Rent to Own Homes in Pomona
Pomona Valley residents enjoy easy access to a number of entertainment venues, including the Fairplex. This facility includes one of North America’s most celebrated drag strips, the Pomona Raceway, and attracts more than 1.2 million people to its L.A. County Fair.
Buying a Home in Pomona?
Prices have been steadily rising for Pomona area homes, jumping 140 percent from 2000 to 2014 and 42.6 percent from 2010 to 2014. In the past year, median home prices rose 3.2 percent to $315,000. Even with all of these price increases, Pomona homes are still about $140,000 less expensive than L.A. County’s overall median price. While 67.9 percent of homes in Pomona are single family residences, the city has a number of condos, townhouses and apartments, representing 27.2 percent of Pomona’s homes.
Popular Neighborhoods in Pomona?
Young professionals and families savor all of the social, cultural and entertainment options of Downtown Pomona. With Antiques Row, the Art Colony and dozens of restaurants and shops just minutes away, the neighborhood’s nice apartments, newer homes and older Craftsman homes at an average price of $160,000 are even sweeter. Established families and executives also like Phillips Ranch neighborhoods, where the homes are more affluent, often newer and set in master-planned communities. Phillips Ranch often sets itself apart from Pomona, even using its own Phillips Ranch, CA address. Most homes range from small, older cottages to condos and estates in new gated communities.
Buying vs. Rent to Own Homes?
Purchasing a home the conventional way is suitable for many home buyers, but the process of applying for a mortgage and all the related home-buying tasks can be daunting to many. Rent to own homes curtail some of that stress by concentrating less on perfect credit scores and down payments. Instead, home buyers negotiate a purchase price and rent-to-own contract with the seller, pay an option fee and make monthly rent payments. Since these contracts usually last one to three years, buyers gain a price advantage if the market increases, and they gain time to get their financial affairs in order.
Cost of Living in Pomona?
Pomona residents have a moderate cost of living for Southern California, although the overall costs are 27 percent above the national average. Groceries, healthcare, utilities and transportation generally cost 10 to 11 percent above the norm for the rest of the country, but housing is the biggest expense. Pomona locals can expect to pay 66 percent more for housing than the national average, but that’s well below the Los Angeles cost of housing which is 180 percent greater than the average.
Named for the ancient goddess of fruit, Pomona has transitioned away from its early days of vineyards and citrus groves to the bustling, artistic and business community it is today. Some of the city’s historic homes remain, but they are intermixed in welcoming neighborhoods with a wide range of newer homes and condominiums. The city’s homes are increasing in price, but its median home price of $315,000 is still affordable for Southern California standards. Housing costs that are more expensive than the national average also push the city’s cost of living above that of the rest of the nation, but Pomona is still an economical Southern California city.
Summary
Named for the ancient goddess of fruit, Pomona has transitioned away from its early days of vineyards and citrus groves to the bustling, artistic and business community it is today. Some of the city’s historic homes remain, but they are intermixed in welcoming neighborhoods with a wide range of newer homes and condominiums. The city’s homes are increasing in price, but its median home price of $315,000 is still affordable for Southern California standards. Housing costs that are more expensive than the national average also push the city’s cost of living above that of the rest of the nation, but Pomona is still an economical Southern California city.
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.
- 91766
- 91765
- 91767
- 91768
- 91769
- 91799
- 91797