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Looking at houses for rent in Denver? If you’re struggling to find a place to rent just because you haven’t found a place to call home, then maybe doing a rent-to-own will be your best option in this market.
Most people stop looking for a home to buy and start looking for houses for rent in Denver for many different reasons. Some just think it’s too expensive, some think they can’t handle the competition, some are worried about if it’s even the right time to buy. The most common reasons are:
I’m sure you may of heard of it as a “Lease with an option to purchase” but most know of it as a “rent to own” program that you may have seen going around in the last market crash.
Rent to own isn’t a new concept. It’s been around probably just as long as the buying and selling of real estate has.
Really, if you think about it this type of purchasing is available everywhere. Even Apple has been glorified for doing it with their monthly payment programs. Honestly because even they know paying $750 for a phone is quite a bit of money up front. Did someone say overtime at work?
The concept of doing this with real estate came about for exactly the same reasons. Most are not millionaires able to pay cash for a house so there’s no mortgage and some are stuck in the middle of the process looking for houses for rent in Denver instead.
Rent to own is a type of legally documented transaction under which tangible property like vehicles, appliances, electronics and real estate are leased in exchange for the terms of a weekly or monthly payment with the option to purchase at any time during the agreement.
In real estate specifically, it’s where the owner of the house allows you to rent out the property like a typical lease. Except in this case, the lease agreement also allows for you to exercise an option to purchase the property at anytime during the lease.
Remember, this is an option you can exercise but are not obligated to. You’re obligation is to uphold your part of lease. However, the owner of the property is the one obligated to sell to you at the agreed upon price within the lease.
There’s definitely benefits to going with a Rent to Own Program in Denver. As long as you’re dealing with someone who is credible and knowledgeable about what they’re doing and not just winging it.
A rent to own is not for everyone. Not everyone needs help in their situation for purchasing a property. People usually decide to go with this option if:
You’re looking at houses for rent in Denver because you’ve yet to be approved for a mortgage. You can instead rent a property that you’d really like to buy ahead of time all the while building up your credit to be approved for a mortgage. This will “lock you in” the home of your dreams before anyone else takes it! Getting qualified to purchase the house is up to you. Don’t miss your opportunity!
You simply don’t have enough money saved for a down payment yet. As mentioned with the Apple iPhone example of paying for it in full, coming up with thousands of dollars for a down payment is very difficult for some. It’s not because of irresponsibility or bad choices made either. You’re working hard and have good intentions but the timing could be off. The flexibility a property owner may have in the agreement could help you at least get your foot in the door and later prove yourself in your ability to buy the house at a later date.
Again, a “lease with an option to purchase” is not for everyone because not everyone is in the same timing, financial or circumstantial position as you are. Some even inherit a home without worry of purchasing at all! You write your own story and there’s always help out there when you need it.
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