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Considering making my landlord an offer to buy at the end of our lease

I’m about to move into a rental house that I am already so excited about, I’m thinking about making the owner an offer to buy it when our lease ends, and want some suggestions on the best way to do so.

For background, I sold my condo in 2020 and moved into a rental. My plan had always been to buy again in mid/late 2022, but my current rental is unexpectedly going off the market which left me scrambling to find another place sooner than I hoped.

However the new rental I found is almost exactly what I’ve been looking to buy for our ideal 10-20 year home, in terms of size, layout. And it gives me a chance to test drive the neighborhood. We’ve signed a 12 month lease, but are thinking if we end up really liking the house and neighborhood we want to make the owner an offer to buy.

I’m not seeing a sale history for the house on Redfin, if that means anything. Also the owner has the property managed by a property management company so I probably won’t be interacting with him at all directly.

It’s a detached SFH in a neighborhood where comps have sold for $700-800k (Washington DC) which is my target budget, and at that price we can do 20% down.

What do you guys think? Do we make our intentions known early, or wait until it’s time to renew the lease next winter? How do we figure out the best offer price? Do I write the owner a personal letter or go through the property manager? If any of you have sold a home to a tenant in the past, what influenced your decision?

submitted by /u/three_a_day
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/r5nzlx/considering_making_my_landlord_an_offer_to_buy_at/
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