Rent to Own Homes in Pueblo

Residents of Pueblo have access to the Pueblo Community College as well as a variety of museums and outdoor recreational areas. The Steelworks Museum is popular due to the history of steel production in the city, but other popular museums include the Pueblo Weisbrod Aircraft Museum and the El Pueblo History Museum.

Colorado is known as a state that receives a lot of snow, but the snowfall in Pueblo is lighter than in most other cities. This gives the residents more time to enjoy outdoor activities at scenic areas like the Lake Pueblo State Park and the Nature and Raptor Center. The Historic Arkansas Riverwalk is also a popular activity on sunny days.

Buying a Home in Pueblo

The most difficult part of buying a home in Pueblo is deciding which neighborhood best fits your lifestyle. This is one of the most affordable real estate markets in the country, so most buyers have little trouble finding a variety of homes that fit their budget. This gives you the freedom to pay more attention to the features and location of the homes that you consider purchasing.

Popular Neighborhoods in Pueblo

One of the most desirable neighborhoods in Pueblo is Aberdeen. This area is centered on Lake Pueblo State Park and is located south of downtown. While there are some large homes that sell for more than $500,000 in the area, you can also find homes selling for $300,000 or less. If you're searching for homes that sell for $200,000 or less and prefer a quiet neighborhood suitable for families, head out to Belmont Central. This neighborhood is around Jerry Murphy Road, and it's convenient to the Colorado State University campus.

Buying vs. Rent to Own Homes

When you buy a home according to the traditional process, you must get your paperwork in order and head to a bank or another lender for approval. They will help you determine your buying power and will tell you how much you will need to pay upfront, and you can then start searching for homes that fit your budget. Rent-to-own properties take a lot of the stress out of this process by allowing you to shop for your home first and secure financing later.

This type of agreement allows you to move right into your new home as a renter. The current owner of the property may continue to maintain the home and pay for needed repairs, but that is one factor that can vary from one agreement to the next. When you're ready to take out a mortgage loan, you purchase the home and take over as the owner. You can use the rental period to save for your down payment or to simply get comfortable in the home before you make the purchase official.

Cost of Living in Pueblo

If affordability is the most important factor in determining where you purchase a home, Pueblo should score high on your list of potential home cities. The housing index is close to 40 percent lower than the national average, and the overall cost of living is nearly 20 percent lower than the national average. While you will pay closer to average prices for most goods and services, the low housing prices may allow you to purchase a much larger home than you could afford in other areas of the country.

Summary

Pueblo boasts one of the most affordable housing markets in the United States and offers a variety of neighborhoods suitable for families as well as single professionals and young adults. While there are some upscale neighborhoods where homes may sell for $500,000 or more, there are many more areas where the homes sell for $200,000 or less. You may buy a larger home in this city than you would elsewhere in Colorado, and you will benefit from the local museums and scenic parks. If you're in search of a job, note that Pueblo is also home to a booming steel manufacturing industry.

Rent to Own Realtors

Most realtors aren’t going to want to work with a client looking for a rent to own deal. The upfront profit for a realtor is minimal, and the largest chunk of the commission isn’t guaranteed – even after the contract is signed. Successful rent to own deals make the bulk of commission for realtors as far as three years in the future.

Good realtors know that if they’ve done their job qualifying and showing a buyer options that meet their tastes and budgets, a rent to own deal has a great chance of success. But good realtors are rare.

Instead of using a realtor, learn about rent to own yourself and meet with professionals in the title, mortgage and legal industries to increase your chances of success.

About Our Listings

Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.

Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.

In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.

Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.

Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.

Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.