Rent to Own Homes in Torrance
A land developer named Jared Sidney Torrance was the original mastermind behind the southern California city we now refer to as Torrance. Los Angeles was already established, and Jared decided that it was time to branch out and create a smaller town to the south where businesses and residents could escape the larger city. Cities along the Pacific... Read More
A land developer named Jared Sidney Torrance was the original mastermind behind the southern California city we now refer to as Torrance. Los Angeles was already established, and Jared decided that it was time to branch out and create a smaller town to the south where businesses and residents could escape the larger city. Cities along the Pacific Ocean are known for their expansive beaches, but this city touches the coastline for less than two miles. The beach that it does contain isn’t a major tourist hotspot like surrounding beaches, so it’s more peaceful and relaxed.The below results are primarily rent to own homes in Los Angeles County, CA:
A land developer named Jared Sidney Torrance was the original mastermind behind the southern California city we now refer to as Torrance. Los Angeles was already established, and Jared decided that it was time to branch out and create a smaller town to the south where businesses and residents could escape the larger city. Cities along the Pacific... Read More
A land developer named Jared Sidney Torrance was the original mastermind behind the southern California city we now refer to as Torrance. Los Angeles was already established, and Jared decided that it was time to branch out and create a smaller town to the south where businesses and residents could escape the larger city. Cities along the Pacific Ocean are known for their expansive beaches, but this city touches the coastline for less than two miles. The beach that it does contain isn’t a major tourist hotspot like surrounding beaches, so it’s more peaceful and relaxed.The below results are primarily rent to own homes in Los Angeles County, CA:
Torrance Airport is located in the southeastern corner of the city, and the Torrance campus of the University of Redlands brings many students to the area. Other advanced study opportunities include El Camino College and some technical colleges like ITT. Younger students can attend schools operated by the Torrance Unified School District or local private schools.
The Torrance City Parks Department maintains more than 30 public parks throughout the city, ensuring that most neighborhoods are within close proximity to at least one safe area for outdoor recreation. This makes Torrance City a great place to live if you want to enjoy year-round sunshine.
Buying a Home in Torrance?
The median listing and sales price for Torrance homes is currently around $645,000. You can expect to pay $400 or more per square foot for a home in one of the more desirable neighborhoods, but there are some neighborhoods where smaller homes sell for a bit less. This is a competitive city where most homes receive two or three offers before closing, and the average down payment extended by buyers is more than 20 percent. It’s a good idea to keep a close eye on market listings daily, and work with a realtor willing to get you in to see properties of interest immediately.
Popular Neighborhoods in Torrance?
Seaside is one of the most desirable Torrance neighborhoods. The average listing price for the area exceeds $900,000, but the community offers a golf course with nine holes, a playground and recently renovated schools. This area is known for elaborate decoration displays during Christmas, and the population is mostly families with children and older adults. The most luxurious neighborhood is Marble Estates, but you can expect listings over a million dollars in that area.
Buying vs. Rent to Own Homes?
You’ve seen rent-to-own agreements offered with some homes for sale in Torrance, but exactly what does that mean? This type of agreement is designed to help buyers secure their own home while making it easier to save up a down payment and obtain a reasonable interest rate on the loan.
You first move into the home as a renter, but you have the right to purchase the property in the future. In some cases, the rental payment includes a fee that is saved and later used as a down payment when you buy the house. There are many reasons that you may want to rent with the option to buy, so this agreement may save you from accepting a loan payment before you’re ready for the responsibility of home ownership.
Cost of Living in Torrance?
The cost of housing in Torrance easily triples the national average. California is known for high prices when compared to the rest of the country, but prices in this city are double the state average. Utility expenses are about 10 percent higher than the national average, but they’re as expected for the state. You can look forward to paying a bit more for groceries, clothing and other goods than you would in other areas of the country as well.
Torrance is one of the more expensive California cities when it comes to housing, but it also offers beautiful weather year round and one of the quietest, most peaceful beaches on the Pacific coastline. There are more than 30 smaller parks spread throughout the city, and most neighborhoods are located within close proximity to at least one or two. Some of the more luxurious neighborhoods also have golf courses and other upscale amenities. This is a town where it’s not uncommon to sit on your front porch and wave to your neighbors as they roll by on their golf cart on a sunny afternoon.
Summary
Torrance is one of the more expensive California cities when it comes to housing, but it also offers beautiful weather year round and one of the quietest, most peaceful beaches on the Pacific coastline. There are more than 30 smaller parks spread throughout the city, and most neighborhoods are located within close proximity to at least one or two. Some of the more luxurious neighborhoods also have golf courses and other upscale amenities. This is a town where it’s not uncommon to sit on your front porch and wave to your neighbors as they roll by on their golf cart on a sunny afternoon.
Rent to Own Realtors
Using a realtor for your rent to own deal can offer great benefits. Agents are well versed in real estate so they can effectively communicate opportunities and discern which of those opportunities is a legitimately good deal.
Nonetheless, not a lot of realtors will want to help with your rent to own deal because upfront profit for a realtor is minimal and the big payout down the line is not a guarantee.
That means you’ll have to do a little research to ensure that you make the best decisions, but you will save money on commission.
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.
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