As the rental market continues to be very tight in Greeley, Colorado, more people are looking for ways to bridge into home ownership. One option is to find a rent to own, or lease with the option to purchase. In the past rent to own has meant less than stellar terms for the tenant and potential buyer. However, there is a new program in many parts of the country, backed by a large hedge fund with favorable terms. This rent to own program let’s buyers choose houses currently for sale and they are not limited to a select few homes that are specifically available as rent to own.
This program is also available in other locations in Northern Colorado like Fort Collins, Windsor, Loveland, Denver, and many other locations.
Rent to own options in Greeley, Colorado
The Ferguson Team has worked with renters who are looking to own a home, but aren’t quite ready or can’t quite qualify yet. One program in particular has been very successful for many of our clients. It allows you to:
- Work with a us to help you find a house
- Have a company buy the house for you
- You lease the house from the company (rent)
- You maintain the right to purchase the house later, if you want
This is much different than the “old” rent to own programs where a landlord charges higher than market rent, sets a ridiculously high purchase price in the future and hopes the tenant never buys. This program is available in several states, charges fair market rent, is clear about the future purchase prices and the buyer is not obligated to buy once the lease term is up.
Rent to to own has many advantages for renters
If you are looking for a home to rent, your options are generally fairly minimal. Your options are even more limited in the market in Northern Colorado where rental prices are rising and inventory is low. By using a lease with option to purchase, you have many advantages:
1. You choose from a much larger inventory
Instead of just looking at houses currently for rent, you also look at houses currently for sale. This opens up your options considerably. You work with a member of The Ferguson Team just as a home buyer would. Once you find a home, the home will be qualified by the leasing company, purchased by them, and then leased back to you with the option to purchase.
2. You can pick your future home now, and avoid moving later
Moving can be very expensive and time consuming. This can be a barrier for many people, especially those with kids. Changing schools can be very tough on your family.
If you know you’ll be ready to purchase a home in the near future, but aren’t quite ready, you can pick the home you’d like to live in now, rent it until you’re ready, and then transition to the home owner.
3. Your risk is reduced because you are not fully committing to the home
By renting the home first, you can ensure it’s the right long-term home for you. Lease with option to purchase provides you this extra assurance and keeps you flexible. If you decide this house is not right for you, you are not obligated to purchase it. If housing prices drop significantly you are not obligated to purchase it, but if housing prices increase significantly you can still buy it at the agreed upon price when you sign the rent to own agreement.
How can I find out more about this rent to own program in Greeley?
The Ferguson Team has experience in dealing with lease with option to purchase companies. We have helped many renters find homes that may turn into their own houses. We can also help you decide if renting to own is the right way for you to proceed, or if a straight purchase or renting option is better for your needs.
Contact The Ferguson Team at (970) 573-6441 or [email protected] for questions and to get started!