Classic Homes for Modern Families From the $400s
Expansive yards include 6-foot cedar fencing, low-maintenance landscaping and a brand new, professionally installed sprinkler system. Front covered porches and back patios are perfect for entertaining, while our unique, alley-free site design and extra wide streets encourage outdoor exploration, game playing and get-togethers.
Elmwood Estates Rent to Own Program
Delwest is excited to offer a ‘Rent to Own’ option on several of our new homes at Elmwood Estates in North Denver. This type of contract allows current lessees the opportunity to rent for a year (12 months), with a designated amount ($500) of each month’s rent to be placed in escrow and applied to the purchase of the home at the end of the rental term.
Who Should Apply?
This type of program is perfect for would-be-buyers who don’t have quite enough saved for a down payment or want to boost credit ratings before applying for a mortgage. Approved lessees can live in a completely brand new home today – while preparing to own it tomorrow.
Real estate market value continues to rise in Denver, and this opportunity gives you the chance to lock in pricing for a new home at today’s price. If the home’s value rises during your rental period, you’ve already achieved every homeowner’s dream.
How Does It Work?
The Elmwood Estates Rent to Own Program is easy. At the beginning of the lease, you’ll pay Delwest an “option fee” which protects your option to buy the home at the end of the lease. You’ll pay rent on the first of the month, just like at any rental property, but $500 of the cost will be saved for you in an escrow account to be used as a down payment on the home. At the end of the year, you’ll have $6000 to apply to the down payment.
How Much Does It Cost?
This is the good news. Unlike other rent to own programs, ours is committed to charging a fair market rental rate for the properties. We will not be charging a premium price. This means that you’ll pay a rental price you can afford, while saving money towards the eventual purchase. And because Delwest will be paying the taxes and insurance premiums on the property throughout the lease period, you’ll be able to save even more.
What Happens at the End of the Lease Period?
If you choose to purchase the home, the $6,000 will be automatically applied towards the down payment. If you choose not to purchase the home or are unable to qualify for a mortgage, Delwest will keep the money.
How Can I Apply?
Simply email firstname.lastname@example.org with your interest in the Elmwood Estates Rent to Own Program and a representative will be in touch. There is a limited amount of properties available for this incentive, so contact us right away.