There once was a woman who found the apartment of her dreams. It was the right price, closer to friends and family, and a huge upgrade from the apartment she currently lived in. But there was a catch: Her lease wasn't up for another few months and the thought of breaking it was making her break out in hives.
If you're one of the 100 million Americans who rent, you're probably familiar with signing a lease—but you might not be as familiar with the clauses in the contract you actually agreed to.
Leases vary by state and property, so if you're looking to get out of one, the first thing to do is reexamine your contract. The next step is to consider the consequences of breaking it. Landlords can sue you for missed rent you've agreed to pay, which can mean additional legal costs, and a dent in your credit score if the outcome isn't in your favor. A landlord-tenant dispute can also make it harder to get approved for a new place when you're ready to move.
But before you completely give up on getting out early, there are a few options worth exploring.
Dig out that lease and check for the following:
- A subletting clause
Some leases allow for subletters, which means if you can find a suitable person to rent your space from you for the same price—and potentially take over your lease when it expires, you're golden. The next step is to talk to your landlord about what they require and/or need to approve a sublease in order for you to start searching for someone to take over your place.
- A 30-day notice clause
You may think you have a yearly lease, but if you read the fine print, it might be a month-to-month rental that only requires thirty days notice to move out. If this is the case, contact your landlord in writing with your 30-day notice (you should also check to see if the notice must be accordance with the first or last day of the month).
- An early termination clause
Sometimes, landlords include a clause that lets you out of your lease early in cases of unexpected hardship. As Moneycrashers notes, this can include anything from losing your job to medical emergencies.
Have a conversation with your landlord:
Feel out your landlord by explaining your situation in soft terms (you're thinking of relocating and you're curious how flexible they are when it comes to an earlier lease expiration date). Ask whether they would be open to it, what kind of advance notice would be optimal for them, or if they'd be willing to consider an "out" if you found a suitable tenant to rent the apartment. They may welcome the chance to rent the apartment out earlier than expected, depending on when you're looking to move out. If they seem amenable, follow up in writing with your proposed dates.
Find a suitable tenant:
If your landlord agrees to let you out of your lease on the condition you find someone to replace you, you still have some work to do. It's time to do some glamour shots of your place, create a landlord approved listing and spread the word on social media. Be sure to include any stipulations your landlord will require—from credit checks to security deposits—so your prospective replacement comes prepared and ready to impress.
Check for breaches of contract:
Maybe you're ready to move because your apartment is unlivable. On your lease, you should find the clause wherein the landlord agrees to provide a "warranty of habitability"—or a safe, habitable environment that doesn't negotiate your well-being. Breaches of such an agreement may range from repeated infestations, mold issues, lack of heat or plumbing problems. You need to have proof that you've previously complained about the issue and that your landlord has been remiss in his or her duty to rectify the situation. Take pictures, make sure your complaints or requests are in writing. You may need to call on this evidence if your landlord does take you to court over your broken lease. For more on your rights as a renter and landlord requirements, check out this detailed breakdown.
If you're still out of luck, make your landlord an offer:
If breaking your lease isn't looking promising, prepare to fork over some cash—but hopefully not as much as you think. Depending on your relationship with your landlord, you still might have a shot at negotiating a deal. You could offer your security deposit or a set sum that benefits your landlord and gets you out of paying rent for the next several months on a place you're not prepared to live in. You could also see if your landlord is open to a long-term payment plan that would allow you to cover the lost rent in smaller deposits.
Ultimately, when it comes to breaking a lease, you have to weigh your options and how much you're willing to risk and spend. As for the woman who found her dream home (ahem, this writer), she ended up making a deal with her landlord and forfeiting her security deposit plus a month's rent in order to resolve her old lease. It was a financial hit in the short-term but now that she's settled into her new place she has zero regrets.
- Breaking A Lease - Know Your Rights - Tenants Union of ... ›
- Breaking a Lease | The Maryland People's Law Library ›
- How to Break Your Lease and 4 Reasons Why You Shouldn't | Move ... ›
- How to break a lease in NYC ›
- Breaking an Apartment Lease: What You Need to Know | My Money ... ›
- How to Break a Lease (and What to Know Before You Do It) | Moving ... ›
- Breaking a Lease and Leaving Early | Nolo.com ›
- Breaking a Lease: What to Know and How To Do it ›
- How to Break a Lease on Your Apartment | Rent.com Blog ›
Airbnb offers an affordable option for people looking to be more comfortable as they travel.
However, there are downsides to staying in a host's home rather than a hotel. Whereas hotels are designed for constant streams of visitors and often have furniture built to last, at an Airbnb, you may be staying on old or cheap furniture that a host is using in order to maximize their profits.
And while most reputable hotels will have regular room inspections from staff to check for any wear and tear, Airbnb damage disputes are oftentimes he said, she said situations. If you are in an Airbnb and something breaks, there are a few steps you should take in order to ensure that you are not on the hook for damages out of your control.
If you're keeping tabs on the art and tech worlds, you've probably been hearing whispers about "NFTs" for the past month. Just over the past week they've entered the mainstream lexicon.
Twitter founder Jack Dorsey made the news for selling his first ever tweet. The app has been teasing paid subscription models and newsletter-like features, but tweets for sale is "the next frontier."
just setting up my twttr— jack (@jack)1142974214.0
The 2006 tweet went up for auction as an NFT, and the current bid is $2.5 Million. But what does it mean to own that? Why would anyone want to? And what even is an NFT?
Long gone are the days when the majority of Americans dreamed about owning a home with a white picket fence.
The traditional American Dream may be on its deathbed, but that doesn't mean a core component of the vision can't survive. It simply takes a diverse perspective. People can still believe they can attain their own vision of success in society with hard work, knowledge, and risk-taking. Investing in today's American Dream may literally mean investing money in our modern economy, starting with our infrastructure.
Real estate investing in particular is a lucrative method that can boost income and secure a better financial future for many. There's always risk involved, but the payoffs can far outweigh the uncertainty. Selecting solid financial investments is about confidence and competence. If you're looking for some advice on this kind of investment, here are a few savvy tips for new real estate investors.
Stick To a Specific Strategy or Niche
Real estate is a challenging sphere of the business world, one that requires several key skills: groundwork knowledge, networking, perseverance, and organization. True knowledge of the real estate market will come with time and experience, but it's a smart idea to select one area of the market and stick to it. This is the best way to attain in-depth familiarity with your specific niche.
First, choose a geographical area close by and then a niche strategy within it, such as house flips, rental rehabs, or residential or commercial properties. By doing so, you can become aware of current inner working conditions in the market and you'll have a better idea of how these trends may change in the future.
Be Vigilant About Viable Financing Options
While it takes money to make money, you don't have to use all your own money. A common misconception about real estate investing is that you must be wealthy to start off. This isn't straight fact, however. A majority of people can test the waters of real estate investing without a lot of initial cash in their pocket.
Aside from traditional financing options from banks and institutions, private lending options can be worthy solutions. Hard money lenders are popular, reasonable choices, and they tend to have fewer qualification requirements upfront. However, be sure to strategically choose a hard money lender to find the best possible fit.
Master the Art of Finding Good Deals
There may be hundreds of thousands of available properties for sale on the current market, but the bulk of them will never amount to the final money-making result you desire. Another great tip for new real estate investors is to use good math to estimate profit. Taking risks is part of the process, but you have the ability to analyze properties and use networking sources to find the greatest deal. You can't win every deal, but you can steadily work towards a thriving financial future.