Renting a house, then buying it - anyone done it?

giddyG2001

Hi all,

This might sound like a really odd question but has anyone ever, or know of anyone who has, rented a house, then bought it?

I have a deposit for a house but cannot buy until next year. Myself and my partner looked around a house near us before Easter that was for sale, just to see what it was like and I really liked it.

Today I walked past, and it now has a for rent AND for sale sign so I rang the estate agent, and they said the vendor would like to sell it but if they can't, they are looking to rent it. Now this to me sounds like they really need to make some money from it.

So I started thinking, what if I rented it for 12 months then, when I was in the position to buy, suggested this to them Obviously it is just a thought but I was wondering if anyone had experienced anything similar to this?

Thanks for reading:)

crumblepie

You can only ask.

The house next to me has had to rent/for sale up a few times. The problem with the house is they bought when it was expensive, moved due to a change in job, tried to sell but would make a loss if they sold at anything under the asking price. The asking price is too much in the current market so they rent it out which covers the mortgage payments and I suppose are hoping the market picks up a bit so they can break even on a sale.

Every time a tenant moves out the sale/rent board goes up but it always ends in being rented.

celyn90

I think it's a great idea - you'll know far more about the house at the end of twelve months renting so will be more sure if it's the right house/area for you.

Ellie007

I have done this, albeit with a flat. I was renting it, and had lived there for seven months, when my landlady called me up to say that regrettably she was having to put it on the market and it was a courtesy call prior to getting the estate agent around. I really did not want to move as I had made it home, and after doing the maths realised that I could get a mortgage rate that worked out cheaper than what I was paying in rent.

I called her back, we negotiated a figure - happy days!

The bonus for me was not only getting to stay in my little flat rather than having to flat-hunt, but I knew exactly what to expect in the way of bills, service agreements etc. No hidden surprises.

You can only ask!!!

dj.boz

Same as Ellie above, I moved into a rented property and within six weeks the owner stated that she wanted to sell!

Definalty easier, as by then I knew the area / house, and was definatly a lot less stressfull buying the house, just let it sort it self out really!

In your situation, it may be best to say that you are wanting to rent, but may, after a short period of time, be looking to purchase. This way it puts you in the drving seat as you have a foot (and tenancy!) in the door!

Better_Days

We did this with the first house we bought. We were renting and had started to think about buying.

Coincidentally the LA came round and said that the LL wanted to sell and were we interested? We had lived in the house for a while and liked it. Got it for a good price too. Lot less hassle for both us and the LL.

Not many people get to 'try out' a house before they buy it. You might rent the house and hate the house or area: lucky escape. Or you may love it and will be able to buy knowing that you have lived in the house and are aware of all it's foibles.

Whilst looking to rent earlier this year I saw a number of properties that were both for sale and rent.

Lagoon

We're considering this as an option for the future if we can get a deposit together in the next few years. We were told when we moved in that our landlord lives in Spain and owns a number of properties that he rents out in England. He sees a house he likes, buys it and then leaves it to the estate agents to manage. He's terrible at agreeing to things for the upkeep of the house, but as the estate agents told us when we first moved in, he's just not bothered - he's getting money, and that's all he cares about.

They said, when we first moved in, that he'd probably accept a sensible offer if we wanted to buy in future because he has quite a frivolous attitude to which houses he owns. If we bought the one we're renting, he'd just spend the money on another! At the time we were so far from even trying to save for a deposit that we didn't care, but now it's a potential future option and we love the house and neighbourhood. It's a bit run-down, but we wouldn't mind paying for renovation when we owned it!

Rather than seeing this as someone that desperately needs the money, it's possible you're dealing with someone as frivolous as our landlord and it just doesn't matter to them exactly what happens to the house. No harm in asking, either way!

giddyG2001

Thanks for all the replies, it was really good to hear what others thought. I actually know the area as it's only 1 street away from where I'm renting now, it's more that it's the perfect house for us and within our budget but there are constraints like even if the landlord is keen, our tenancy on the current house isn't up til Sept so that could be a problem. But time will tell.

Any other experiences from anyone, I'd love to hear about