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Buying the house you rent

Discussion in 'The Buying & Selling Process' started by joel, 20th Mar, 2016.

  1. joel

    joel Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    783
    Location:
    Adelaide
    The house I live in has a high tenant turnover and a LOT of roadworks going on nearby. Regardless, the place has potential. A renovation would make a huge difference - it's pretty much unchanged from the 1950's.

    Personally I think it's just out of my price range so I'd need to add a sweetener to the deal.

    I'm sure I saw a thread on this sort of thing but can't find it.. so does anyone have any tips on how to buy the house you currently rent? Should I literally just ask the agent if the owner is interested in selling?
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    13th Jun, 2015
    Posts:
    5,571
    Location:
    Adelaide, SA
    First step, be armed with information like an idea of value. Residex and RPdata can help ;)

    Secondly, wouldn't go through the PM. The PM's best interest is to keep the property rented, I'd go to the owner directly. Their contact details will be on your s46
     
    SmashedEconomy likes this.
  3. WattleIdo

    WattleIdo renovating Premium Member

    Joined:
    18th Jun, 2015
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    1,808
    Location:
    Central West NSW
    As above.
    I went through this recently. Better yo go straight to the landlord.
    However, if it's out of your price range you're better off getting something that better suits your budget. It may be difficult to believe that something cheaper can be better to live in but once you get going on the renovations, you start to like the new place more. Still, you should ask so that you can buy or move on.
     
  4. joel

    joel Well-Known Member

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    23rd Jun, 2015
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    783
    Location:
    Adelaide
    No harm in asking right? The owner may have NFI what its worth - it was inherited.
     
    legallyblonde likes this.
  5. legallyblonde

    legallyblonde Well-Known Member

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    23rd Jun, 2015
    Posts:
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    Location:
    TAS
    I agree with the above. I wouldn't let the PM know you are interested.

    I also agree, the worst they can say is NO! =)
     
  6. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
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    Location:
    Canberra and Sydney
    If the owner is interested - let them name their price first and then kick off negotiations from there.

    Cheers

    Jamie