Renting vs. Buying
Before you buy a home, it's a good idea to consider all of the advantages to home ownership versus renting. Renting definitely has its purpose for certain situations, but for many people buying is definitely a wiser investment. If you are committed to owning a home but maybe are not quite ready due to credit profile issues or the ability to come up with a down payment there are a couple of options that you may consider:
This is a viable option for somebody that has some down payment money but is not up to the minimum credit requirements. Think of this option as a "Delayed Closing Date" where basically you go under contract to purchase the house at the current date but the actual closing date takes place often times 12, 18, or 24 months down the road, buying you time to get your credit profile where it needs to be. We still recommend the use of a qualified Realtor when going through this process.
Rent to Own
The option is available when the buyer may need some time to save up for the Down Payment money that is required of them. You enter into a contract where a portion of your monthly rent is applied toward the total down payment at the time of purchase. Often times this may result in a higher than expected monthly rental amount which should be considered into your budget to make sure you are in the best possible financial position.
Looking for information about buying Colorado real estate? ColoradoHomesIQ.com specializes in the Colorado Real Estate Market and we're here to help. Contact us today for a free consultation on your real estate needs.