How to Handle Pesky Home Leasing Problems

As stated in the previous article, This is Why Leasing a Home May Be a Good Idea, there are pros and cons to leasing, renting or buying a home. All three options come with its special set of rules and situations to navigate. Here, we answer the question: "What are some leasing problems?"   

Buyout Fees

There is a buyout fee if you should need to break the lease. Depending on the contract you sign, when a home lease agreement is made, there is a buyout fee for breeching the contract. If you leave before the set date of your terms, the fee could be the amount of the full projected agreement. Making a move at the wrong time could cost you thousands. If you find yourself in this situation, take the time to get an attorney so he or she can negotiate on your behalf. 

Commitment

When leasing, you're fairly committed, although there are some people that would consider this a perk. If you're someone who has trouble with commitment, leasing a home may not be the best option for you. Consider a month-to-month agreement. Again, if you do settle on a certain agreement, get legal assistance if you can't fulfill your part of the commitment. This is one reason that it's so important to plan ahead before agreeing to a lease.  

Time Restrictions

If you choose to buy or relocate, you'll have to wait until your lease is up. Nobody ever has to do anything they don't want to, but, consider what your future plans are before you commit to a lease. You don't want to be stuck in a position you'd rather not be in, or make payments for a dwelling you didn't get to use. Take the time to know your future plans before committing to a lease. 

Conclusion

A lease can be a great asset for the right person at the right time. On the other hand, if you aren't ready for the commitment, or you are unsure about your future plans, you might want to hold off on signing papers for a lease. This is especially important when you are planning on buying a home. Be honest with yourself about your home ownership goals, ask yourself: "Is leasing a home the best option for me, right now? What are the consequences if my plans change later?"