Planning to Buy? Here’s Why Your Lease Could Make or Break Your Move

The most common question a landlord receives is what happens when I break my lease. If you’re a renter considering purchasing a home, checking your lease is an important step in the process. Here are three reasons why:

1. Notice Period and Lease End Date

  • Most leases require tenants to give advance notice (typically 30 or 60 days) before moving out. By reviewing your lease, you’ll know how much notice you need to provide your landlord to avoid penalties or extra rent charges. This helps you time your home purchase and move-out plan accordingly, ensuring a smooth transition.

2. Subletting or Early Termination Clauses

  • If you’re unsure about whether you can afford the mortgage while still paying rent, some leases have subletting clauses that may allow you to rent out your space temporarily. Additionally, check for early termination clauses that might let you break your lease without a penalty if you’re buying a home. This can offer flexibility if you need to move out sooner than expected.

3. Security Deposit and Financial Obligations

  • You’ll want to know if you’re entitled to receive your security deposit back when you move out. Review any terms related to damages, cleaning requirements, or the return of your deposit. This will give you a better understanding of any financial obligations before buying a new home and help you budget for the transition.

Being aware of these details can ensure you avoid unnecessary headaches when moving from renting to owning.