Home Buying in 10458>Question Details

Hector Diffut, Home Buyer in Bronx, NY

My lease almost up on my rent stabalized apt in the Bronx...

Asked by Hector Diffut, Bronx, NY Tue Sep 17, 2013

It would be more financially feasible for me to buy a place in early 2014 than it would be now...Would it be possible for me to negotiate a short term lease for a few months while I better prepare myself to buy, or will my landlord automatically renew my lease???

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Hi Hector,

There is so much I want to say on the subject and only so much space in this answer box. Long story short, waiting until 2014 will cost you more, depending on what the Fed does with QE and depending on if prices start rising because of the increased activity of buyers trying to get ahead of rate hikes. Also, there are some great down payment assistance programs happening now that you may want to consider.

If you can do a short term or month-to-month lease while you are purchasing, that would be a great option. I would love to chat further and go into more detail on all the points I mentioned. Contact info is below. Thanks!

David Rodriguez
1 vote Thank Flag Link Wed Sep 18, 2013
You may be able to go month to month after the lease is up, if they want you to renew it then ask for a 6 month term..
0 votes Thank Flag Link Sun Sep 29, 2013
Good morning Hector,

Rent today; Buy tomorrow. A brief primer on changing from “Tenant” to “Homeowner.”

When I was young and renting my first apartment in Astoria, I longed to know what I needed to do to become a Homeowner because I did not want to be a Tenant my whole life and pay my Landlord’s mortgage.

That’s how and why I found my way into the mortgage business in 1989 and soon afterward became a Homeowner. Here’s the fundamentals any Tenant should know to prepare to become a Homeowner in the future, no matter when that might be.

Credit: Establish 3 credit accounts, no more than 5. Pay your bills on time. Keep your balance of what you owe on a credit card to no more than 50% of your credit limit. Don’t pay off the accounts; much as it might pain you, pay minimum payments. All of the above will provide both a good credit score and adequate credit history to qualify for a mortgage loan.

Assets: A basic savings budget isn’t hard to do. Pay your rent first in your budget; then set aside 10% of your GROSS income (before taxes) into a bank account that’s difficult to access so you won’t be tempted to tap into those funds. When I lived in Astoria, I had an old-fashioned passbook savings account at Apple Bank on Broadway; no ATM access, just plain old savings. The 10% of your Gross Income is easier than you think. Make it a budget priority and you’ll still have money left over for entertainment and restaurants and clothing.

How much money do you need to buy a home? I work with many clients who spend no more than $25,000 to buy their first homes. There are loan programs with low down payment requirements and many real estate agents negotiate for their Buyers a “Seller’s concession” to include the Buyer’s closing costs (which are HIGH here in New York!) in the price of the home.
As you build your savings nest egg, consider meeting with a Local Mortgage Banker like myself to discuss prequalification for mortgage financing. You’ll get a better sense of how much money you’ll need.

Income: Two years consistent income is the basic requirement for either a salaried individual or a self-employed person. Income from Bonus, Commission, and Overtime is treated differently and is best discussed with your Mortgage Banker.

Market Survey: it doesn’t hurt to go out and get to know neighborhoods where you might like to buy a home. Visit open houses on Saturdays and Sundays. It’s okay that you’re not yet buying; tell the Realtor at the Open House you’re just beginning your “survey.” You’ll also get to know market prices for different kinds of homes. It’s okay to “window shop” homes on the weekend at Open Houses!

I remember how difficult it was to build up to become a Homeowner. I hope these fundamentals will help you better understand the path to homeownership is a process that, with preparation and dedication, you can move through easily. And if you’re interested in getting Prequalified today to create an Action Plan for your future of Homeownership, call me anytime!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Mon Sep 23, 2013
I would call the landlord and see what you can work out and explain the situation to him maybe you can go on a month to month or a short term,

Tahnks Felix
0 votes Thank Flag Link Sat Sep 21, 2013
You should get in contact with your landlord or the person in charge of the property to see if they provide short term leases. Generally the shorter the lease term the higher the monthly amount.

You should review your current lease to see if your lease will automatically be renewed. If you are unsure contact your landlord.

0 votes Thank Flag Link Fri Sep 20, 2013
You really should be having a discussion with your landlord...
0 votes Thank Flag Link Wed Sep 18, 2013
Your best option will be writing a letter to the landlord indicating that you lease will be up soon and you would like to keep renting the property on a month to month basis.
He might be able to accept this deal may be with small increase on the rent. This will give you the opportunity to negotiate what it's best for you.

Best of Luck,

Maria Cipollone

0 votes Thank Flag Link Tue Sep 17, 2013
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