Rush to buy house or find month-to-month apt as backup?

Question

If you have a few months left on an apartment lease, and you are looking to buy a home, what should you do:

Rush to buy home before lease ends (pretty sure this is not the right answer, and even if you try to do this, WHAT IS THE BACKUP PLAN IF YOU DONT FIND A PLACE IN TIME? (Assume the person in this scenario is currently living with a roommate, and is unable to do month to month at the current place they are at.)

Here is what I can think of:

• Find a room for rent on craigslist and see if they will let you do month to month
• Same as above, but if they dont do month to month, ask for 3 month lease with option to extend month to month or extra 3 months.
• Get a year lease, and pay atleast an extra 2 months of rent or more when you end up breaking the lease earlyCan you break a lease early in Texas if buying a home for the first time? I tried googling this and it sounds like no, but I'm not sure.
• Can you break a lease early in Texas if buying a home for the first time? I tried googling this and it sounds like no, but I'm not sure.

• Can you break a lease early in Texas if buying a home for the first time? I tried googling this and it sounds like no, but I'm not sure.

What else is there?

Thoughts?

Randall Alan · Answer

I would ask where you are at to extend a few months... even if at a higher rate... if it is just temporary, who cares if it is $50 a month more or whatever. They will probably work with you. Just tell them you are in the process of buying a house, but closing has been delayed, and ask them if they can work with you. I don't see whey they would not as long as you give them the notice they ask for. They might charge you some nuisance fees... higher rent for month to month, etc... but better that, than trying to rush and purchase something that is not the best fit.

Randy

Ronald Rohde · Answer

Don't rush. Don't plan to break a lease either. Month to Month or even 3 months at a time...

Theresa Harris · Answer

@Andrew Bissada  Randall's option is a good one aside from the room mate situation. If you have a roommate that you are splitting the rent with, my guess is your rent isn't as high.

Have you started looking for a place?  If not, start looking to see what is out there and what you can get for your money.  From signing to closing can take a month-so not that long.  Don't rush to buy, but if you are wanting to buy and your lease is up in a few months, now is the time to start looking.

Andrew Bissada · Answer

A few issues. I have a roomate so both the landlord and roommate would have to be on board.

But more importantly, we are assuming I would be in the process of looking, not that I signed a contract already. I dont know if it will take 1 or 10 months after my lease ends till I find the right place for my criteria.

Danny Webber · Answer

Def look for a house. Don't buy anything you wouldn't buy w/o added pressure.

Backup plan is to go moth to month on lease.

or Move stuff into storage and stay in an extended stay hotel till you find something. (may be dangerous with CV19)

If you have a dn pmt of any size you may be able to do an NQLA- Non qualified loan assumption

Crash on a friends sofa if able while you look

Buy a travel trailer and stay at a local RV park till you find something (my favorite)

+ more

Eric Ruiz · Answer

Hey Andrew,

I was in a similar situation a few years ago when I purchased my first primary. I had a few months, so I just got with a realtor and I was actually able to find a good property within a few weeks. Which gave me plenty of time to close. If you have the funds for your down payment, I'd recommend just getting with a Realtor and exploring your options. You're not going to know what the "right" answer if you haven't explored what's out there yet. Now if you're trying to get an off-market property or target a specific area then it may become a little more difficult. Again, you won't know until you go out looking for opportunities. FYI, not many apartments allow you to break a lease without either an extreme hardship or paying a big penalty. When I was 20 I got out of a lease by returning home to live and care for a recently disabled parent. Even then they needed proof and paperwork.

Best of luck!

- Eric

Poem Turner · Answer

@Andrew Bissada - you sound like you've got back up plans set up. Another option would be an STR by the month, assuming you don't have much furniture to move/store. You're correct that buying a house isn't an allowable reason to break a lease, but often landlords will work with you. I often let tenants terminate a lease early when I can find a replacement tenant for the house, but that would have you liable for rent until a tenant was found.

Once you get a house under contract, you'd close within a month, so I'd say start looking being able to use that as your deadline.

Rush to buy house or find month-to-month apt as backup?

Most Popular Reply