well. While there are some homes on the market that may fit more modest budgets, they are the smaller homes in less desirable neighborhoods which offer fewer luxury amenities. This is the case for most cities in Orange County, so Irvine isn’t unusual when it comes to the demand for a sizable budget.
Irvine is a planned community located in prestigious Orange County, California. The city offers some family-friendly neighborhoods with community gardens and other luxury amenities, but there are still some affordable homes hitting the market in some areas of the city. The cost of living in this city is high, but so is the level of enjoyment gained from the sunny weather and abundant parks and public green spaces. The city is also home to a zoo and a long list of university campuses, so you can expect a healthy blend of students, affluent professionals and growing families.
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
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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