Rent to Own Homes in Monterey
Monterey, California is an intriguing mix between historic village and seaside town. Nestled along breathtaking Monterey Bay on the coast of central California, Monterey shares the Monterey Peninsula with Carmel-by-the-Sea, Pacific Grove and Pebble Beach. Located in Monterey County, the city of Monterey is a two-hour drive from the attractions and culture of San Francisco. The Monterey Regional Airport is served by several commercial airlines, making Monterey conveniently accessible for business and leisure travel.The below results are primarily rent to own homes in :
Monterey, California is an intriguing mix between historic village and seaside town. Nestled along breathtaking Monterey Bay on the coast of central California, Monterey shares the Monterey Peninsula with Carmel-by-the-Sea, Pacific Grove and Pebble Beach. Located in Monterey County, the city of Monterey is a two-hour drive from the attractions and culture of San Francisco. The Monterey Regional Airport is served by several commercial airlines, making Monterey conveniently accessible for business and leisure travel.The below results are primarily rent to own homes in :
The 28,000 residents of Monterey have endless opportunities for exploration in the city they call home. The Monterey Bay Aquarium is a famed attraction with a setting that allows aquarium guests to truly get to know the marine life housed in this facility. The aquarium is located on Cannery Row, a street named for its rich history as a center of the sardine canning history in the early 1900's. Cannery Row is lined with shops, galleries and restaurants. Old Fisherman's Wharf is a short distance from Cannery Row and offers restaurants, tours and views of local marine wildlife. Local history is on display at Monterey State Historic Park, where visitors can get a glimpse of California's past by touring historic homes and strolling along the "Monterey Walking Path of History." Local history is on display at Monterey State Historic Park, where visitors can get a glimpse of California's past by touring historic homes and strolling along the "Monterey Walking Path of History."
Buying vs. Rent to Own Homes
To buy a house, you (1) look at the homes available for purchase, (2) pick the house you want, (3) pay the seller the cost of the home and (4) you get the house. That’s the basic gist of the traditional home buying process.
All the steps of the traditional home buying process are present in the rent to own process. The difference is that renting to own has an additional step between Step 2 and Step 3. Step 2.5 is to rent the home for a maximum of three years until you are ready to continue to Step 3.
During Step 2.5, you’re working on improving your credit score, building a steady job history and saving up a down payment so that you can qualify for financing. Once you have financing, you can move on to Step 3.
Rent to own is a good way to prepare for buying a property. Once you do buy, you won’t have to spend money on rent any longer. So, the sooner you can buy, the better.
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 free listings for rent to own by owner, foreclosed homes and owner financed properties. Start looking for apartments or houses near me with the Rent to Own Labs search function.
These programs are a great way to buy a condo or townhouse if you have bad credit. In fact, lease purchase and rent to buy programs usually offer cheap homes with no credit check. Just make sure you look at your lease to purchase agreement to understand whether you have the option or obligation to buy the home you’re looking at. Lease-purchase agreements require the buyer to purchase by the end of the lease term, while lease-option agreements give the buyer the option to buy.
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