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Tuesday, March 20, 2012

Home Buyer Tips - You want to buy but the lease says what?

It is an excellent time to buy a home in Brevard County, Florida. 

A word of warning to those who are renting now but considering a home purchase in the near future - planning is critical.

Over the past month I have had two incidents involving customers wanting to buy a home in Viera (Melbourne, Florida) but the roadblock was not the usual culprit - obtaining a mortgage - but rather the lease was the hurdle!

I am not an attorney so I can't advise on what the lease says or any mechanism to terminate without penalty.  That is a discussion for the individual and the landlord.  I recommend one first look at the lease as most leases I have seen address lease termination.

The solution for one of my buyers was workable.  I was able to assist them in a short term (7 month) lease.  That gives us time to find the right property.

The other buyers will probably be OK as well as we are discussing new construction and with the time requirements, the lease will almost be over anyway.

Key point:  If you are in a lease and considering buying a home, start early before you get in a situation requiring long-term renewal or finding a shorter lease.  In Brevard County, short duration leases are typically more expensive. Why move until you have your new home?

If you are considering a buying a home in Brevard County whether a first time buyer or an experienced buyer, give me a call (or send me an email) to discuss the process.

Let's start early to avoid getting caught up in a lease.  


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