When people rent a house, sometimes they can find themselves inadvertently falling in love with it. When you move into a new house, you start to build your life around it, and this means making friends with all of your neighbors and blending into the local community. It’s only natural to start to feel attached to the place, however you always have the risk of the landlord deciding that your time is up – and they can do this while only giving you a month or two’s notice. This can make you feel very insecure about your living arrangements. If you love your rented property that much, have you considered trying to buy it? It is at least worth a consideration. In this article we are going to talk you through how to do it.
Weigh Up Your Options
Before you decide to pursue the idea of buying the house, it is important to weigh up all of your options. Would you be better or worse off financially if you bought? Have you got the means to be able to afford to buy it? Or would you be better off renting for a while longer while you save up more of a deposit? It is something to think about very carefully before you go any further. If you have decided that you can manage it financially, it’s time for the next step…
Speak To Your Landlord
Your next step should be to carefully approach your landlord and ask them if they would consider selling the property. If so, ask them to give you their sale price. They will need to go away and think about it, and they will also want to do their research and speak with real estate agents to ascertain a fair selling price. Of course, you should prepare yourself for a flat ‘no’ too – very often, selling the house is simply not on their agenda. But on the off-chance it is, by approaching them you will be at the front of the queue should they decide to put it on the market.
Get the Ball Rolling
If your landlord shows an interest in selling you the house, your next step is to speak to a mortgage broker and find out exactly what mortgage options are available to you. You will need to be able to make your landlord a sensible offer, so by speaking to an expert you will be able to figure out if a mortgage is a realistic option for you. If you are granted a mortgage and the landlord is happy with the agreed price, then it is time to instruct your attorney and get the ball rolling!
Buying a house is a great option if you have the money – and it is very convenient to buy the house that you are already renting because you will save yourself an awful lot of time, money and hassle by not having to carry out the whole ‘moving house’ process! Once the house is yours, you can finally do what you want with it!
