If you have been spending a lot of time looking for a home by driving around Colorado Springs or browsing Craigslist or other local websites, you have probably seen the advertisements that read, “Own a home for $500/month. No credit check!”
While it may seem to be too good to be true, local rent to own homes are a viable option that many Colorado Springs residents are taking advantage of. That means areas like Briargate, Cimarron Hills, Village Seven, Widefield, Fountain, Cheyenne Meadows.
ARE COLORADOSPRINGS RENT TO OWN HOMES A SCAM?
Let’s face it. The world has no shortage of con artists. In any business, there are disreputable creatures who will try to take advantage of you, and everyone in the business gets a bad name as a result. The bad reputation gets applied to everyone, not just the few who deserve it. But renting to own homes aren’t a scam and they’re really a good way for people to get on the path to homeownership, particularly if your financial situation makes it difficult or impossible for you to get a home loan right now. You can find hundreds of great articles online from reputable sources that back up the fact that rent to own (also called a lease option by many) is a legitimate and reasonable means by which to work your way into owning your own home. We’ve been offering it since 2003 and have had some amazing success stories.
Really the rent to own process is relatively simple:
- The buyer and seller come to an agreement on the cost of the home, the monthly rental payment, and how long the buyer has to purchase the home
- The buyer moves into the home and begins paying rent, while at the same time working to rebuild his or her credit, or possibly secure financing to purchase the home using traditional means.
- The buyer can feel that same sense of pride that homeowners feel because they are actively working toward the goal of homeownership
- At the end of the term, the buyer has the option to buy the home at the price agreed upon in the initial agreement
THINGS TO CONSIDER WITH YOUR COLORARADO SPRINGS RENT TO OWN HOME/LEASE OPTION AGREEMENT
While rent to own homes in Colorado Springs are a valid means by which to get into your own home, there are many things that you as a buyer must consider.
Purchasing a home is one of the biggest and most complex financial decisions that people make every year, and renting to own is no different. There are pitfalls:
Unlike traditional ownership, if a tenant buyer misses a payment, the entire contract could be voided. You are also expected to take care of the home like it is your own. That means some out of pocket expenses will need to be expected. But this is all in preparation of being a homeowner. Practice makes perfect. So be sure to read all the fine print and ask the property owner what the default clause is. Any reputable real estate investment company, like ColoradoSpringsRenttoOwnHomes.com will give you this information willingly and answer any of your questions.