I know that the smarter choice for us is to buy a house, but my brother offered to rent his house to us, and we were not going to go for it because we were wanting a payment cheaper than what we are paying now. They were wanting what we are paying now. Well i got this number for this lady who is sorta like a house hunter and I told her my situation of my payment range. Ok well the same day my sister in law calls and lowers the rent which is now more reasonable for us!! We would like to get out of renting but we have to let our land lord now by the first if we are moving. I can't find a house to buy in the range that we are wanting in that short of notice, because you can't ruch those things. What do we do, suck it up and rent more and keep paying the way to expensive rent we are paying now until we can buy a home? Sorry so long but i need to know
2006-06-27 10:13:17 · 14 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I would move out and rent from your sis in law while you are searching for a house. Then once you find a house you can stop renting from her. That way it's cheaper until you do find your house.
2006-06-27 10:18:22 · answer #1 · answered by Anonymous · 4⤊ 1⤋
Unless you have to move by the first, don't rush it. These types of things need to be fully investigated in order to make the best decision. If nothing is making you move within 30 days, keep looking and give notice when you find a home.
You say you want to quit renting, well you'd be renting from your relatives too, wouldn't you?
A home of your own has never been easier to get. You can buy a home of your own with no money down these days and get a decent interest rate. Some loans even pay a portion of your closing costs making buying even easier.
My website is www.firsthorizonusa.com. After the .com type in /nancylabont. I'll be happy to help you investigate your options at no charge. Or you could call me toll free at 800 971-4638, ext.223
2006-06-27 17:24:46 · answer #2 · answered by mazziatplay 5 · 0⤊ 0⤋
I would suggest rent from your bro. You should still do all things you normally would if you were renting from a stranger. Get an agreement in writing of the cost, if there's any deposit, due date and any time for notice if you are moving. Even though it's family, doing this will prevent it from getting ugly so both parties know what is going on.
Another thing you might consider if you like the house that your brother is renting you is if they'll do a rent to own type deal, or give you an option to purchase it after so many months/years.
Good luck.
2006-06-27 17:23:30 · answer #3 · answered by bettabass 3 · 0⤊ 0⤋
If you have to be out by the first and can't get a house by then, see about paying one more month in rent and in that time see if you can find a house you want to buy. As for the relative part of it, I agree that you should never rent, buy, or borrow money from a relative. Just tell them that you really want to buy a house and that you appreciate the offer to rent from them.
2006-06-27 17:21:23 · answer #4 · answered by fancypants 2 · 0⤊ 0⤋
Remember moving has a fair share of costs associated it that can take months to recover from. Things like utility connection fees and deposits, different decorator touches and more. Plus the effort it takes to pack and unpack.
I'd consider all that as too much hassle if you hope to buy a house within a year or so. If you were going to wait longer, then maybe it would be worth the cheaper rent.
If your current situation has you on a month to month agreement, then you only need 30 days notice to leave, so renting until you close escrow on a home makes sense.
2006-06-27 17:29:31 · answer #5 · answered by Lori A 6 · 0⤊ 0⤋
When you rent, you pay someone else's mortgage for them and get nothing financial in return. When you own a home, and you make monthly payments, some of that payment becomes equity and is a financial gain to you. Often, when you buy a home, the mortgage payment is no more than what you are paying for rent. So, why not buy your own home and start building up some equity for yourself? Also interest on home mortgages are tax deductible while rent is not.
Good luck!!
2006-06-27 17:22:27 · answer #6 · answered by No one 7 · 0⤊ 0⤋
One choice is to notify your landlord and request month to month rent for a few months. This will allow time to find a house and go through the entire process.
You are correct in the fact that to continue renting is to continue throwing money away. Your brother would like you to pay his mortgage I am certain. If you qualify for a mortgage definitely buy some time to find your new home.
2006-06-27 17:19:28 · answer #7 · answered by glenda c 3 · 0⤊ 0⤋
Stay put until you find your house. I personally don't like to do business with family. If you find your home, your brother might get upset why you left before the lease is up. You might be mad at your brother why he kept part of your deposit. You two might have issues because he feels like he is renting it out cheaper than normal.
Also, see if you can tweak your loan to afford a higher priced house. That might be an option for you. You'll be amazed what a few thousand dollars means in monthly payments.
Good luck to you.
Regards
2006-06-27 20:21:55 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Rent your brothers house at the less expensive rate, with the understanding that it will be a temporary situation and continue looking for a home to buy.
2006-06-27 17:18:36 · answer #9 · answered by Badkitty 7 · 0⤊ 0⤋
I would talk to your landlord and ask her if you can go month-to-month until you find a house to buy. Renting from your brother is only helping him pay off his house and earn equity. You could be using that money towards owning your own home. Owning is almost always the best way to go.
2006-06-27 17:19:16 · answer #10 · answered by Answer Girl 4 · 0⤊ 0⤋