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My wife has a job interview next week for an upward career move that's too good to pass on. Unfortunately, it's out of town. I still have 6 months left on my one year lease.
The house is good, management company and landlord have been stellar. After my first year lease expired I re-upped for a second year, I have 6 months left on that. Rent has increased in the area and homes fill quickly. I'm paying about $300 under the asking price for similar homes listed in my neighborhood.
I've searched the internet and found a lot of emotional responses from either side. This is a business and career decision for us, not an emotional one. I'd like to approach it as such.
My lease has no early termination clause. I haven't contacted my landlord yet since this is still hypothetical. If my wife gets a strong enough job offer I'll need to give 60 days notice per the lease agreement, but other than that I'm not sure what to do. What it'll cost to get out of here is a big consideration on top of the expense of relocation.
As a landlord, what would be an acceptable buy-out amount?
I would like to offer enough to cover any lost rent and advertising costs until a renter is found. Obviously I'll need to pay the rent for the 60 day notice term, but that lands in December. I assume that's a terrible time to be putting a house on the market. Would one month's rent as a buy out amount be acceptable? If not, what would?
I would prefer not to pay out the entire term of the lease, but I'm prepared to if I must. I'm also trying to keep emotion out of this process, I would appreciate the same with the responses.
In NC if you break a lease you are legally obligated to pay the rent for the rest of the lease term. However, in NC the law states that LLs have a legal duty to mitigate their losses so they have to do everything possible to try and get the apt rented. Once they do, then you are no longer obligated for the remainder of the lease.
You can also help by giving more than the required 60 day notice if you find out earlier that you will be moving plus, you can also help the LL if possible by finding potential tenants yourself.
If you decide you want to move, tell them immediately. Cooperate with showings and they may even give you your deposit back if they have no vacancy between your moving out and the new person coming in.
If you wife gets the jib, you give the landlord notice immediately. Request that the landlord start to do showings immediately, and you cooperate and clean up your apartment and declutter just like you are trying to sell it. You want viewer's first reaction to be "what a nice place, and so clean!"
Let the landlord know that you can get out quickly if one of the applicants wants a quick move in.
Good advice here. You can also help your case if you can find a qualified renter to take your place. You probably know of someone who would love to have your house/apartment and since your rent is below market rate, they might even be willing to pay $100/month more than what you're paying now. It's win-win-win.
Its a business negotiation, treat it as such, be civil. I negotiated an early termination in NC for half a months rent, but I was only leaving 30 days early. Talk to your landlord as soon as you have the job offer, and try and work something out. It might be that the timelines work out so that you don't have as much of your lease left anyway, as many times interviews and offers can take a month or more.
If your looking for a benchmark dollar amount, the two leases I've seen with them written into the lease were two and one month's rent, respectively.
I called the management company. They weren't helpful or willing to discuss a buyout. Their advice was to list the home myself and have anyone interested fill out an application. When I asked how much they wanted the home listed for they said it's up to the homeowner, but won't contact the homeowner to figure it out. I guess my ad will read "for rent, house. I don't know how much, pay an application fee to find out"
I sent my 60 day notice as well as a buyout offer explaining the situation to the homeowner and the management company. Hope fully they accept the buy out.
Market it at the same rent you're paying now. If landlord has to rent it for less because the market won't allow him to rent it for more, he can actually come after you for the remainder.
Market it at the same rent you're paying now. If landlord has to rent it for less because the market won't allow him to rent it for more, he can actually come after you for the remainder.
The houses around here went up in rent since we signed. I'm more concerned with listing it at my amount and having it hiked after I find a potential new tenent.
That's really none of your concern. List it at the price you are currently paying, if he negotiates a higher rent with the applicant, that's his business.
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