Rent to Own Homes in Visalia
The below results are primarily rent to own homes in Tulare County, CA:
Located in California’s fruitful Central Valley, Visalia is the seat of Tulare County. Halfway between San Francisco and Los Angeles, the Visalia area’s central location and fertile soil made it a hub of activity throughout its history. For most of the early 20th century, locals relied on the innovative Visalia electric railroad to take them around the greater Visalia area. Later, the railroad transported the region’s bountiful agricultural harvests.Today, residents get around town using the Visalia City Coach and highways 99 and 198 to travel the region. The fun Visalia Towne Trolley is a great way to tour historic downtown Visalia and to see the many murals adorning Visalia town center buildings.
Visalia city residents enjoy dozens of other amenities and services, from excellent Visalia Unified School District campuses to a responsive Visalia City Council. Local entertainment is also bountiful, including the peaceful St. John’s River Trail and baseball games featuring the Visalia Rawhide, formerly known as the Visalia Oaks.
Buying a Home in Visalia
Although home prices here have fluctuated a bit, Visalia homes remain very affordable. The current median sales price is $245,000, up about 6 percent over January 2015. Part of that increase is due to a drop in the number of homes available. At the beginning of 2015, there were about 351 homes for sale in the city; that number fell to about 260 at the beginning of 2016. On a positive note for buyers, homes are on the market for a longer period of time. Current homes are selling in about 117 days, a 17 percent increase over the same time last year.
Popular Neighborhoods in Visalia
Visalia has a good mix of older and newer neighborhoods as well as some new subdivisions. With its long history, Visalia is an ideal spot for finding charming Victorian homes. Most are located in the Visalia Heights neighborhood, where proximity to downtown and cute Oval Park make a convenient location. Beverly Glen is a beautiful neighborhood featuring mostly mid-century ranch homes. Set in the center of town, the neighborhood is close to Highway 198 and ample conveniences. Several new planned communities are also being built, including Sequoia Crossing, Tuscany and the Vistas.
Buying vs. Rent to Own Homes
Rent to own homes take some of the stress out of home buying. A conventional home purchase often involves a mad rush to complete mortgage applications, gather together a down payment and coordinate a major move. With a rent to own home, you take those steps in stages. You’ll negotiate the purchase, submit to a credit check and supply an option fee. Then, you’ll move into the property, paying your usual rent and a rent premium. Contracts usually last one to three years, so you have plenty of time to build a down payment and handle the financial side of things.
Cost of Living in Visalia
By California standards, Visalia is eminently affordable. Overall, living expenses are 6 percent higher here than the national average, but that’s well below many other similarly sized towns in the state. Housing is actually 3 percent cheaper in Visalia than in the rest of the country, a boon to prospective home buyers. Health care and utilities are 8 to 9 percent pricier than the country’s average, and food and transportation costs are 12 to 13 percent higher.
Visalia is a vibrant, productive city with a fascinating and rich history. While it shares its agricultural roots with many other Central Valley towns, Visalia’s history of innovations sets it apart. Part of that history is found in the city’s well-preserved Victorian homes and colorful downtown, and part has spurred current industries and enterprises. Aside from its historic neighborhoods around downtown, Visalia has many other newer neighborhoods with abundant charm. Those homes are affordable, too, costing 3 percent less than the national average. Whether you are looking for a nice place to retire or a comfortable home for a growing family, Visalia abounds with options.
Rent to Own Realtors
Rent to own is beneficial to both buyers and sellers, but that’s not common knowledge. A lot of people look to realtors as a credible source of information for their counterpart in a rent to own deal about the benefits of the program.
However, you likely won’t find a realtor who is interested in helping you. There’s not a lot of profit for realtors in rent to own deals.
Instead, you’ll have to become a credible expert on the process yourself. Honestly, that’s not a bad thing. It’s better that you know everything you need to about the process you’re investing so much time and money into.
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These programs are a great way to buy a condo or townhouse if you have bad credit. In fact, lease purchase and rent to buy programs usually offer cheap homes with no credit check. Just make sure you look at your lease to purchase agreement to understand whether you have the option or obligation to buy the home you’re looking at. Lease-purchase agreements require the buyer to purchase by the end of the lease term, while lease-option agreements give the buyer the option to buy.