How can I get out of my lease early?
Working with your landlord
If you’re towards the end of your lease, it’s not an even a issue. If you have 6-8 months remaining on your lease and want to buy a home, there are several things you can do to get out of your lease early without much difficulty. About 9 times out of 10, buyers are able to work out something with their landlord to get out of their lease early.
For the most part, if you approach your landlord or property manager and indicate that you are considering purchasing your own home and would like to get out of your lease early, they will usually be flexible & have some policy for handling this situation. Most of them would like a minimum of 30 days of notice when you would be vacating. This gives them an opportunity to find another tenant. In addition to keeping them abreast of where you’re at in the home buying process, some may require that you forfeit the refund of your security deposit in exchange for getting out of the lease early. Most buyers find this to be a pretty nominal expense to get out of their lease early.
The Bottom Line!
The sooner you can stop paying rent, the sooner you can start putting money into your own pocket instead of your landlord’s pocket. Don’t lose equity & valuable tax benefits by waiting! Property values continue to increase as well if you wait an additional 6-8 months to buy a home, it will cost more to purchase the same home.
Return to
Valuable Information
|
