My partner and I moved into a perfect rental home last October, with plans to stay in the home for a few years. However, now, less than a year after we moved in, the owner of the home wants to take advantage of the market and sell it. After they notified us of their intent to sell (last Wednesday), they gave us first dibs to buy it, but we had to decide within 24 hours after their notice before they put it on the market, which was not enough time for us to make that decision, especially since we weren’t planning on buying anytime soon. However, after spending the weekend talking about it, we are slightly more inclined to buy it because we don’t want to move (it took us 6+ months to find a single family home rental that fit our needs last year, and there are no rentals like it available right now).
We have never bought a house before and weren’t really prepared to buy one now, but we have excellent credit. The house is being sold for $210,000. I have enough for a 20% down payment, and I am currently employed. However, with the market being so hot right now, and the house already listed, we literally need to decide today if we want to pursue it or not. However, we haven’t done any of the paperwork yet – we aren’t approved for a mortgage, need to do an inspection, etc. Also, the home is in nice condition and has some great amenities (amazing location, central air), but could also use a good amount of work (no closets in bedrooms, all windows need to be replaced, kitchen appliances are very dated).
We would love any advice because this is a huge decision to make at such short notice! Plus, the home just hit the market already (owner is moving crazy fast) and people are already trying to schedule showings, which is why we need to decide literally today – we may still get first dibs since we already live here, but who knows. Thank you.
TL;DR: Currently living in a wonderful rental home (have been here for 7 months), but need to decide today (less than a week after getting notice) if we want to pursue buying it or move out and try to find another single family home to rent. Home cost is $210,000, we are not pre-approved for a mortgage yet but have excellent credit and can put 20% down. Home has some nice amenities but also needs some work. Should we try to buy it or start packing?