Buy the property you are renting in
By Advantage Property | 18th Jun 18
Love where you live? If you are currently renting in what you think is your ideal dream home have you ever thought about speaking to your landlord about buying the property? The property may not be on the market, but now you have the full attention of your landlord it could be a great opportunity to buy this property off market without the competition of other bidders and save on moving costs.
Tenants who turn into buyers usually have been renting that property for a lengthy period and are ready to buy, don’t want to move from the area or change their current lifestyle. These opportunities are far and few between, but if you are in this situation and the where you are renting, you might as well give it a shot!
Do your research
Be realistic about your offer to be taken seriously, if you go in too low you will most likely not be taken seriously and the landlord will dismiss the idea. It needs to be a viable financial decision for them. Do your research, find out about all the comparative sales in the area and get an idea of what the property is realistically worth.
Make sure you compare the properties in close proximity and compare like with like, taking into consideration number of bedrooms, condition of the property and land size. Make an informed offer through your property manager in writing so your message is clear.
Understand that the cost of selling a property can easily run over $20,000 so you may be able to structure your offer in a way that makes it easy for your landlord to agree to the sale. We admit, it’s not a common way to buy property, but with a hot market trying any opportunity to get on the property ladder without all the noise and confusion is a good enough reason to try.
For more advice on negotiation and purchasing property, check out the following posts to arm you with the tactics!
The costs associated with buying property
How to make an offer when you have found the property for you?