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Short term rental before buying?

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thomasanoop76
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Short term rental before buying?

Post by thomasanoop76 » Tue, 02 May 2017 5:03 pm

I'm in a bit of a bind...I got PR In December 2016. I'm on a rental lease that ends in March 2018. I'm keen on buying an apartment beyond this. But the money for down payment is tied up in investments which mature only in March 2018. I understand that the process of buying takes about 4 months. SO if I start the process in March it will be completed only by July ....I need to stay someplace till then. (Family of 4, school going son,lots of furniture)

I see two possibilities a)I could ask the current landlord to give me an extension of 4 months. b) The apartment that I'm planning to buy...I could rent it before purchasing it...

Any thoughts? Any of these two options feasible? Thanks in advance..

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singaporeflyer
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Re: Short term rental before buying?

Post by singaporeflyer » Tue, 02 May 2017 5:11 pm

thomasanoop76 wrote:I'm in a bit of a bind...I got PR In December 2016. I'm on a rental lease that ends in March 2018. I'm keen on buying an apartment beyond this. But the money for down payment is tied up in investments which mature only in March 2018. I understand that the process of buying takes about 4 months. SO if I start the process in March it will be completed only by July ....I need to stay someplace till then. (Family of 4, school going son,lots of furniture)

I see two possibilities a)I could ask the current landlord to give me an extension of 4 months. b) The apartment that I'm planning to buy...I could rent it before purchasing it...

Any thoughts? Any of these two options feasible? Thanks in advance..

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Are you buying an HDB or a condo? For an HDB there is a 3 years waiting period for PR, after which they are allowed to buy.

bgd
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Re: Short term rental before buying?

Post by bgd » Tue, 02 May 2017 5:19 pm

I would think both options are feasible, it's a buyers / renters market these days. The caveat is that not all landlords / sellers are sensible here.

thomasanoop76
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Re: Short term rental before buying?

Post by thomasanoop76 » Tue, 02 May 2017 5:57 pm

I'm buying condo...

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PNGMK
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Re: Short term rental before buying?

Post by PNGMK » Tue, 02 May 2017 6:02 pm

I would not rent a condo before buying it. I would look for a four month (or even better rolling) extension on your existing unit. I had no problems doing that when I bought (similar circumstances, money was coming in and the place I bought needed to be vacated).
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thomasanoop76
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Re: Short term rental before buying?

Post by thomasanoop76 » Fri, 05 May 2017 5:08 pm

I discussed about extension with my present landlady....She was very happy to oblige!!

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