Should You Buy?
The dream of any renter is to find a property so perfect that you hope to call it home forever. Maybe it’s in the perfect location, perfect light, or beautiful hardwood floors. Perhaps the neighbours are lovely, and you’ve planted some vegetables in the backyard that are finally growing. What can a tenant do with their dream property if the landlord decides to sell? Could it be an opportunity to make your dream home yours?
Factors
It might seem like an impossible dream, but a few factors put renters in a strong position to buy from their landlords, particularly if;
- You have a reliable income
- You are already saving for a deposit
- You’re not looking to move out of the area in the near future
Questions to Ask
There are many benefits for a landlord to sell to their tenants. They save money on a marketing budget, they already know and trust you, and they don’t have to renovate before opening the property for inspections. It could seem like a win-win for both parties. However, renters need to do their due diligence and consider all their options. Ask yourself;
- Will the loan be affordable? Mortgage repayments may be higher than your current rent.
- Is it the best deal out there? Are there other properties in a similar area that are just as nice for a lower price?
- Will it still be big enough for you in 5 years? Do you have plans to grow your family or start a business from home? Your cute Paddington studio may not be such a dream down the track.
More Options?
It’s also vital to look into the property in more detail, even if it already feels like home! You should especially look into;
- The property's title to make sure the person selling it to you is the legal owner.
- Zoning certificates, surveyor plans and drainage diagrams – in case you want to renovate in the future.
- Strata minutes and any future levies that might be coming into effect soon
- Council notices of any upcoming renovations or works nearby.
Ultimately …
Ultimately the decision will be different for every property, but buying the property you are currently renting is a great way to ensure you know what you are getting and skip the long weekends walking from inspection to inspection.
If you are looking for detailed and qualified advice about taking the next step in buying your dream home, or if you are still looking, why not get in touch with Bondi Junction’s property experts at Wills Property today by calling John on 0467 443 838 or emailing john@willsproperty.com.au.