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

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...
Post a Comment
Read more