Discussion in 'The Hens' Nest' started by Fitz, May 1, 2014.
Maybe possible? A thinks it would force us to rush into buying something.
Oh I get his concern! But if you can do six months then renew again for six months if you haven’t found anything ... it would lessen the likelihood of double-paying (or the length of doing so). Still in light of the likelihood of being able to find someone else to rent your place, if he’s more comfortable with a year that works
I think maybe we will know more once the formal offer comes in. But thank you guys, it is good to think it through to others.
Another idea is a clause that allows you to terminate with __ days' notice if you purchase a house. I negotiated something similar when we knew we would likely be leaving FL. It was tied to getting a job more than 50 miles away
I think it would be fine to renew. It’ll give you a reasonable “deadline” to get a place and fix it up if needed.
You could talk to your landlord about the fact that you’re looking for a place to buy and ask if you’d be able to sublet or break your lease early with enough notice. If rentals do move quickly I doubt it would be much of an issue.
Yes I want to be up front with our landlord because it is a letting agency run by realtors so I think they will be sympathetic. Also there's a good chance of viewing homes listed with them--so they would figure it out! I think this is probably the option I am leaning toward but I think I will know my own opinion better when we have an offer and a firm idea of a budget and monthly repayment.
this is interesting but I am not sure it exists here--I will try to research if there is anything like this. I think they like to know the flat will be let for x amount of time though.
Update: the interest rate goes way down for us if we get our offer in principle after we renew my visa in July so we are waiting til then and renewing for a year. This is our ideal timing because at average house buying times this puts us only overlapping for a month or two. And they will lend us more than we had thought plus now we have a few more months to save--our deposit is ready but more money for decorating and maybe upgrading some of our furniture would be great.
WHY ARE CEILING FANS ONLY IN THE FUCKING DINING ROOM?!?
Right!? We have one in the eat-in part of the kitchen which is open to the living room but I would love one in the bedroom.
Also, last week I noticed evidence of a LEAK in one of the closets. Seriously??? This is going to be our thing until I die apparently. Luckily it’s only in the closet and water dripped down the walls but not from the ceiling so nothing is damaged. The owner came by Friday to visit the lady downstairs (it’s his wife’s aunt) so Ryan showed him where it was. He’s coming tomorrow with a roofer to look at it. When I first saw it I thought, oh good, rainy season is over. But then the universe laughed its head off because it’s supposed to rain tomorrow through next week. It’s fucking May. This is not normal for us for May. FML
We just got our lease renewal paperwork and our rent is going up $300 a month before any of our other expenses. So it looks like we're moving again.
Oh no! that's always so tough. Good luck finding a new and even better place!
I'm sorry @moose . Moving is just the pits.
I thought that I was going to have a job by now when we made plans last year, and something might still happen in the next 45 days I guess. I doubt it at this point, so we're probably going to do a 6-month renewal then move during P's winter break.
That sucks . Too much rapid growth this side unfortunately
I’m honestly shocked that they think anyone is gonna pay that. Boy, bye! There are other up and coming areas that don’t cost that much.
That’s a big increase! Why do these places think people can all of a sudden pay that much more per month? I get they’re greedy but at the same time I don’t get it.
That's horrible! Good luck finding something else.
Oh that sucks Moose. Hopefully you'll find something great.
Good lord $300 is a LOT.
That’s my biggest fear with my currently place. I know I’ve got a great deal for where I live and don’t want to move because they either raise the rent too much for me or decide to no longer rent out.
That is such bullshit. I never raise the rent on current tenants - even if my costs go up I just take the loss. It costs so much more to find a new tenant! Money, time, effort... I’d always rather an existing tenant renew.
When my parents were renting a house in FL the rent went up a ton at renewal (ours did too but not $300) so my parents bought a place instead of renewing. Then the leasing company rented the house for less than what they had been paying. So bizarre. So to make LESS money per month you now had to clean, paint, power wash, carry a month while showing the place... makes zero sense.
Yeah is the $300 a month worth losing most of your tenants and trying to get it ready for the next? I can understand raising it a little as costs go up, we've had some go up $25-$50, but $300 is ridiculous. We got a new management company this year so I'm afraid ours will go up a lot. They're already renting similar places to ours for much more than we're paying.
I would be totally fine if the rent went up slightly but we don’t want to be paying that huge rent increase. At this rate we will be paying more than a mortgage and it’s not worth it. Still so salty about it.
Ugh. That's Bay Area price hikes right there! So shitty! In the Bay Area if it's over a 6% (I think) increase they have to give a longer notice at least. Hope they gave you guys time to find something!
@moose if you have not already, I would counter with what you are willing to pay (keeping moving costs in mind). If they aren't willing to give you a break on the monthly rate, I would ask for X number of weeks off upfront that will offset a palatable amount of the increase. You can also survey the market and then go back to them to match the deals you are seeing (or at least get close since you wouldn't have to pay moving fees).
This is bear facts territory, but in case anyone is interested....
It costs us $700 on average to turn a unit. And we can usually get it done in 5 days. So if the market is strong and the landlord is on their leasing game, it pays off to lose the tenant and fill it with a higher paying one. And if they are planning on selling it anytime soon, then they are very incentivized to do so because it will directly impact the sales price, which is strongly tied to current rents.
That being said, if they do plan on selling it soon, they may be willing to give you free rent upfront to offset some of the increase while maintaining their high sales price.
@moose pm if you want specifics but my side of the same neighborhood starts at far less than I saw in other areas of this side of town. It's crazy though. My rent across town was gonna go up a ton too