If you are a tenant who is thinking about buying a home in 2015, please call us as soon as possible so we can strategize!
Buying a home is so exciting. In fact, we recently wrote an article about Buying A House This Spring? We also have several tips and ideas on the Chesapeake Property Management Blog to help you.
>> See Credit Report Tips to Help You Move From Renting to Buying.
>> See Going From Renter To First Time Home Buyer
However, we often find that our tenants do not thoroughly understand their current leases' notice provisions and end of lease obligations. This can cause some confusion and frustration, so before you move forward buying a home, please call us first.
Here are a few things to think about if you are a tenant thinking about buying a home:
1. We can help you buy a new home in the Baltimore Metro Area.
Did you know that through our sister company, Yaffe Real Estate, we can help you buy your new home? By coordinating all of your real estate needs under one roof, we can help you review your current lease provisions, handle communication with your landlord, negotiate your new home purchase and try to align all of these dates and tasks as much as possible so that you have a smooth and seamless move out and move in.
Have you heard the phrase "too many cooks in the kitchen?" By working with Yaffe Real Estate and Chesapeake Property Management in tandem, you reduce the number of "cooks in the kitchen" and increase the likelihood of a successful and stress free real estate experience.
We know your lease provisions (we drafted them!); we know your landlords and their expectations and we know the Baltimore Metro Area real estate market (22 years in the business and counting). Let us help you!
2. As a tenant, you must follow the notice provision in your lease.
If you are still in the initial term of your lease, your notice provision should be on page one of your Lease.
If you are in the month to month phase (after your initial term expires), look for your Chesapeake Property Management lease addendum.
Please read these provisions before you get into a purchase contract or a new lease agreement. By knowing your notice provision, this will reduce a lot of stress later.
Give us a call if you are unsure; let's review together to prevent any misunderstandings.
3. Tenants also have end of lease obligations.
Once again, look to your Chesapeake Property Management Addendum. You will see an end of lease section that discusses professionally steam cleaning carpets, professionally cleaning the home, turning the home back to its original state, turning over all keys, and more.
You are responsible for maintenance and utilities through the end of the lease term, even if you move out early. BGE must remain on in the home in your name through the last date on the lease.
If you are leaving the property vacant for a long time, be sure to notify your property manager and, perhaps, a neighbor so that they can look out for the property in your absence.
4. It is not too early to call your property management company!
So, if you are a tenant who's thinking about buying a home, call us as soon as you know of your plans or desire to move!
The more time you give us, the better we can strategize so that we meet your needs and your landlord's needs. We can refer you to excellent lenders, can help you find a new home and help the landlord find a substitute tenant. We can help all parties get on the same page. The more time you give us, the better.
Moving can be an exciting and a stressful time - we understand and are here to help you. By planning ahead and working together, we are confident that we can help you make as smooth a move as possible.
Thank you! We look forward to helping you with all of your leasing and home buying needs in 2015!
