Rent to Own a Denver Home | Denver, CO | Lease Option Homes
Denver Rent to Own Homes and Lease Option Homes
Are you looking for rent to own in Denver? Here at Kenna Real Estate we offer an exciting new rent to own program where you can lease with an option to purchase a home of your own. Kenna Real Estate is working with an amazing Lease with a Right to Purchase program.
Its easy to qualify for this program all you need to qualify is:
- A minimum household income of $75,000.
- A minimum credit of 550.
- Deposit is equal to two months rent.
- No evictions on record in the past year
- one Year Lease required
Here are some Perks & details of Renting to Own through own lease with Right to Purchase Program.
You get to pick a house that is FOR SALE based on your approved rent, in a community where they purchase and you would get to rent that house. The investment firm purchases the home, and you are only obligated to a 1 YEAR LEASE term at a time, with a right to renew your lease for up to 5 years*. You can purchase the home at any time for a pre-agreed upon price. I would love to tell you more. If you have a few minutes to reach out today, I can give you more info. I hope we can connect, and your housing search goes smoothly. I look forward to hearing from you! CLICK HERE FOR RENT TO OWN HOMES
How The Denver Rent To Own Program Works.
Here is the video To Explain More - https://thomaswallace.kennarealestate.com/rent-to-own (If Link does not work copy link into browser window)
Total Cost Example Click HERE for more info. https://thomaswallace.kennarealestate.com/rent-to-own
Total Cost is the price Home Partners pays for the home, closing costs, make ready and repairs/maintenance costs. Total Cost is used to determine the resident's Right to Purchase prices.
A sample of a Denver rent To Own home is highlighted below:
Home Purchase Price $200,000
Closing Costs Due at Closing * $3,000
Make Ready and Repairs/Maintenance Costs ( If Needed) $7,000
Total Cost $210,000
* Includes costs such as transfer taxes, attorneys' fees, title insurance, other acquisition costs, etc.
Rent To Own Monthly Rent Increases Slightly
Each year, a resident's Monthly Rent increases by no more than 3.75% over the previous year’s Monthly Rent.
For example, if the Monthly Rent for Year 1 is $1,400 per month, the increase for the next year is $50/month (i.e., $1,400 x 1.0375)*.
Example of a Rent To Own Monthly Rent
Rent to Own Year 1 $1,400
Rent to Own Year 2 $1,450
Rent to Own Year 3 $1,500
Rent to Own Year 4 $1,560
Rent to Own Year 5 $1,620
Right to Purchase Price Increases
Each year, the Right to Purchase Price increases by 3.5%-5% (depending on the region). CLICK HERE FOR RENT TO OWN HOMES
In the example, if the Total Cost of the home is $210,000 and if the Right to Purchase increases by 5% (i.e., Prior Year Purchase Right Price x 1.05)* then the Purchase Right Price for Years 1-5 is as follows:
Rent to Own Year 1 $220,500
Rent to Own Year 2 $231,500
Rent to Own Year 3 $243,100
Rent to Own Year 4 $255,300
Rent to Own Year 5 $268,000
There are additional costs that the resident will incur if they exercise the Right to Purchase such as closing costs to purchase the home, including transfer taxes, attorneys' fees, title insurance, and the cost of a mortgage loan. As a result, actual total costs to exercise the Right to Purchase will vary.
Remember to click this link for more information and all the homes that are available. https://thomaswallace.kennarealestate.com/rent-to-own
Disclaimer: Kenna Real Estate®does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied. MLS IDX Information on the Kenna Real Estate® represent the opinions and ideas of the author(s) do not express the views of Kenna Real Estate® or those of the broker. Copyright® 2013 All Rights Reserved Kenna Real Estate®