Buying Your Whiteley Rental Property: What You Need to Know

If you feel totally at home in your rental property, you may daydream about buying it from your landlord.

So, what issues come into play when you want to buy the property that you’re renting? Let’s take a look.

Be realistic

While it’s not unheard of for a tenant to buy their rental, it is uncommon.

One reason for this is timing: the tenant needs to be in a financial position to buy the property at the same point as the landlord is looking to sell.

Understand the commitment involved

There are benefits to owning your own property, but it is a long-term commitment.

One advantage of renting is that you’re not tied into a mortgage for decades. It’s also easier to move or travel if your personal or professional circumstances change.

Speak to your landlord

The decision to sell is entirely within the landlord’s discretion. The landlord may have a long-term buy-to-let strategy and want to keep the property to fund their retirement or pass on to family.

But there’s no harm in raising the issue to gauge the landlord’s view.

Do your research

Even if you think your rental is the place where you want to put down roots, it’s still useful to research the local market.

That way, you can get a clear idea of what properties in the area are selling for and make an offer in line with the current economic climate.

Costs of owning a property

It’s important to do your homework before getting serious about buying a property.

You’ll need to stump up cash for the deposit and stamp duty and be able to stay on top of monthly mortgage repayments.