When I got a call from a buyer recently, I thought she was calling because she loved the blog post I wrote about the Enclave at Milton Park since she had registered to my website and called me the day after to view a listing in that subdivision. Truth is, she probably did love the blog post but my ego wouldn't probe for admiration after listening to her story.
She needed to buy and needed to close fairly quickly. When I say "quickly, I mean like 6-8 weeks quickly. While this is possible, it is a little hasty. Moving within such a time frame, we would need to have a pretty stable plan together and at the point of our first visit, my buyer hadn't yet secured financing. What troubled me was the reason she needed to move so quickly. She was 1 year into a 2 yr lease and her landlord simply wanted their condo back. They gave her some kind of story about HOA woes or something or the other but after listening closely and considering the fact that the landlord was moving back into the property, we agreed that the landlord simply wanted their home back.
No big deal. The landlord OWNS the property so they have rights to do what they want within the limits of the lease. Of course the lease will be written in the landlord's favor in most cases so I'm concluding this landlord was well within her right.
Besides the fact that most times these days, rents are higher than mortgages, renters aren't considering the stability factor. My buyer has a child and is a single mother. Stability is high on her list of needs as it should be. Imagine the kick in the stomach she must've felt when she found out she needed to find a place and move within weeks. By choosing to rent, renters are forfeiting the stability factor because they are residing in a home that is not their own.
We all know when renting, you don't have the luxury of the tax benefits afforded to home owners. We all know renters are paying their landlord's mortgage amongst other things. But having the luxury of giving your tenants the boot when you please isn't something in the front of the mind.
I feel sorry for my buyer because she wasn't expecting this.
The reality of renting is: The property isn't yours. Do you have an exit plan? What happens if YOUR landlord wants their property back? Even worse, what happens if your landlord forecloses? What will you do? Are you prepared for the instability of renting? OR, Are you ready to obtain your OWN stability plus quite a few other perks by becoming a homeowner?
I think you should call me. I KNOW we really need to talk about it.....
What's your exit strategy in the event YOUR landlord pulls your living space right out from under you with little to no notice?