Rent to Own in Littleton | Lease Purchase
Rent to own, also known as lease purchase, has seen a huge increase in popularity in recent years and opting to choose this way forward when looking for a new Littleton home could be the best move you make.
Choosing Kenna Real Estate in Littleton, Colorado will make the journey to becoming a fully fledged Littleton homeowner easy, and as stress free as possible. Whether you’re looking for large homes, condos or townhomes let us assist you to rent to own the property of your dreams using our Rent with a Right to Purchase Program.
Rent to Own Homes in Littleton
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Rent to Own Homes in Littleton
Just how does rent to own work? Here’s all you need to know.
Choosing a Rent to Own Home in Littleton
When deciding whether or not to buy a home there are many factors that have to be considered, it’s not something that can be entered into lightly and needs much thought and discussion. The rent to own home allows you to get into a home now and not have to worry for 5 years, you can purchase the rent to own home anytime before 5 years at a fixed price.
Think about all the costs that are incurred, such as:
- Upfront costs of purchasing a property
- Down payments
- Closing costs
- Taxes and other fees
These are usually large amounts of money and can ultimately be the things that put people off taking the plunge for the first time. Many people therefore opt to stay in rental homes, or if they know they only want to stay in a particular property for less than five years they won’t commit to buying.
There are other factors that hinder people’s ability to buy a new home. They worry about the costs of upkeep and maintenance on property, as well as repairs and major work that might need to be undertaken, especially if a property is older, or has needed a lot of work in the past.
Costs of property insurance are also a major consideration too. Homeowners are always responsible for any costs like this, whilst a renter doesn't need to worry about that, as all these are usually covered by the monthly rental fee.
Could Rent to Own in Littleton Work For You?
One scheme that could work out for you, if you’re a renter and looking to take the first steps to ownership, is rent to own.
How the Littleton Rent to Own Program works
In simple terms, a rent to own agreement means that potential home buyers get to move into the house they want, right away. In that time, they can work on improving their credit score, or simply trying to save as much as they can for a deposit, or even to buy a place outright.
Each state within the USA has its own laws and regulations on this and there are no two rent to own contracts that are exactly the same.
What typically happens is that the person who wants to buy the property rents it for a set periods of time. This is usually, though not exclusively, between one to three years. After this period of time has elapsed, they then have the option to buy the home outright from the seller.
There are always other terms, conditions and small print that need to be looked at very carefully with any situation like this. However, this is the rent to own situation explained simply.
How the rent to own in Littleton process works
To begin the process, prospective applicants for rent to own in Littleton need to fill in a pre-qualification application form. This performs background checks and verifies that the person(s) applying are suitable.
If you’re aged eighteen or older and are going to reside in the home then you’ll also have to fill in a pre-qualification application form that also checks your background.
Once the application is checked and approved, the applicant(s) will then need to go on and submit a full application form which gives full credit checks and background.
Once this is checked and approve, Kenna Real Estate will be able to give the applicant(s) an idea of the maximum monthly rent of the home for which they can apply. You may already have some idea of figures yourself, if you’re an experienced renter and know how much you can/can’t afford.
Find a home in Littleton
You’ll then work with one of our experienced realtors, to find a home that suits not only your budget, but your needs too.
Kenna Real Estate will help you every step of the way with this process. Once a home is found that suits your requirements, we’ll help you purchase it.
Of course, you need to be aware that the outcome of this depends entirely on a number of conditions being met, these are:
- A purchase price needs to be agreed with the seller
- There needs to be a satisfactory inspection
- A review of the contract by an attorney
- Other closing conditions
Sometimes, for different reasons, homes might not be accepted on to our rent to own program. We will discuss these with you, if they arise.
If everything goes to plan, then Kenna Real Estate's Investors will buy you the home. Your household will lease it from us. At this time, you’ll sign a lease to this fact and also sign a Right to Purchase agreement. You maintain the right to buy the home at a later date.
Look no further than Kenna Real Estate for all your rent to own Littleton listings, and put yourself on the path to becoming a homeowner today.
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Listing information last updated on August 21st, 2019 at 4:04pm MDT.