If you are thinking of buying the condo, townhouse, or house that you currently rent there are a few quick considerations to take into account.
After living in the home for awhile, you may start to see it through the eyes of the seller… which is to say you won’t notice the negative features as readily and objectively as you otherwise might if you walked in to view the property as someone who had not seen it previously. Although it isn’t a hard and fast rule, renters tend to overvalue the places they live in and are considering buying.
If the seller/landlord has come up with an asking price they probably (hopefully!) based it on some sales information of comparable homes. What can often be overlooked is the fact that in those comparable sales a certain percentage was probably paid out in commission by the seller. If you are dealing privately with the seller they are likely saving thousands of dollars and should pass on at least a portion of those savings to you. If not, you’ve effectively just paid them a commission to sell their own place.
The proper drafting of a contract, consideration of conditions, analysis of strata docs, handling of deposits, and removal of conditions are other areas that can invite costly mistakes. The bottom line whether you’re the seller or purchaser of a rental property is that you should seek expert advice and avoid potentially huge financial mistakes.