|
Post by freckles on Aug 27, 2008 13:02:26 GMT -5
Sometimes you can BUY a House and make Payments cheaper than Rent Payments
P.S.
Ask them if you can * Rent to Own
|
|
|
Post by wizer on Aug 27, 2008 13:39:18 GMT -5
I have a fair amount of experience in this area, since I also rented out a house for a few years because the housing market got real soft after 9-11 and we were in a bind because we already had started the buying process for the new house.
Also I have 2 apartments in the building I own, and the tenants turn over every year or two, and I have modified the lease as I have gained experience.
Regarding renting-
Some of your main concerns are who pays for appliances that break. I write into my leases that tenants are responsible, however in the most recent lease the tenants were on a tight budget and that might have been the deal breaker for them,so I crossed that out in the lease, and I will take responsibility for the refrigerator and stove if they should require repairs not due to neglect by the tenant. Definitely a negotiable item but is probably written in the lease as your responsibility.
In terms of them selling the house out from under you..Your lease should protect you for a minimum of 3-6 months to give you time to find another place. It could be written such as "if an elible buyer is found, tenant will be given 120 days notice to vacate the premises".
Rent with option to buy? If you go this option, expect your monthly rent to be a bit higher, to guarantee you "right of first acceptance". You should be given the opportunity to match any bonafide offer received by the owners, and part of your monthly rent should be applied towards a downpayment IF you ultimately buy, but it's understood that if you don't match the offer or make an offer to buy within a certain number of years you forfeit the additional rent.
In NY, where I live too, the sales market is softer than it has EVER been, and yes, many are turning to rentals rather than sale. Since you are in no hurry, you hold all the cards and you have negotiating power.
Both names should be on the lease because if she's living with you she has "implied rights as a tenant" even without a signed lease..by her signing it obligates her financially as well. Be sure this is a person you can trust with such a heavy commitment. The courts are filled with disputes between tenants because either they don't get along or one wants out before the lease is up.
|
|
|
Post by wizer on Aug 27, 2008 13:41:53 GMT -5
One more thing I left out.
Most leases include a clause that the landlord "can enter", by giving at least 24 hours to the tenant, either to inspect the premises, show it to prospective renters or buyers, or to fix something.
There's nothing you can do about it except secure your valuables and understand that you are living in someone else's house and that's one of the consequences of doing so.
|
|
|
Post by Kim Possible on Sept 2, 2008 17:29:44 GMT -5
Thanks for the input form a fellow NYer Buying will not be an option for a couple of reasons. The value of our house is way out of our price range, even together. And someday, we both hope to be living with other people. The reality is we have no idea if and when thet will happen. We had 3 potentials. One decided on other tenants (we negotiated down on it, and I guess someone else was willing to give them what they wanted). The other one we are trying to hold off on, because we like another one better. The house we are seriously looking at is absolutely gorgeous, and the owners are not looking into selling it right now, which is a good thing for us. They obviously don't need the money to move, and are still in there now, so that gives us time to really think this through, and to negotiate the terms of the lease. We are going to talk to them tonight. We have a large list of questions. I am nervous and excited at the same time.
|
|
|
Post by wizer on Sept 3, 2008 19:59:36 GMT -5
Thanks for the input form a fellow NYer HEY How did you know I am from NY? What else do you know about me?! Are you a STALKER
|
|
|
Post by rocko on Sept 4, 2008 7:47:58 GMT -5
I am a stalker.
|
|
|
Post by redskyatnight on Sept 4, 2008 8:47:50 GMT -5
Thanks for the input form a fellow NYer HEY How did you know I am from NY? What else do you know about me?! Are you a STALKER In NY, where I live too, the sales market is softer than it has EVER been, and yes, many are turning to rentals rather than sale. Since you are in no hurry, you hold all the cards and you have negotiating power. Honestly Wizer, I thought you were more cleaver than that.
|
|
|
Post by wizer on Sept 4, 2008 13:31:13 GMT -5
Honestly Wizer, I thought you were more cleaver than that. I am the biggest cleaver you will ever meat.
|
|
|
Post by Mel (cherry) on Sept 4, 2008 14:07:39 GMT -5
Does that mean you admit to being a tool ;D
|
|
|
Post by Kim Possible on Oct 7, 2008 16:31:03 GMT -5
Thanks for the input form a fellow NYer HEY How did you know I am from NY? What else do you know about me?! Are you a STALKER Yes, i am a stalker!! You told me many moons ago, on ojar. Anyway, I wanted to give an update. The four of us will officially be housemates as of november 1st. We were able to take our time and negotiate, as well as giving my landlord ample notice (which, BTW, they weren't happy about, I guess they were counting on them finding a buyer and me staying until then, now they will have a vacant apartment... not my problem, it was their idea). The owners of the house are downsizing to a condo, and did not anticipate closing until the end of Oct. They told us they would probably be in before the 1st, and that they would let us in earlier. We just found out today they are not ready to close, and will have to find a place to rent on the 1st, to accomodate us (we signed the lease a month ago). Anyway, we are very excited!! I am seriously looking forward to living in a house.
|
|
|
Post by rocko on Oct 8, 2008 7:50:09 GMT -5
That is awesome news!! Congrats!!
|
|