That Home Loan Hub
Welcome to That Home Loan Hub, your ultimate guide to mastering the world of home loans and property. I'm Zebunisso Alimova, here to simplify the complexities of real estate and provide you with expert insights and the latest trends.
Whether you're a first-time homebuyer, an experienced investor, or simply curious about the property market, this podcast is for you. Join me each week as we unlock the secrets to property success and help you make informed decisions. Let's dive into the world of property together!
That Home Loan Hub
Your landlord might be willing to sell you your home right now.
Ready to transform your rental situation into homeownership? You might be closer than you think. The current economic climate has prompted many landlords to reassess their property portfolios, creating a golden opportunity for tenants to purchase the homes they already live in and love.
Our mortgage advisors are witnessing firsthand how this trend is benefiting both parties. Landlords looking to downsize their investments are often willing to offer their properties at competitive prices to existing tenants, sometimes even providing assistance with financing arrangements. For renters, this presents a unique pathway to homeownership without the stress and expense of relocation.
Buying the property you're already renting comes with substantial advantages. You know exactly what you're getting – every quirk, draft, and feature of the home is already familiar. This insider knowledge helps you avoid the unpleasant surprises that often accompany buying an unfamiliar property. Plus, you save thousands on moving costs while maintaining your established community connections, from school arrangements to neighborhood relationships.
However, we also explore the potential pitfalls. Emotional attachment can sometimes cloud objective judgment about a property's condition or value – what our advisors describe as "being in a toxic relationship but not wanting to leave." There's also the risk of overpaying if your determination to stay overrides your assessment of the property's market value.
Whether you're considering approaching your landlord about buying your rental or exploring other homeownership options, getting pre-approved for financing is a crucial first step. This gives you clarity about your budget and strengthens your position as a serious buyer. And remember – homeownership comes with freedoms that renting doesn't offer, like finally being able to have that dog without landlord approval!
Contact us today to explore how we can help transform your living situation from tenant to homeowner. Your dream of ownership might be as close as the roof already over your head.
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Hello and welcome back to that Honlon Harp. Today I am joined by JB Hello Jordan.
Speaker 2:Hello.
Speaker 1:Jordan. Today we are going to talk about something very cool and very important to a lot of our clients that are renting right now. Right, what do you have for me?
Speaker 2:Well, it's a very interesting time at the moment, isn't it? With the market, and I feel like, personally, I'm seeing a lot of clients coming in asking to buy their landlord's property. So their landlords are selling up because maybe they've got a few too many properties on their portfolio. They're trying to downsize, and this has been creating a good opportunity for the tenants sometimes to get their first home, because they're already in the home. It's the home they know, the home they love, and I'm finding a lot of the landlords are offering them for a good price as well, which is awesome. So it makes it a lot easier, as we already know the costs of what it's going to be to live in the property. They've been doing it for years anyway. It's a good point, and even sometimes the landlords are even offering a little bit of help because obviously they want to sell the property, they want to move on. There's different ways that we can.
Speaker 1:Yeah, absolutely there is, and that's a very exciting opportunity for them, because when they reach out to us, we actually show them how to come up with the extra deposit that they wouldn't have had otherwise with the help of the landlord. So if you are sitting in a rental at the moment and you're thinking, oh, it would be awesome to buy this property, I think you should be confident in reaching out to your landlord and seeing if it is possible for you.
Speaker 2:Yeah, because obviously with the economy right now there's a little bit more stress on those that have multiple properties. Like I said, just want to downsize a little bit. You may be helping them out quite a bit more than what you think.
Speaker 1:Yeah, absolutely. I think it's a win-win for all. Like, look, I'm a landlord, I've got a couple of properties and I've got a tenant that's been in the same house for the last 10 years and she knows that eventually she will buy that property off me when she's ready. And it's my job. I sort of have two hats when I deal with her to get her ready to that point where she can buy. And I think if you don't know, you can't tell. So I think a lot of clients are scared to ask because suddenly we tell them that they're ready and they go oof, I'm ready, I can buy now.
Speaker 2:And they get surprised.
Speaker 1:So buying rental property. Let's go into pros and cons. What would be the absolute pro of buying the property that you're in right now?
Speaker 2:I would say you know the property, don't you? You know what flaws it has, especially when you go buy a new property. It's like buying a new car, isn't it like? There's always a couple little things that are wrong, especially the older they are, and if you already know what they are, that makes their life a lot easier. You can pre-plan going forward. If there's any repairs that you think need to be like, if it's just a, a few um frames and stuff or window frames that you've got to clean up or something you know. Know it's nice and easy compared to you buy a house and then two weeks later you've got four holes in the roof and you're running around with buckets and you're like, oh, this wasn't on the report.
Speaker 1:Yeah, exactly. So the absolute big pro is you already know the property You've been living in it. You know where the drafts are. You know what's leaking, what's not leaking. Living in it. You know where the drafts are, you know what's leaking, what's not leaking, what's um, you know, and hopefully, if your landlord was a good landlord, it's healthy home compliant you've got good heating there, you've got good um insulation, etc. So you're already buying a property that you know is up to a certain standard and it's home and it's your home exactly.
Speaker 2:You know, if you've lived there for, let's say, more than a year, you know that's your grand roots, that's where you come home every day, it's where you relax and sometimes being able to buy that is just. It's nice, isn't it?
Speaker 1:Yeah, look, I hate moving.
Speaker 2:Absolutely hate moving.
Speaker 1:So for me, I think, personally, the pro would be not moving yeah.
Speaker 2:I think, personally, the pro would be not moving. Yeah, that's a cost that you don't have to like. A lot of people don't think of that cost when they do buy a home as well, which we list beforehand. But you're saving. What a grand. Two grand maybe. Maybe even more yeah like not having to move. That's fantastic, and you can use that to oh for anything. Exactly Right.
Speaker 1:So that's another pro that we have. The other pro for me would be like, if you already live in that area, you know the area, you know where the kids go to school.
Speaker 2:If you've got kids.
Speaker 1:you know you, you probably got that property for a reason because it's maybe closer commute to your work or maybe it's close to the beach or close to the things that you like. So if you're already living in it you probably know the area really well. You know your neighbors, it's all familiar.
Speaker 2:It's home, it's home Again. We're coming back.
Speaker 1:It's home. Yeah, so we've got three pros here. Let's talk about cons. What would be the con of buying the property that you're in right now and we've got one at the moment that I know you're dealing with and I know that people are absolutely in love with their property because it's home right but, for instance, that house may have potential issues that they probably don't want to be dealing with in the long term.
Speaker 2:Yeah, that is very true, Like there was a pro being attached to the home and it being your home, but at the same time, sometimes it's hard to step back and see what problems actually are.
Speaker 1:It's not. It's like being in a toxic relationship but not wanting to leave. Very much so.
Speaker 2:You stick your head in the ground and try not to notice the things that are a bit skew-iff, or you know the leaks and whatnot.
Speaker 1:Exactly so. Sometimes you just have to pull the pin. You know, even though it's home, even though you love the area and it's fantastic. I think it's just the matter of really figuring it out whether this con is worth it or not. The other con, I guess, is when you're overpaying for something. As much of it as a pro, as much as the good point to be buying your landlord property because you might get it off the market there is no real estate agent fees involved, et cetera you might get it for cheaper.
Speaker 1:However, in some cases you might be overpaying because the landlord has a certain um number in their head that they need to sell it for, and because you might be so blindly in love with that, you might buy it for more than what it's worth. In my opinion and I've seen it happen before definitely where people are too in love, they don't want to move and they don't want to have the extra cost, etc. And I guess the con as well is the extra moving cost. You know when you have to move somewhere else you might be shifting regions.
Speaker 1:You might be shifting towns, shifting schools, shifting schools, getting to know new people, new areas, new neighborhoods.
Speaker 2:And if you're an introvert like me, I like to be comfortable with the people I know.
Speaker 1:You want to be comfortable with people, you know. I think at this point people gasp, thinking what? She's? An introvert? I can't be. I can't be. Yeah, I think I'm an introverted extrovert. I've decided over the years yeah, no-transcript.
Speaker 2:Like you can come to us, we can get you pre-approved, hopefully. And get you pre-approved for a little bit more sometimes is probably the best, like if we can, and then it opens up your opportunity. You can then consider if it's your landlord's property is the one that's going to be the best for you, or maybe something else that's in the area. The thing is, there's so many options. There's so many different ways we can do things. There's a lot out there.
Speaker 1:Absolutely Awesome, awesome. Thank you so much, jordan. I think this has been a very enlightening podcast, even with Winston's presence here.
Speaker 2:You just missed me.
Speaker 1:We have a bring the dog to work day today and Jordan decided to surprise us with Winston's visit. So, for those that are wanting to buy and sick of renting because you want to have a dog without your landlord coming at you, come and see us. We'd love to help you on this journey. Thank you, your landlord coming at you, that was a big point for me. Come and see us, we'd love to help you on this journey. Thank you, jordan. Thank you, bye, goodbye.
