Rent to Own Homes in Pasadena
The below results are primarily rent to own homes in Los Angeles County, CA:
Pasadena is the middle point between the city of Los Angeles and the Angeles National Forest. The city is located less than 13 miles from each destination, giving residents many opportunities to enjoy Mother Nature. If they want to spend time on the beach, they head south through LA. They head north for the mountains when they want to enjoy a long hike. When it comes to sports, they don’t have leave town since the Rose Bowl is held in Pasadena annually. Residents also have a front seat for the Tournament of the Roses Parade.
Old Pasadena, also known as Old Town, was the city’s first business district, but this area is now known as home to the Rose Bowl as well as many restaurants and shops. Other attractions located throughout the city include the Norton Simon Museum, Pasadena Playhouse, Pasadena Museum of California Art and USC Pacific Asia Museum.
If you’re interested in furthering your education, Pasadena is a great place to live. Pasadena City College is the primary educational institute in the area, but the city is also home to the Art Center College of Design, Fuller Theological Seminary, Los Angeles College of Music and California Institute of Technology. There’s a school for every passion and interest, and Pacific Oaks College offers a private alternative. Whether you live in East Pasadena or South Pasadena, there are options for improving your professional skills.
Buying a Home in Pasadena
While home prices in Pasadena are high compared to many other cities across the country, it’s possible to find some bargains if you work closely with a real estate agent familiar with the local market. There are many foreclosed homes for sale, and you may help a seller out of a difficult situation if you come across a short sale on a home that fits your needs.
While a home priced substantially lower than other homes in the neighborhood is tempting, make sure you consider the full price of that home. You may end up spending $10,000 or more in renovations, and you may need to do much of the work personally if you can’t afford to hire professionals. If you don’t have time to renovate a home, then paying more for one in move-in condition is your best option.
Popular Neighborhoods in Pasadena
If you like stylish homes, friendly neighbors and walkable streets, you should consider a home in the Bungalow Heaven neighborhood. It’s now designated as a historical district, and the homes are preserved to reflect their Craftsman, Tudor or Spanish roots even when updated with some modern amenities. This is a family-friendly neighborhood known for large porches with stylish columns, and you can expect prices over $600,000.
Southeast is another popular neighborhood, especially for students attending Pasadena City College. The area surrounding the college is mostly filled with apartments and is often congested, but the Southeast neighborhood is removed from the traffic while remaining close enough to drive to school daily. Home prices start around $500,000 in this area. If you can afford more toward $800,000 or more, look in the South Arroyo neighborhood where the most luxurious homes are located.
Buying vs. Rent to Own Homes
For generations, the home-buying process has been the same. You either pay for your home in cash or take out a home loan, assuming a mortgage payment as well as expenses for homeowner’s insurance. In order to get favorable terms on your loan, you need stellar credit and a down payment that equals at least 10 percent of the home’s purchase price. While that process is still in play, many buyers are opting to rent their way to home ownership.
Rent-to-own options aren’t offered on all homes, but they are a way for some buyers to reduce the amount of stress involved with the buying process. If you agree to the terms, you will start out as a renter with the option to purchase the property at a later date. You can use the rental period to strengthen your financial standing so that you end up with better home loan terms than you may secure today. It does delay home ownership, but it gives you more time to work through the process.
Cost of Living in Pasadena
The cost of housing in Pasadena is triple the national average, creating an overall cost of living that is at least 60 percent higher than the national average. Prices for groceries, transportation, utilities, goods and services are similar to national averages, but home prices make budgeting difficult for many residents. If you don’t have a substantial housing budget, you will need to work closely with a realtor to find a home within your budget.
Pasadena is known by sports fans as the home of the Rose Bowl, but it’s also a great place to live. The mountains and beaches are a short drive away, and there are many entertainment venues, parks and restaurants within city limits. If you want to advance your education or learn new skills to further your career, there are a long list of colleges and technical institutes in town. This includes private schools and schools dedicated to music, theology and design. While the cost of living is something to consider, there are many benefits that justify calling Pasadena home.
Rent to Own Realtors
When it comes to contracts, there are usually plenty of loopholes. You don’t want to be blindsided because your counterpart in a rent to own deal knows them better than you do.
A realtor might be the logical person to ask for help with a real estate deal, but instead, you should consult with a lawyer to ensure that your lease-option contract benefits you just as much as it benefits the other party.
Realtors likely will not want to help you with a lease-option because they don’t make a lot of money off of them – at least, they don’t make a lot of money until the end of the lease, and that isn’t a guarantee.
Regardless, a lawyer will have more accurate information about your contracts anyway.
About Our Listings
The free listings for rent to own by owner properties on this website make it easier for buyers to find rent to buy programs near me online.
Rent to buy is a good way to sell apartments or houses when the market isn’t particularly active. It’s certainly a more profitable alternative than selling them for cheap prices.
You can choose to lease-option or lease-purchase a condo, townhouse, etc – anything other than foreclosed homes works. In a lease-option, the buyer has the option to buy the home, but in a lease-purchase, the buyer must buy it.
It’s important to note that lease to purchase deals usually come with no credit check because bad credit is the tenant’s responsibility. If the tenant cannot purchase the home at the end of the lease, the seller keeps their rent and option fee. Then, the seller can find another buyer and, hopefully, market conditions are better.