Buying Your Pontefract Rental from Your Landlord đ°
If you feel totally at home in your rental property, you may daydream about buying it from your landlord.
So, what issues come into play when you want to buy the property that youâre renting? Letâs take a look.
So, what issues come into play when you want to buy the property that youâre renting? Letâs take a look.
đđŒ Be realistic
- While itâs not unheard of for a tenant to buy their rental, it is uncommon.
- One reason for this is timing: the tenant needs to be in a financial position to buy the property at the same point as the landlord is looking to sell.
đđŒ Understand the commitment involved
- There are benefits to owning your own property, but it is a long-term commitment.
- One advantage of renting is that youâre not tied into a mortgage for decades. Itâs also easier to move or travel if your personal or professional circumstances change.
đđŒ Speak to your landlord
- The decision to sell is entirely within the landlordâs discretion. The landlord may have a long-term buy-to-let strategy and want to keep the property to fund their retirement or pass on to family.
- But thereâs no harm in raising the issue to gauge the landlordâs view.
đđŒ Do your research
- Even if you think your rental is the place where you want to put down roots, itâs still useful to research the local market.
- That way, you can get a clear idea of what properties in the area are selling for and make an offer in line with the current economic climate.
đđŒ Costs of owning a property
- Itâs important to do your homework before getting serious about buying a property.
- Youâll need to stump up cash for the deposit and stamp duty and be able to stay on top of monthly mortgage repayments.
- And donât overlook the costs of maintenance and repairs (which youâve never had to consider as a tenant before).
đđŒ Agreeing on a price
- Even if your landlord is open to selling, that doesnât mean the deal is done: you still need to agree on a price.
- Your landlord will most likely want to have the property valued by a few estate agents to ensure they achieve market value.
- Property negotiations can involve quite a bit of back-and-forth between the buyer and seller, so this process can take time.
If you want anymore information or things to ask your Landlord give us a call at RedRoots đ
ï»ż