Sounds simple enough doesn’t it. If you are going to buy, don’t rent. But Rich, you ask, where am I going to live? I have to live somewhere you say. I agree. You do need to live somewhere, however; do you necessarily need to be locked in to a lease for a year? Perhaps; that decision is up to you. What I am saying is that you need to plan your move so that when your lease is up you can leave and you have time to move into your new home without crashing at a friend’s place for a couple of weeks. Trying to buy a home, especially your first home, can leave many without the resources to afford to pay a mortgage and a rent. Some rental managers refuse to let tenants out of their leases. I actually heard of one that said the tenant was responsible for finding a new tenant. Hmmm, if you own a property do you truly want the tenant that is trying to get out of a lease to find the new tenant and show your property? The liabilities just make me shudder. Let’s get back to buying a home. So get with your Realtor and plan the move. The most frustrating of times is when you think that everyone will accommodate your schedule and then horror of horrors they can’t. They actually have their own schedule and they are going by what is written in the contract. Very frustrating to everyone involved. To avoid this you need to plan. Find out what the terms of your lease are and what can be done if you would like to get out of your lease early. Ask if you can go month to month if you are house hunting and need some extra time to close on a home. Most landlords are willing to help a good tenant out but keep in mind they need to protect themselves and keep the property rented. Try finding a solution that works for both of you. As a landlord I tried my hardest to not have a vacancy during Thanksgiving through January. Not so many people looking to move into rentals then however plenty of home buyers wanted to be in their home before the holidays. Other than that I was fairly open and accommodating if the tenant was working with me. So let everyone know what the plan is and then incorporate it into the contract. A good plan makes it easier on everyone and helps prepare for what is coming. Happy House Hunting, Rich
Tags: Bank Owned, Boise real estate, first time home buyers, Foreclosure, housing prices, Hud Homes, Idaho Real Estate, Meridian real estate, renting vs buying a home, REO, Rich Nesbit, short sales, weather, Yo Meridian
