Denver Homes Online

Denver's Rent To Own Market Is Scarce

Jun 15, 2012


Denver Rent To Own - So Few Choices

rent to own sign

I was talking to my friend Kim, just yesterday, about rent to own homes around Denver.  Kim will soon be selling her home as a short sale, and just wanted to know if rent to own was an option.

Unfortunately, rent to own doesn't make sense right now for many renters in the Denver real estate market. There are so few properties being offered with rent to own terms, that it's not worth getting your hopes up.  That doesn’t mean that there aren’t ANY houses that’ll hit the market as rent to own.  But, the hardest thing is finding something that matches your price and location.  There are currently very few options under $400,000.  More choices exist in the upper price ranges, only because there are fewer buyers for those properties.

If you notice a rent to own property that has what you’ve been looking for, another issue that could complicate matters is that sometimes sellers just "change their minds."  When a seller examines the risk of renting their house, many have second thoughts.  They worry about the renter qualifying for financing.  Many buyers do struggle with this and are unable to get their credit issues resolved, in time to close.  Bottom line here is that the rent to own seller really wants to sell, not rent.

Some other things buyers need to know about rent to own properties are that many can be hard to sell.  Desperate sellers may consider a rent to own option, only because the house they're trying to sell is probably not a prime property.  Many of these rent to own houses lack decent locations, have deferred maintenance, are overpriced, and have other issues that can make them difficult to sell. 

Sometimes rent to own houses makes sense, and other times they don't.  It should always be pursued with plenty of information and insight.  Because real estate markets change often, you are wise to get up-to-date advice.  I look forward to helping you with that.


Image Attributions: sign - sxc.hu


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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Category: Rent-Lease

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