Thursday, March 12, 2015

What Renters Should Know About Buying !



You've made the decision to take the step into home ownership from renting ! The common questions are easily answered thanks to google and apps like Trulia or Zillow.  What about those less commons questions like what and when should you tell your landlord ? Those  will be the questions that I will answer in this blog ! 

What Should I Tell My Landlord ? 
If your currently in a rental where you are NOT in a lease than you will want to wait until you've found a home and gone to contract on the purchase of your new home.  

If your currently under a lease that will be ending within 2-3 months than I suggest a conversation prior to your lease coming to an end.  

If your currently in a rental that has 4 months or more than again no conversation is needed until you've either A. Found a home (before going to contract) B. When you are 2-3 months from your lease expiring. 

Why Does The Timing Of The End Of Lease Matter ?

Remember just because you've decided it's time to purchase it does not mean you can abandon your lease.  Depending on how particular your wants & needs are will effect how long the shopping process will take.  If you have a few months left in your lease this will allow you some breathing room since your "deadline" typically is by the end of the lease.  Also keep in mind if you find the perfect home and will be leaving before the end of the lease your landlord might ask for additional payment because of you breaking the lease.  

If your lease is ending relatively soon than a conversation with your landlord prior to it ending will be beneficial & appreciated for both you and your landlord.  With the "deadline" being much sooner you should discuss staying in your rental on a month-month basis to give yourself a buffer on time.  Most landlords are open to this if it is discussed prior to the lease actually ending.  

Why Can't They Wait For Me To Leave ! 
This is the most common complaint and stressful for renters who are becoming homeowners.  Keep in mind most rentals are necessary income here on Long Island having a vacant apartment is less than ideal for most landlords.  Be prepared that once you have gone to contract on a home that their is a high chance your rental will be advertised for rent.  

If you have not gone to contract and they ask to begin showing than an honest conversation with you, your buyers agents and landlord is a good idea.  Your agent will be able to explain the timeline and the benefits of waiting for it to be advertised.  Also your agent might be able to handle the showings to make it an easier transaction for everyone.  

You've Gotten Your Mortgage Committment, I'm Outta Here ! 
Not so fast, that on or about closing date you had negotiated ? It is still just that an on or about closing date ! Before you give your landlord notice call and speak with your attorney, make sure that the seller is still on the same target date as you.  If they have a home they will need to close on than you might have to sit tight a bit longer ! Communication as always is key to making this transition go smoothly for everyone involved ! 

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