Rent to Own Homes in Denver
The below results are primarily rent to own homes in Denver County,...
The below results are primarily rent to own homes in Denver County, CO:
Denver City and the County of Denver represent the heaviest populations in the state of Colorado; almost 3 million people live within the area. Industries in Denver are booming because of steady population increases. The city is a great place for those who love nature and interacting with it, including those that love winter sports.
Located within an hour’s drive of the Arapaho National Forest and Colorado Springs, the city of Denver is known as a hotspot for winter sports. Denver city residents enjoy free ice skating at Skyline Park and fun outdoor activities like the Mile High Snowfest held in Larimer Square. For those interested in skiing and snowboarding, Winter Park Resort is less than a two-hour drive away. With snowfall averaging 55 inches each year, Denver is one of the snowiest locations in the United States.
When warm weather arrives, Denver residents still have a lot to do outdoors. The Platte River Trail follows the South Platte River for close to 18 miles, creating an enjoyable walking and jogging trail through the Denver Metropolitan Area. Residents also enjoy visits to the Denver Botanic Gardens, Downtown Aquarium and Elitch Gardens Theme Park. Of course, sports fans flock to Coors Field to cheer on the Rockies, and the Denver Broncos keep fans screaming through the football season.
If you follow the news, you’ve probably heard about the Greenprint Denver project which commits the city to lowering greenhouse gas emissions. This is just one way the city is working to create a healthy environment for residents and visitors. Many city residents rely on rail transportation to get to and from work, and Denver Union Station is the central hub for the rail system. If you need to get out of town fast, the Denver International Airport is about a half hour away from downtown.
Buying a Home in Denver
The median home value for Denver residential properties is $306,100. You can find homes in the $100,000 range if you’re on a tight budget, but they may not be move-in ready at the time of purchase. Keep in mind that there are fewer foreclosed homes in the city, so you may have to increase your budget a little if you don’t find a low-priced home that suits your needs.
Homes in Denver are pricey because there has been an increase in the demand for homes as the population has been booming. Since more people are vying for the same amount of housing, the price of housing is increasing. Experts are predicting that real estate prices in the city will continue to rise, so now is a good time to buy if you want to move to a new area or are relocating to Denver.
Buying vs. Rent to Own Homes
You’re ready to apply for pre-approval to start the home buying process, but have you considered all your options? If you haven’t thought about a rent-to-own contract, you still have one possibility to consider. This type of contract allows you to start out renting your new home with the option to purchase the property at a designed point in the future.
This gives you the chance to adjust to your new living environment while a landlord assumes responsibility for home maintenance and repair expenses. When you’re ready to make it official, you secure your loan and become the official owner. If you have any hesitancy over buying a new home in Denver, this is an option that may put you at ease.
The great thing about rent to own is that you don’t have to worry about getting approved for a mortgage or paying a down payment just yet, but you can move into a home that will one day be yours. Also, you lock in today’s market value for the home as the price you will pay at the end of your lease. So, if the value of the home increases, you made money. As stated above, home prices are on the rise in Denver. So, rent to own is a great option for anyone living in the area.
When you rent to own a home, you pay the seller an option fee at the start of your lease. This fee gives you the option to purchase the home at the end of the lease. Each month you pay rent, like any tenant would, but you pay a premium amount for your rent. The extra money goes into an escrow account. At the end of your lease, if you choose to purchase the home that money goes toward your down payment. If you choose not to purchase the home, or if you don’t qualify for a mortgage, then the seller keeps the money in that account.
It’s important that you work hard to qualify for a mortgage at the end of your lease by paying down debt, saving money and improving your credit score. Which shouldn’t be too difficult while you’re leasing because the owner will continue to pay for expenses, like taxes and insurance.
The Spirit of Denver
Residents benefit from year-round outdoor amusement. The South Platte River runs right through the city, and the city is right in the middle of the Rocky Mountains and the High Plains Mountains. From ice skating and skiing in the winter to hiking and walking the Platte River Trail in the warmer months, the city’s climate will keep you active from January to December.
There are great universities in the area to continue your education and keep your kids close to home when they go to university. Living near a university is a great way to ensure life in the area where you live. There are always great events going on near universities.
Denver is a great place for sports fans. The city is home to teams from all of the traditional sports: the Broncos football team, Avalanche hockey team, the Nuggets basketball team and the Rockies baseball team.
Popular Neighborhoods in Denver
If you enjoy big city living and don’t mind smaller homes or if you prefer to live in a loft or condo, you will probably fit right in with downtown Denver residents. This area is perfect if you want to stay close to your downtown office or if you prefer to live without a personal vehicle. Keep in mind that there are many neighborhoods within the downtown community. For instance, head toward the city center for art galleries or the Lower Downtown region, known as LoDo, for a younger scene and active nightlife.
You can find higher priced homes on pleasant tree-lined streets situated near high-ranked public schools in Cherry Hills. Castle Pines and Evergreen are two neighborhoods that are away from suburbia and in the mountains.
Washington Park is a great place to live if you have kids. The neighborhood is within proximity of one of the best elementary schools in Denver and you would be very close to Washington Park, the neighborhoods namesake. Living in the area for families to take their kids to the park to enjoy a nice afternoon.
If you want to live in the center of a lot of culture, Highland is the place to be. The neighborhood is primarily composed of Italian and Hispanic families. That means you will be in the very center of great food and great music in Highland. If you’re lucky you and your family might become bilingual or trilingual. If you are Hispanic or Italian, this is a great neighborhood for you to keep in practice of your first language or just connect with your culture.
Cost of Living in Denver
The cost of living in Denver is slightly higher than averages for the state of Colorado and the overall country. Housing is the largest expense for most residents, and housing prices are about 24% higher than the national average. You may save a little on utilities compared to the national average, but other expenses are right at or slightly over national averages.
While the cost of living in Denver is higher than national and state averages, the beautiful scenery around Denver, the culture and the booming economy are all great reasons to move to the area or stay within it. You can choose your living environment with neighborhoods located in the heart of the city, in the suburbs and out in the mountains for exclusivity. Decide where you want to live based on what you value, nature, education, food, diversity or proximity to work.
Rent to Own Realtors
Realtors are highly skilled at informing potential buyers and prospective sellers about rent to own. A realtor can help find the second half of the deal you have been searching for.
Unfortunately, not many realtors are interested in rent to own because there isn’t a lot of money for them in the process. In the past, that would constitute a serious roadblock to rent to own; however, there are plenty of websites available for buyers and sellers to find each other.
Completing your rent to own deal without a realtor could save the seller a lot of money on commission. That gives the seller some wiggle room on the sale price, which attracts even more buyers.
About Our Listings
It’s in the bank’s best interest to avoid foreclosed homes because they end up having to sell them cheap to recoup lost money. So, they try to play it safe with mortgage approvals by steering clear of people with bad credit.
That doesn’t help someone who’s working on getting their credit together to buy a condo or a townhouse. Nonetheless, rent to buy programs can help people work toward purchasing houses and apartments with no credit check.
The free listings on our site are usually rent to own by owner, so deals are more reasonable and trustworthy than big company lease to purchase properties are. Whenever you’re ready just look for lease-option or lease-purchase homes near me on the Rent to Own Labs website.