Rent to Own Homes in Oakland
The below results are primarily rent to own homes in Alameda County, CA:
Oakland sits on the California coast and contains the Port of Oakland. This is the busiest San Francisco Bay port and one of the biggest attractions in the city. Located just over the Oakland Bay Bridge from the city of San Francisco and close to Berkeley and other well-known California towns, this city attracts residents and visitors for its more affordable cost of living and Mediterranean climate. With more than 250 sunny days every year and access to the coast, this is a great place to live if you enjoy an active lifestyle.
While the city’s crime rates are something to consider, the Oakland Police Department is always on duty. Downtown Oakland is the business hub for the city and contains many fun neighborhoods that are safe for residents as well as visitors. Neighborhoods are a bit more mixed when you head into East Oakland and West Oakland.
For outdoor recreation, residents enjoy Jack London Square, Lake Merritt and the Oakland Zoo. The USS Potomac, also known as “The Floating White House,” is on display on Water Street. Other entertainment options include the Fox Oakland Theater, Chabot Space and Science Center and Children’s Fairyland. When it’s time to head out of town, the Oakland International Airport is just five miles south of downtown.
Buying a Home in Oakland
Oakland is considered one of the coveted cities of the San Francisco Bay area. While homes in this area often come with high price tags that are prohibitory to some buyers, Oakland is known as one place where prices remain reasonable. There are neighborhoods with homes in every price range, so the market is more accessible to budget-conscious consumers.
Like most big cities, crime is an issue in some areas of Oakland. Pay close attention to the character of the neighborhood in which your prospective home sits, and try to visit the property in person at different times of day. You want to make sure you select a neighborhood with features that match your lifestyle.
Popular Neighborhoods in Oakland
If you’re searching for a family-friendly neighborhood, you can’t go wrong with Rockridge. Craftsmen-style homes line up on residential streets with restaurants and shopping opportunities located nearby. You can get to Tilden Regional Park and other large forests in approximately 30 minutes, and the community is engaged and active. This is one of the safer neighborhoods, but you can expect property prices a bit higher than in some other areas.
If you want to stay closer to the downtown area, look into the Lake Merritt neighborhood. This area is well maintained and features picnic tables, parks and sidewalks perfect for walking and jogging. If you want lower prices and are interested in joining a community actively transforming into a modern hot spot, look to Upper Laurel. Once an old neighborhood that received little attention, businesses are starting to transform this area.
Buying vs. Rent to Own Homes
Buying a home is exciting, but you don’t want to jump into the process before you’re ready financially. Many consumers need some time getting their affairs in order before they can secure the most desirable interest rates, and that’s why rent-to-own contracts are now available. If you choose to go this route, you will start out as a renter. In many cases, your rental payments include a small fee that’s put aside to go toward your down payment in the future. You can purchase the home by the end of your contract, accepting full responsibility and control of the property.
Cost of Living in Oakland
While the cost of living in Oakland is substantially higher than the current national average, it’s still one of the more reasonable cities in the Bay Area. Housing prices can double the national average in some of the best neighborhoods, but you can still find cheap homes in some areas outside of the downtown area. Housing is the largest expense for most residents, and you can find reasonably-priced goods and services in most areas.
Oakland is the busiest port city on the San Francisco Bay and is considered one of the most affordable places to live in the Bay Area. Residents enjoy a Mediterranean climate with more than 250 sunny days each year as well as direct access to the coast. While it may not have as many large businesses as some other California cities, the downtown area is a hotspot for employment. There are many safe Oakland neighborhoods with Craftsman homes and walkable streets, and the community is a melting pot of cultures.
Rent to Own Realtors
Rent to own is beneficial to both buyers and sellers, but that’s not common knowledge. A lot of people look to realtors as a credible source of information for their counterpart in a rent to own deal about the benefits of the program.
However, you likely won’t find a realtor who is interested in helping you. There’s not a lot of profit for realtors in rent to own deals.
Instead, you’ll have to become a credible expert on the process yourself. Honestly, that’s not a bad thing. It’s better that you know everything you need to about the process you’re investing so much time and money into.
About Our Listings
Financially, buying apartments, houses or any other types of properties makes sense when compared to renting. You're paying roughly the same amount per month for your mortgage that you would to rent the same type of home. However, there are obstacles that make that process difficult to attain, like minimum down payments and bad credit. Those barriers prevent banks from ending up having to sell foreclosed homes.
Nonetheless, those barriers shouldn’t stop you from owning your own condo or townhouse. Through rent to buy and lease to purchase programs with no credit check, you could start working toward owning a house.
A lot of people who rent to own by owner take advantage of Rent to Own Lab’s free listings. Search our website for cheap lease-purchase or lease-option properties near me and see if rent to own could be the right option.