Buying the house that we rent - anything we need to consider?

expat_jo

Hi

We are considering buying the house that we rent. The landlord has agreed and arranged for 2 estate agents to come round and give a valuation. We have been looking for somewhere for the last 6 months so know the local market well - not much on and nothing is moving. Lots of 'Sold STC''s on for months and then back on the market. We know how much maximum we would pay for the property.

Is there anything we should know before we start?

The house has obviously not been decorated for 4 years since we have been there - presumably that will be taken into account in the valuation?

Many thanks in advance

Leory

try to get a 3rd valuation. some can very wildy, so its worth having a 3rd so you can find the average and go from there

Owain_Moneysaver

Estate agents have been known to inflate valuations in the hope they get the instruction.

Get a valuation from a surveyor, it will cost you, but it will probably be lower than an agent's.

theartfullodger

Is the valuation "with vacant possession"??

Property (almost always) goes for quite a bit more if with vacant possession ....
e.g.
a) Not many people want to but with tenants in...
b) An empty property looks bigger and cleaner and people think there's more room...


I'd bid low... If LL sells to anyone else then either it will be to a landlord who intends to keep renting (so lower-that-market price) or someone who wants to get you out..

Just because the place is sold does not stop your tenancy - it carries on ..You can refuse all & every viewing/visit from LL, agent, surveyors, prospective purchasers... Your LL knows this & so will (hopefully) allow you something off for avoiding all that agrro...

Best of luck!

expat_jo

Thanks all. Theartfullodger - we asked the landlord whether they would sell so they are getting some estate agents in. Sorry if I didn't make that clear. I am not aware that they will go ahead with a sale if we decide to not buy it (I am hoping not anyway and don't think they would really be able to in this market ...)

Many thanks

g_attrill

I would think the initial price will be quite a lot higher than you are expecting/hoping. Firstly as mentioned if he just says to the EA's that he wants to sell, how much should he ask they will come up with a figure to start marketing at. He might pass this price straight on - the thing is you are obviously interested in it and he might think you are prepared to pay over the odds because there is no hassle in buying (obviously overlooking that there is no hassle from his side either!)

expat_jo

Thank g_attrill. We have a fixed price of how much we think it is worth (based on neighbours houses selling - the last in March this year - in better conditions and more bedrooms). We knew the neighbours - as did the ll - and we know what it went on the market for and what they were told to expect. They got the expected price so I know the margin anyway. We have a price and they can either take it or leave it I think. I am in two minds anyway - it's just easier than moving!

Many thanks for everyone's views

spugzbunny

I am actually in a similar situation. Just not as far along. We have been living in our property for 4 years and we would liek to buy it next year sometime. We would be asking the LL if he was prepared to sell and making him an offer based on the market in the area. If he says no, or it's too high we havent lost anything thats the way I see it!