Are you thinking of breaking your apartment lease before it is up? There can be a lot of reasons to do so including the need to move, getting a new house, and the like. However, before you break a lease, understand that breaking a contract has its cost. Read on and find out how much it will cost you to get out of a lease.
Typical Cost Of Breaking A Lease
The usual cost of breaking a lease range from $500 to $2,000 or equivalent to one or two months of the apartment’s rental cost.
This price includes the penalty you pay to break the rental agreement.
Factors That Affect The Price Of Breaking A Lease
Monthly rental. The higher your apartment monthly rental is, the higher the termination penalty you must expect.
Contract. Your lease agreement will basically determine the cost to break a lease most of the time. Some agreements may charge a termination fee of only a month’s rent while others may charge two month’s rent. However, some agreements may charge you steeper penalties.
Landlord. Your landlord can also affect prices of breaking a lease. There are some cases that the cost of breaking a lease can be negotiated with the landlord. Some landlords may give you discretion on the penalty you have to pay for breaking the contract depending on your reasons. Other landlords, on the other hand, may be strict with what is written in the agreement.
Getting out of a lease amicably is very important to make sure you won’t be hurting your credit rating as well as you won’t be finding a hard time to find a new place. You can get the help of a professional like a contract lawyer or real estate lawyer to know your rights and help you fix issues.
Tips Before You Decide To Break A Lease
Know your contract prior to breaking a lease. Read not only the cost of breaking it but as well as how many days of notice you must give your landlord before moving out.
Once you know the penalties involved when breaking a lease, check whether or not it is a worthy option to move out. If a dream job is at stake, go on and pay for the penalty fees as this will be worth it.
Talk to your landlord about your decision. Take note that you need a reference from your landlord if you are planning on renting out another one. Negotiate the penalty fee with him as much as you can. The point here is not to get out of the lease without paying for anything but getting out of the agreement without hurting your credit rating.