When Rent to Own Homes Won’t Work

Rent to Owning your home in Colorado Springs can be a practical safe, pretty straight forward commitment.  The benefits including working toward homeownership. A place to truly call yours and something to work on and improve the way you want . It takes time, diligence and often patience to either improve credit, build up down payment and jump through the hoops to get traditional financing. Its all very doable over time.

But….Sometimes Rent to Own will not and Can Not Work….And here are things that can stop you from succeeding in purchasing your Rent to Own Home in Colorado Springs:

  1. You don’t have a bank account….we can’t do ACH monthly rent payments to show your rental history and report to your credit
  2. You don’t have steady work where you claim income-either W2 or W9 . We need to show adequate income to cover your monthly payments and eventually get you traditional financing or a mortgage through a licensed mortgage specialist.
  3. You pay your rent late. If you pay us late we can’t show payment history and can’t get you qualified to purchase your home.
  4. You don’t pay your utilities, or credit card accounts on time. Again we need to show positive on time payments to all your accounts .
  5. You write NSF checks. That shows a lack of financial responsibility and we would not be able to show positive payment history.
  6. You have no money at the end of each month? You’ll have a hard time taking care of your home if you don’t have money left over after your basic bills.
  7. You hate responsibility. Renting to Own and Owning a home require some responsibility with finances as well as upkeep of the home.
  8. You hate yard work? You don’t want to water your lawn? If you rent to own your home you are responsible for your yard upkeep. You could get around this by hiring a company or person to keep it up but owning a home comes with responsibility to the neighborhood and community and that means keep your yard and home in good repair.
  9. You don’t like to pick up your trash? Rent to own requires you to be responsible for cleaning and general maintenance of your home and providing your own trash pickup service.
  10. You like to blame others for your financial problems? If you are in a rent to own home you have to be willing to take financial responsibility . That means paying on time, working on credit and working with a mortgage specialist to get traditional financing. These all take time and determination and can be a bit frustrating at times.

If the above 10 descriptors DO NOT sound like you…then you will likely be a great candidate for a rent to own home in Colorado Springs and you will be a successful homeowner.

Give us a call to look at one of our homes 719-548-4755 or fill out an application online if you already have one in mind.

 

 

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