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Ready to buy…things to consider

How to buy the house that you are renting

Are you currently renting a home, but wish that you could make it your own … as in purchasing it from your landlord? This is becoming more and more common in the Jeffersonville, Charlestown, New Albany, Floyds Knobs and Louisville areas.

If you’re in a position to buy property and would like to stay in your current home, buying from your landlord can be convenient and may also save you money given that you won’t have removal fees and may also be able to complete the sale without an estate agent.

Steps to consider:

  1. Perform a Comparative Market Analysis  – This will tell you how much the home you’re renting is currently worth.
  2. Get Pre-Approved – Allow us the honor to pre-approve you for a home mortgage. Typically it takes about 45 minutes for this process.
  3. Talk to Your Landlord – Are they willing to sell? If so, you’ll already now was it should sell for and that you’ve been pre-approved for that value! It’s time to get them onboard!
  4.  Is rent-to-own right for you – It’s possible that your landlord isn’t ready to sell just yet or maybe you weren’t able to get pre-approved for the asking price.  Is this an option for both of  you?
  5. Be sure to discuss with professionals – You want to make sure that you informed every steps of the way by seasoned professionals. This is the biggest purchase of our lifetime … you need to be protected.

This process might be a bit of work and be an awkward conversation to have with your landlord, but just think of how great it will be to OWN your home! You’ll be able to make the updates that you’d like to make it perfect.

Guess what … we can support both you and your landlord during this sale. We have a loan that’s perfect for you. Another option is a sale via land contract, while it isn’t the most common, it is still a viable option for upgrading you to the status of homeowner!

Be sure to reach out to us at [email protected] or 812-941-0926 to discuss.