The excitement is building…. You know your lease is expiring in six months and you have been saving, planning and getting ready to make the move towards home ownership and you are trying to figure out the right way to plan out how to time things so you don’t have to worry about signing another lease, pay penalties or deal with any issues with your current landlord. First of all, breathe! As with everything, let’s open up the lines of communication and start talking. The first conversation you want to have is with a professional Real Estate Agent to discuss what your time frame is, your wants, needs and desires for your move and home purchase.
Next, talk to your landlord, whether it be a private owner or an apartment complex, let them know what your intentions are and ask them what their guidelines are if you are not able to renew upon expiration of the lease, or if they offer a 30, 60 or 90 day extension if you want or need it. Explore other options for temporary housing with a friend or relative for a short time if you absolutely need it. Shop prices for a short term storage unit or pod storage if you need it. First and foremost, don’t stress the small stuff. Know that the ultimate goal is to get into your new home and that there may be some hurdles along the way that your Real Estate Agent can help guide you through, along with your mortgage broker.
As far as timing goes, know that typically, when you find a home, depending on the type of mortgage you secure, it normally takes about 8 weeks for a loan to close from the time you enter into a purchase contract with the seller. So basically what this means to you is, that if you start looking at traditional resale homes, meaning, those that are not short sales, bank foreclosures or new construction homes. about 3 month’s prior to your lease expiration date, you can be certain you will be in your new home prior to the expiration date of your lease. If you choose to look at non-traditional resale homes, you may have some additional timing issues and hurdles to jump and your Real Estate Agent can advise you on the ins and outs of the process of purchasing one of these homes. Ultimately it is up to you to decide if this a road you want to go down based on your wants, needs and and affordability.
For Free up to date information on the home buying or selling process, a free list of homes in your area with pictures, visit my website at http://www.BuyOrSellWithTracy.com or give a call today. Tracy L Chenette, Broker/Owner, TLC Realty Group, LLC - 518-858-3742