You’ve been renting for a little while, and, now you’ve found the perfect property to buy. You’re afraid that if you don’t act, it will get away from you and another buyer will put in a purchase offer, beating you to the punch. It’s great to be a homeowner because it means locking-in your monthly housing cost, and, having a place to call your very own.
There’s just one problem, and it isn’t a small detail, either–you are legally bound to stay in your rental until the lease expires. It isn’t realistic to pay the rent and a mortgage at the same time for months, so, it would appear you’re stuck where you are, but you do have options.
How to Get Out of a Lease to Buy
The trick is to get out of the lease without exposing yourself to legal trouble. That in itself will be a huge hurdle to hop, but, you can get out of your lease and into your new home, if you do a bit of homework and/or work with your landlord. While you might not relish having to hustle, you’ll find plenty of motivation in getting into your new home.
“No one signs a lease with the intention of breaking it a few months later. But sometimes life happens. If you find yourself in a situation where you feel you need to break your lease, remember that it can be an expensive and difficult process. That said, sometimes it’s worth it.” —Forbes
Where you need to start is with your actual lease–pull it out of the drawer and dust it off. You’ll need to go over the entire document, which won’t be exciting, but will help you to find a plausible out, or, perhaps expose a loophole. Here are some possible ways to get out of your lease to buy a home:
- Seek out a loophole. You might just find a loophole in the legal document as many landlords simply download leases from the web and don’t bother going through the documents thoroughly. That can work to your advantage, if you are creative.
- Learn about the landlord’s responsibilities. You might find that the leaky toilet and cracked window pane are the landlord’s responsibilities, and, not fixing them violates the lease. While you can’t just move out, you can speak with an attorney and learn about your options.
- Find another tenant to rent out the place. You can turn to a friend, co-worker, or family member that’s looking for a new place and ask him or her about renting where you live now. Have him or her provide references, a deposit, and the first month’s rent to the landlord.
- Simply ask to be let out of the lease. Some landlords will listen and be empathetic to your situation. If this is the case, you can just ask to be let out of the lease and explain why you want to move out.
Another option, and, the last one you should exercise, is to break your lease. If the penalty for doing so isn’t too steep, you might consider breaking your lease. However, understand that this can have consequences. So, speak with your landlord and explain why you need to break your lease and then offer to pay him or her not to pursue you.