Skip to main content

Rent to buy?

Hi, we’re based in the UK and have just seen a home that we would really love to buy. Unfortunately we just don’t have the deposit or the credit rating for a mortgage. I’ve just secured an extremely high paying job (promotion, have a stable work history) and have a new 2 year financial plan that would see us debt free and with about £25k in savings. I stupidly started looking at the type of houses we’d like to buy 2 years from now and I’ve fallen in love one! It needs A LOT of work but is okay to live in. The rent market value as it stands is probably about £500-£550 (house is for sale at £105,000) Do you think there’s any way I could approach the seller about renting to buy? Or even a contract that allowed us to rent it for 2 years then sell at the same value it is now? We would want to be able to carry out work on the property and upgrade it, then in 18-24 months, get a mortgage and buy it. If you were a seller, is this something you’d ever be interested in? Or am I dreaming? I’ve seen a few articles online about it, but I’m not sure how realistic they are. I’m also not sure how the contract would work because if we were allowed to improve the house whilst we rented it, it would be worth more when we came to buy it and the seller could technically increase the price couldn’t they? Is that just a risk I’d have to take?

The property isn’t part of a chain, so the seller won’t be waiting on this house to sell.m so they can buy their next one.

Thanks in advance!

submitted by /u/Pupdate-14
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/k2z2lz/rent_to_buy/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

How to get started?

Hi! I’m 23F and I just graduated college with an english degree (😅) but i’ve been working in nonprofits since I was 16 and lucked into an amazing first job with an one of the biggest and best real estate non-profits! I love my job so far, but it’s my first time being surrounded by such wealth (and very hard working, deserving individuals.) To be quite honest, I‘ve had a rough few years juggling multiple jobs to finish school, and the idea of myself not living paycheck to paycheck seems light years away. This is all being said, I guess I’m posing the question towards the group of what I can do now to start building that kind of future for myself. I find real estate very interesting, and i’ve loved learning about all the machinations behind development- I’m just not sure where to begin within the industry (investment/rentals are definitely not an option for me yet). I’m also looking to go back to school, but being that I don’t know where to start, I wouldn’t like to begin classes aga...
Post a Comment
Read more