Rent to Own Homes in Richmond
The below results are primarily rent to own homes in Contra Costa County, CA:
Albany , CA 94706
2 Bedrooms, 2 Baths
Richmond , CA 94804
4 Bedrooms, 2 Baths
Richmond , CA 94805
Richmond , CA 94805
4 Bedrooms, 4 Baths
Kensington , CA 94707
2 Bedrooms, 1.5 Baths
San Pablo , CA 94806
4 Bedrooms, 1 Baths
San Pablo , CA 94806
3 Bedrooms, 2 Baths
Richmond , CA 94801
Richmond , CA 94805
5 Bedrooms, 2 Baths
El Sobrante , CA 94803
El Cerrito , CA 94530
Richmond is located on the San Francisco Bay in central California, approximately 18 miles north of San Francisco and 12 miles east of San Rafael. This location is also convenient to many smaller cities and unincorporated areas, including San Pablo and North Richmond. One of the more popular neighborhoods within city limits is Point Richmond, but there are many other areas suitable for families as well as young professionals or couples.
The city is monitored closely by the Richmond City Council, and there is no shortage of opportunity for outdoor recreation. Residents and visitors have easy access to the Point Pinole Regional Shoreline, the Point Isabel Regional Shoreline, Wildcat Canyon Regional Park, Brooks Island and Keller Beach. Other noteworthy city features include the Golden State Model Railroad Museum and the Richmond Country Club.
Buying a Home in Richmond
The Richmond real estate market is competitive, especially if you place an offer on one of the more luxurious homes in a desirable neighborhood. It’s not unheard of for properties to receive as many as five offers before the sale is finalized, so it’s important to know your maximum budget before you start looking at available homes. If your offer ends up in a bidding war, you need to stick to that maximum so that you can afford the home after purchase.
The median listing and sales price for Richmond is around $420,000. You can find some homes selling closer to $300,000 in some neighborhoods, and homes in more exclusive areas will cost you a lot more than the median.
Popular Neighborhoods in Richmond
If you want to live close to the best public schools that Richmond has to offer, look for a home in the Carriage Hills North area. This neighborhood offers tree-lined streets with homes that mostly sell for less than $500,000. It’s also easy to commute to San Francisco and other surrounding cities from this region. If you need homes that are a bit more affordable, look in the Carriage Hills South area. While the prices are lower, the quality of schools is a bit lower as well.
Buying vs. Rent to Own Homes
If you’re a little intimidated by the home-buying process or you know that you’re not quite ready to put your financial life under that type of scrutiny, a rent-to-own home may help you become a homeowner faster. You start out as a renter, and a portion of your monthly rent may go into escrow so that you can use it toward your down payment in the future. The exact terms will vary from one property to another, but the goal is to rent for a designated period of time before purchasing the property. This allows you to get settled into a new home now while giving you some time to prepare for the loan application process.
Cost of Living in Richmond
It’s normal for California cities to double or even triple national averages for the cost of housing, but Richmond is one of the more affordable regions of the state. The cost of housing can go as high as 50 percent above the national average, but the overall cost of living remains within 20 percent of the national average. Housing is the biggest slice of the budget for most residents, but you can also expect to pay above-average prices for food, goods and services.
Richmond is located within 20 miles of Berkeley, Oakland, San Francisco and San Rafael and offers residents many opportunities for outdoor recreation. From hiking in the nearby mountains to exploring playgrounds at the city’s public parks, this is one community that allows every member of the family to enjoy an active lifestyle. You may also find this area suitable if you plan on commuting to surrounding cities for work or entertainment. If you find much of California too expensive, this city does have a more reasonable cost of living.
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
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.
Reported Annual Crime In Richmond