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The third most expensive real estate market in the US, Los Angeles is a highly competitive environment where investors and residents alike clamor into new up-and-coming neighborhoods looking for great deals on homes. While finding an affordable home can be difficult for many middle class buyers in much of the city, the size and diversity of the region offers marvelous opportunities where surplus homes are available for wise and intrepid buyers. Because of its unique housing climate, Los Angeles offers a unique opportunity for Rent-to-Own buyers that many other regions do not. Here are some of the benefits of RTO arrangements here in the City of Angels.
Lock in price. Rent-to-Own agreements can be designed to lock in a sale price at the end of the agreement, which is ideal for environments where prices can go up rapidly and/or unexpectedly. Popular neighborhoods are constantly shifting in Los Angeles and a combination of gentrification and high real estate prices has put a lot of people on the move. Locking in a price on your property during your rental period acts to circumvent that process.
Down payment. High real estate prices mean big down payments. One of the reasons why buying in Los Angeles is difficult for many middle class buyers is the amount of cash in hand required. Even at 3.5% for a FHA insured loan, the down payment on a $295,000 property is substantial. Rent-to-Own offers buyers the chance to build up a down payment while they live in the home of their dreams.
Investment quality. Smart buyers in LA have a great opportunity to develop an investment property by studying housing trends and buying in the right neighborhood. Neighborhoods become popular and appreciate value quickly here. While renters see their monthly expenses skyrocket as rent prices go up, homeowners see their investment grow. Rent-to-Own buyers get into their homes early and can begin developing equity in the property sooner rather than later.
FHA loan limits are HIGH in Los Angeles County. Buyers in Los Angeles get a lot of help from the Federal Housing Authority. Buyers looking to buy a single family home can receive loans as big as $625,500 through FHA approved lenders. For people looking to invest in multifamily properties, FHA affiliated lenders can underwrite up to $1,202,955 for a fourplex. And with lending standards becoming more lenient in 2015, Rent-to-Own buyers looking to get into a home now will have an easier time securing a loan at the end of their rental period.
More Information on Los Angeles, CA
About Los Angeles, CALos Angeles is the second largest city in the U.S. Nestled along the coast in Southern California, L.A. is home to more creative workers than any city in history. Ranked sixth on the Global Cities Index, the region is putting major investment into public transit and green technology. The housing market in Los Angeles is exploding as previously undesirable neighborhoods experience rapid renewal, with prices rising quickly and competition for rentals and Rent-To-Own homes high in some areas.
With dozens upon dozens of neighborhoods and surrounding suburbs, finding a Rent-To-Own home in Los Angeles gives you a lot of opportunity to match your personality and needs to your home. Los Angeles is a city large enough to have weather reports for different parts of the city. Areas in the main basin in the city are seeing sharp increases in housing prices, particularly in east side districts like Echo Park and Silverlake. Downtown LA has experienced a rapid revival in the past several years, with condominium buildings popping up all over. Just a hop outside of the basin, the many of the cities in the Valley are experiencing similar growth without the exceptional spikes in housing prices.
Culture and Entertainment:
There is never a lack of things to do in Los Angeles. Home to a wide range of world class museums, cultural events, music festivals, and more, the city is teeming with opportunities to explore. Community events like Cic-LA-Via afford bicyclists with the opportunity to ride down the wide avenues of the city without automobile traffic. Angelinos love to hike to the Hollywood sign or through the adjacent canyons for exercise and entertainment. The world famous beaches lining the west side of town extend from the serene and natural shores of Malibu to the eccentric tourist areas of Venice.
Wondering what's a good neighborhood to move-in to? Here is I'm Moving To LA's list of 10 Safe and Affordable Places to Live in LA.