Did you fall in love with the home you’re renting? Learn more about how to buy a house you’re renting for a more successful transaction.
If you’re trying to build your finances or have yet to decide where you want to reside on a permanent basis, renting a home is a great idea. It’s not unusual for a renter to fall in love with the rental home and wish to purchase the property. If you’re considering this option in home buying, check out these five tips that can help prepare you for possible challenges ahead.
📑 Comparative Market Analysis (CMA)
A CMA tells you the worth of the house you are renting in the current real estate market. They key is ensuring that you do the CMA properly. This way, you can find the right price range for the property. Once you have established this, you can decide on the initial offer to give your landlord or if you can afford it in the first place.
🏦 Mortgage Pre-Approval
You might think that this step is not important for this kind of purchase since you are directly dealing with the landlord. But remember that a landlord is still a seller and getting financial assistance for this transaction is not easy because of its nature. Determine how much you can borrow, so you feel confident about having a backing on your proposition.
📱 Contact RL Real Estate Group
🗣️ Talk to Landlord
After establishing that you can afford to but the house, tell your landlord about your desire to buy their property. You might find some hesitation with your offer, so be flexible enough to negotiate a little. If your landlord is firm about not selling the house, accept it and find another property to buy or another place to buy a house in.
Whether your landlord is not yet ready to sell or you have to get approval for the loan, a rent-to-own agreement might be a good move. However, this can be a tricky process so make sure that you educate yourself about it. Hire a real estate agent to make sure that you deal you get in with your landlord is reasonable and fair.
👩💼 Hire a Real Estate Agent
This might seem unnecessary because you have good relations with your landlord. But you have to protect yourself from all the paperwork and the possible mistakes you will encounter along the way. It is best that you have someone on your side who is well versed on the intricacies of real estate and actually know what they are talking about.
It might seem challenging at first but to buy a property that you are renting can be a successful and fulfilling experience for you and your landlord – you just have to do things right. If you need help purchasing a house that you are renting, let RL Real Estate Group help you.