We want to buy the house we rent

florrie01

Hi,
The house we currently rent was up for sale around 3 years ago just before prices crashed. It didnt sell for a number of reasons. 1) it was over priced 2) It needs work doing inside and out 3) Its on a very busy road.

The house was put up for rent and the previous tenant stayed for a year. We moved in 6 weeks ago as we heard from a neighbour that they still wanted to sell when the market improved. We want to buy but at the moment dont have a large enough deposit.

We have spoken to the landlord who has made it clear they do want to sell and would be happy for us to buy in 2-3years time when they feel the price would be better.

My question is this... We are happy to do minor improvements but dont want to increase the value. Could we take before and after pictures to prove what work we have carried out when the time comes for valuation? Or have the property valued now before we work on it.
Also what sort of agreement should enter into with the land lord over this. I dont want to find the house sold from under us in 3 years time.

Many thanks

hazyjo

Two-three years' time is an awfully long way off yet! Sit tight, don't make any offers, don't make any improvements (get your LL to do the essentials), and rethink your position when you have saved up a deposit.

There can be no guarantees your LL will sell to you, if indeed at all. Prices may drop, who knows.

What sort of 'improvements' were you thinking of? I really would leave well alone. You can't really get it valued as if the improvements weren't made. Whatever you do may well add value - and there's nothing to say you won't find yourself with a rent increase, or being turfed out when it does come to selling. Who's to say you'll ever agree a price with your LL?

Please remember that the problems he incurred when selling will become yours. You really need to compare the price to other things on the market when the time comes to buy.

Jx

Fuzzyness

if you did do the improvements the owner would just use them to potentially ask for a higher purchase price. if i were you i'd be running the place down to convince him that its not worth keeping as it would be too costly to repair/patch up for sale. tricky one though. without a willing vendor you're always going to come off worse imo.

AlexMac

The estate agents I've used have advised that few improvements add significant value - unless they increase usable floorspace or add rooms - such as an extension or loft conversion. Even re-furbishing a kitchen or bathroom, at a likely cost of a couple of thou' each may make the place easier to sell rather than adding equivalent value.

So unless you plan to do major works, surely any improvements you plan... (decor? carpets?) should be evaluated as whether they'll be worthwhile in terms of your own short-term enjoyment and quality of life? Unlikely these would 'add value'?

G_M

No. Any improvements you make will
a) simply give the landlord/owner a better property to sell later at a higher price
b) cost you cash in the meantime
c) need his permission in writing unless you want to risk losing your deposit since you will be unable to return the property at the end of the tenancy as it was at the start.

florrie01

Thank you everyone for taking the time to comment. I think we will just sit tight then looking at what you all think. The house needs extensive work to the gardens and general decorating inside but we live in an area where curb appeal is everything and any work would make it more sale-able.

Just a few years of wood chip and tacky mahogany effect paint to put up with

hcb42

it might be worth painting, if it makes you feel happier about living it, with the permission of course..