If you’re looking for Fountain houses for rent, there are other options you may want to consider.
Many people look at renting for a variety of reasons, usually because they have terrible credit and would be unable to get a mortgage, or good credit but not enough money for a down payment, or both. It’s a depressing prospect when planning for the future.
HOME OWNERSHIP BY “RENTING TO OWN”?
If you haven’t heard of rent to own (also called a lease option by some), you’re not alone. Although the concept has been around for a long time (i.e. furniture, car leases, etc.) , most people don’t think of it when it comes to homes. But the rent to own concept for houses has been around for decades.
SO WHAT IS A “RENT TO OWN” HOME?
You can learn more about renting to own a Fountain Colorado home on our website http://www.coloradospringsrenttoownhomes.com/ , but in a nutshell,
a rent to own home is simply a home where the owner allows you to rent the house, with an option at the end of a rental term (usually 1 to 2 years) to purchase that house at price you and the owner agree upon ahead of time (at the beginning of the agreement)
You are not obligated to purchase the home, BUT the seller is obligated to sell you the house at that pre-determined price if you decide to purchase it. Not a bad deal.
SO HOW DOES A RENT TO OWN PROGRAM HELP YOU BUY?
There are a few big benefits to Fountain rent to own programs (/why-rent-to-own/) like ours that can enable many area residents to become homeowners.
Usually, there are some pretty good reasons why people rent instead of buy:
If your credit score has taken a major hit and is way too low to qualify you for a mortgage, a rent to own program can give you the time you need to improve your credit during the rental term, because that is one of the major goals of the program. At the end of the rental term, if you are a good tenant and pay your rent on time, AND manage your finances, you can hopefully qualify for a bank loan and buy the home.
NO MONEY FOR A DOWNPAYMENT
If you haven’t been able to save enough for a downpayment on a home, many times you can find a rent to own program with homes in the same neighborhoods you want to live in with much lower move in fees, and sometimes guidance on how to manage your money and save for that downpayment.
In the end, if you’re looking for Fountain houses for rent…before you go ahead and rent another house, you may want to explore our Colorado Springs area rent to own program to see if maybe it’s right for you.
Renting to own isn’t for everyone, but if it’s the best fit for you, this could be your opportunity to get out of the “rental rat race” and start living the American Dream of owning your own home.