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UPDATED: Due to the current low housing inventory in the Denver market, lease-to-own properties are very difficult to find and ARE NOT A VIABLE OPTION RIGHT NOW. Property owners are requiring very large down-payments to secure the lease option, which defeats the purpose of doing a lease option. For these reasons, we do not currently recommend a lease-to-own, until such time as the market improves for home buyers. If I can help you with a different type of home purchase or investment, call me directly at (303) 514-4000.
You can actually buy a home while you are renting! Here's a brief explanation of how it works: You the tenant, and a homeowner who agrees to sell with "lease-option" terms, enter into an contractural agreement that gives you the 'right to purchase' that home during an extended lease period (typically 1 -3 years). While the actual terms of the agreement can vary, this is a typical scenario of how the Lease-To-Own option works.
If you have lost a home or have other credit issues, or you just can't assemble a down payment in a short period of time, the lease option may work for you. Here are the primary reasons why you'd want to consider entering into a Lease Option with any seller:
Perhaps you also just want to make sure that your new job is really right, or that you feel comfortable with the area, before jumping into a home purchase. Under all these circumstances, lease-options make sense.
With Lease-To-Own purchases, buyers are essentially getting to try before they buy! So, it doesn't matter which side of the lease you're on. If this idea of renting to own can satisfy your housing needs as a buyer, or your home selling goals as a seller, then it has positive benefits that is worth considering. To find out more, call Mike at (303) 514-4000 to discuss your needs.
Michael Dagner is an expert in Denver-Area home sales.
Call today, (303) 514-4000, for help with your home sale or purchase.
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The Michael Dagner Group, Brokers Guild Cherry Creek Ltd, 7995 E. Hampden Ave, Ste 100, Denver, CO 80231 Map
5 Minutes From The Denver Tech Center - Near Tamarac Square, 9-Mile Station, & Cherry Creek Reservoir