Professionals Burleigh
If you’re someone who is currently renting and could see yourself owning your rental, then you’re not the only one. It’s not uncommon for someone to buy the home they once rented, and it makes it easier for both, the buyer and the seller and it comes with its advantages too. For the buyer, you already know all the ins and outs of the home and you won’t have to lift a finger to move. For the seller, they don’t have to go through a real estate agency and pay any fees, what the buyer offers is what they will get. So, it’s a simple transaction, but how does one go about it?
To help all the people who have considered buying the property they rent, we have broken the process into 2 stages, The Planning Stage & The Negotiation Stage.
Planning stage:
Before approaching your landlord, doing your own research will be of huge benefit. Research such as, what similar properties in your area are selling, how much for and what have similar properties sold for in the past. Finding this information will help you determine if you have the financial means to begin with. If you do you’ll want to consider the potential added fees & costs involved with purchasing the property. Once you’ve done your research and financial planning, then you’re ready to make an offer.
The Negotiation Stage:
In our recent experiences with this, we have seen how a few people have gone about making an offer to their landlord. You can go straight to the landlord with an amount you’re willing to offer, or you can approach their property manager. It’s suggested that you speak with the property manager as they will have a better idea if the owner is thinking of selling or not, and you won’t be putting the landlord on the spot either.
So, the best-case scenario is the Landlord is thinking of selling and is ready to negotiate. Before negotiating you’ll want to keep in mind that the property is an investment for them, and they will be looking for a decent return so expect plenty of back and forth.
If you and the owner have come to an agreement, and everyone is happy with the terms of the sale, from here you’ll want to organise a conveyancer or a solicitor to put together your formal offer, or you can rely on a real estate agent to help you moving forward. Lastly, it is highly suggested to get still get a building and pest inspection to make sure you cover any issues you may have been unaware of.
