By Jason Boone
If you ask anyone who bought a home during 2014 they will tell you they couldn’t stay out of the Real Estate market thanks to low mortgage interest rates and great home prices.
Although it’s been tempting for many people to buy homes this year what about people who are leasing homes?
Can someone who is leasing a home still buy a home at the same time? The short answer is yes, especially when you follow these steps:
Step 1 – Review Your Lease
Inspect your lease immediately for terms and conditions regarding breaking your lease.
Many landlords will allow you to break your lease if you buy a Bend Oregon home so your lease documents should be the first place you look before moving forward.
Step 2 – Speak With Your Landlord
Ask your landlord if they will allow you to break your lease if they forego paying your security deposit back or if you pay them a couple of extra months of rent.
Most landlords will be happy when their tenants have bought their own homes and they will be willing to work with their tenants if the tenant is willing to compensate them financially for their losses.
Step 3 – Find another Tenant
Do you know of a friend, family member or associate who wants to move to Bend or is searching for a new place to live?
Ask them if they would be willing to take over your lease then refer that individual to your landlord.
This step is one of the easiest to accomplish and it will also save your landlord the time, money and hassle of having to advertise and meet with new tenants to rent out your condo, apartment, town home or house again.
You should also speak with a lender as soon as possible because the rent you are paying for your current rental could affect your debt-to-income (DTI) ratio since too much debt could make it harder for you to obtain financing for the home you want to purchase.
For more Real Estate tips follow my blog today.
To learn more about the Bend Oregon Real Estate market or to view homes for sale in the area contact me, Jason Boone, Principal Broker at Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or by clicking here to contact me through my website.