Rent to Own Homes in San Mateo
Living in San Mateo also gives you easy access to many surrounding large cities. Hop in your car, and you can reach San Francisco or San Jose in less than a half hour if the traffic is light. This short commute time is perfect if you want to commute to a bigger city while keeping your family in a smaller town with access to quality schools, including San Mateo High School. The town is also home to the Pulgas Water Temple, the San Francisco Bay Discovery site and San Andreas Lake.
Buying a Home in San Mateo?
Bidding wars, invisible listings and overnight sales are commonplace in the San Mateo housing market. With many Silicon Valley professionals scooping up the best properties even if they have to pay more than the value of the home, it is sometimes difficult to find housing to fit a modest budget. The median listing price for homes is approximately $1 million, but the median sales price is typically over that figure. You should prepare to enter a swift and aggressive offer when you find a home that suits your needs, and keep in mind that most sellers will receive multiple offers before settling on one buyer. Remember, cash talks in this type of real estate market.
Popular Neighborhoods in San Mateo?
If you enjoy stately mansions and well-maintained lawns, you have to consider moving into San Mateo Park. This is a leading neighborhood located on the northwestern side of town that features sizable lots with cherry trees, authentic Spanish architecture and traditional Dutch farmhouses. Most homes sell for at least $2 million, but there are homes that hit the market at half that price from time to time.
If you’re concerned about the quality of public schools in San Mateo, consider living near the fairgrounds in Hillside. The homes are typically priced around $800,000, and you can sometimes find them as low as $500,000. Not only will your kids go to some of the city’s best schools, but you’ll live a short walk or drive from many restaurants and shopping centers. Public transportation is convenient to the neighborhood as well.
Buying vs. Rent to Own Homes?
Do you feel like you’re sinking in the overly aggressive San Mateo housing market? This is an intense environment for buying a home, but there is one way to limit the stress: give yourself some time to prepare financially. If you’re ready to settle into a permanent home and don’t want to give yourself that time, consider a rent-to-own home.
You will start out as a renter, and you can use that phase of the contract to strengthen your financial power. This will help you secure a lower interest rate when you do purchase the home, delivering a more affordable mortgage payment. That lower interest rate can make a huge difference in a high-priced real estate market, so it’s worth the time that you serve as a renter.
Cost of Living in San Mateo?
The high cost of housing in San Mateo probably tipped you off to a much higher-than-average cost of living. The cost of a home in this city is at least triple the national average, and it can often go as high as five times the average. The end result is an overall cost of living that is more than twice the national average, so get ready to budget quite strictly if you don’t have a sizable income. The cost of utilities is close to national average, and there are ways to purchase most goods and services at reasonable prices if you put some effort into finding the lowest-priced stores.
Don’t let the high cost of living scare you away from living in San Mateo. While you will have to price your housing offers aggressively and get ready for a potential bidding war, you’ll also secure a home in one of the most prestigious Silicon Valley cities. You’ll have access to a variety of high-tech jobs, and you’ll fit right in with many other entrepreneurs and innovative companies. You’ll also have access to the beautiful California landscape and a reasonable commute to San Francisco.
Summary
Don’t let the high cost of living scare you away from living in San Mateo. While you will have to price your housing offers aggressively and get ready for a potential bidding war, you’ll also secure a home in one of the most prestigious Silicon Valley cities. You’ll have access to a variety of high-tech jobs, and you’ll fit right in with many other entrepreneurs and innovative companies. You’ll also have access to the beautiful California landscape and a reasonable commute to San Francisco.
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
Listing properties for traditional sale eliminates a big chunk of the buyer market. People with bad credit are left out of the traditional home buying process. Nonetheless, buyers who don’t qualify for mortgages are still in the market for apartments and houses.
Rent to own by owner programs with no credit check are an easy way for a seller to start earning money from their townhouse or condo in a market that isn’t viable, which appeals to new groups of buyers.
Through rent to buy and lease to purchase, sellers rent a property to potential buyers for a set lease term. During which, the seller earns profit through the rent buyers pay as a tenants. At the end of the lease, the buyer has the option to buy the property, or if they signed a lease-purchase agreement, they must buy it.
With a little patience, sellers can make rent money and the true value of their home from its eventual sale. Which is better than selling the home cheap and competing with bank-owned foreclosed homes that sell for less than market value.
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