I live in a two-bedroom apartment for about five months now. The rent is kind of reasonable, but sometime it is hard when you are a single mother of a two year old and are living paycheck to paycheck.
my question is that I have sign an agreement to stay here for at least a year. But I'am weighting my options about that. I would like to buy my first home sometime next year.
And I was wondering what will be the price if I went ahead and broke my least for my apartment.
2007-10-25 12:30:48 · 9 answers · asked by rasheida_bey 1 in Business & Finance ➔ Renting & Real Estate
If you have troubles paying rent, and live paycheck to paycheck, then you have no business even considering the purchase of a home.
2007-10-25 13:25:37 · answer #1 · answered by Anonymous · 3⤊ 0⤋
Under most state laws a lease is a binding contract unless the landlord breaks it or lets you out of it. If you break it you will still be responsible for what ever rent is left on it and they can also get court and attorney fees added in. You should start looking maybe three months before lease is up and tell Realtor about your situation because sometime they will pay off your lease to get you into the home you are wanting to buy.
2007-10-25 19:40:46 · answer #2 · answered by debbie f 5 · 1⤊ 0⤋
Breaking a lease is not a very good idea because it will have a very bad effect on your credit score and, if you are planing to buy a place, you need good credit rating. You need to talk to your landlord and asked them to let you out of the lease. If it's easy to rent your apartment to somebody else, the landlord might let you go. Also, if you find somebody to take your apartment, it will help.
Now may I ask you a question? How can you afford to buy a home, if you cannot afford to pay rent? If you live from paycheck to paycheck, how can you buy a home?
2007-10-25 19:40:16 · answer #3 · answered by REALTOR 3 · 1⤊ 0⤋
If you are finding a little tight to afford rent and living paycheck to paycheck, then you are not ready to purchase a home yet.
The days of zero down loans have pretty much ended. You should have a couple of thousand saved up before you buy.
Check out the mortgage calculators on this webpage. There is also one where you can calculate how much home you can afford (if any). http://www.pattiannkasper.com/mortgage_calculators_50163.html
When you break a lease, generally you have to pay at least 1 extra month's rent and give up your security deposit. But that can vary from lease to lease. Read your lease - it should spell it out clearly.
2007-10-26 02:27:52 · answer #4 · answered by Hatlady 3 · 0⤊ 0⤋
Break the lease and be prepared to have the amnts due that would equal to a year of you staying there. They will put it on your rpt and lenders ALWAYS use prior housing as a reference. They figure if you dont pay your rent on time you dont give a damn about having a place to stay, and the way the market is right now, they are tighting up standards and making it hard for those with inperfections on thier credit to obtain loans.
2007-10-25 19:40:55 · answer #5 · answered by mrsclh 4 · 0⤊ 0⤋
You could end up owing as much as the total rent until the end of your lease. If you pay $500 and you have 4 months remaining, that would be $2,000. I'd think twice about breaking the lease, you'd be better off waiting for a house until you are closer to the end of your term.
2007-10-25 19:36:39 · answer #6 · answered by Angie 6 · 2⤊ 0⤋
The penalty for breaking the lease depends on the penalty amount stipulated in the lease agreement. If the amount is not stated, then the amount is determined by your local government. Every city and county have different rental regulations.
Good luck.
2007-10-25 19:48:34 · answer #7 · answered by bandkanon 2 · 1⤊ 0⤋
If you can barely afford the rent, you will not be able to afford a house, taxes, repairs, downpayment, closing costs etc
2007-10-25 20:16:34 · answer #8 · answered by Pengy 7 · 2⤊ 0⤋
don't worry about it until you have to do it. if the landlord is reasonable, he will just charge you until he finds a new tenant.
2007-10-25 19:37:13 · answer #9 · answered by Anonymous · 0⤊ 2⤋