Rent to Own Homes in Lancaster
The below results are primarily rent to own homes in Los Angeles County, CA:
Lancaster is the twin city to Los Angeles County’s Palmdale, but it stands on its own when it comes to providing outdoor recreation, entertainment and education for residents. The city is positioned in the Antelope Valley surrounded by the Mojave Desert, San Gabriel Mountains and Tehachapi Mountains. This city is 70 miles away from Los Angeles and benefits from the surrounding mountains when it comes to climate. The four seasons are more distinct here, and the winters are a bit colder than those experienced on the southern California coast.
Every year, Miss Lancaster is crowned, locals pour into the Hangar to cheer on the Lancaster Jethawks, and flowers brighten the landscape for miles at the Antelope Valley California Poppy Reserve. The BLVD is an area of town where many small ethnic restaurants are found, and Civic Musical Road is marked with lines which play music with each roll of your tire. Those still thirsty for entertainment can head to the Lancaster Performing Arts Center to catch a show while outdoor enthusiasts stretch their legs at Lancaster City Park or Saddleback Butte State Park.
Residents interested in finding good jobs benefit from employment opportunities in many fields throughout the Antelope Valley. This isn’t a city dominated by one or two large industries, so the Lancaster City Council works hard to bring employers to the area. Parents have the choice of sending their children to private schools or free public schools, including the popular Lancaster High School.
Buying a Home in Lancaster
Homes in Lancaster are typically priced between $120 and $170 per square foot, and the median home price is around $202,000. Approximately 63 percent of residents own their homes, and there are some beautiful neighborhoods offering picturesque window views and spacious lots. There are also some cozy neighborhoods where children run in the streets safely and neighbors are familiar with one another.
When selecting a house in this area, try to match the character of the neighborhood to the lifestyle you want to live. Many residents consider sister city Palmdale an extension of Lancaster, so you have to decide which city is best suited to your needs. Most Lancaster residents spend 30 minutes commuting to work, so you may want to find a neighborhood that will shorten your commute or provide easy access to primary roadways.
Popular Neighborhoods in Lancaster
One of the best neighborhoods in Lancaster is a large area in the western half of the city known as Gorman or Fairmont. Communities in this area feature homes varying in price, so most buyers can find something that fits their budget. Public schools and opportunities for outdoor recreation are also nearby. Del Sur is a smaller neighborhood on the southeastern corner of Gorman/Fairmont, and it puts students in the best zone for public schools. You’ll find lower home prices the further you move to the east, but the crime rate also goes up in that direction.
Buying vs. Rent to Own Homes
If you have your down payment saved and your credit score is high enough to award you with a low-interest mortgage loan, you’re ready to secure preapproval or prequalification and start the shopping process. If you’re one of the many potential home buyers struggling to qualify for reasonable loan terms or save up a sizable down payment, you may find a rent-to-own agreement better for your financial situation.
Rent-to-own homes allow you to rent the home prior to taking out a loan. You can use the rental period to strengthen your financial standing so that you end up with a lower interest rate and more favorable loan terms. In some cases, the rental payment includes money that is saved in a separate account for use toward the purchase of the home in the future.
Cost of Living in Lancaster
California is known for high prices, especially in terms of the housing market. The state’s cost of housing is approximately 30 percent higher than the national average, but Lancaster is one of the few cities where home buyers can take advantage of more favorable home prices. The cost of living in this city is about five percent above the national average, but it’s also approximately 25 percent lower than the California average. The overall cost of living is on par with the national average, so it’s a safe city for California residents with limited housing budgets.
Lancaster offers residents reasonable home prices as well as many opportunities for outdoor recreation. The city is surrounded by mountain ranges and desert lands, and most neighborhoods deliver immediate access to hiking trails and parks. From fields of colorful poppies to a boulevard lined with small ethnic restaurants and the annual Miss Lancaster pageant, there’s always something to do in this little California town. While most residents commute for work, there are also a variety of employment options in the local community.
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
Lease-purchase programs offer sellers more certainty than traditional rent to buy because buyers are contractually obligated to buy the condo, townhouse or house by the end of the lease term. Normally, rent to own by owner means the buyer has the option to buy and the seller has the obligation to sell.
Lease-options are more convenient for buyers. However, buyers and sellers may work out lease to purchase deals for houses and other properties when the seller is overlooking a bad credit score or a small option fee. The requirement for buyers to purchase properties makes sellers feel more comfortable leasing with no credit check because they don’t have to worry about whether buyers will opt out.
If you’re interested in looking for apartments for lease option, check out our free listings by searching for properties near me. We showcase more than just rent to own. Use our site to find cheap foreclosed homes or owner financing.