What to Do About Your Apartment Lease When You Want to Buy a Home

when do options expire this month

By Ron Leshnower. Apartment Living/Rental Expert

Many people happily sign a lease for an apartment, then months or years later decide they want to own their home. While there's nothing wrong with that, many renters in this situation worry about coordinating the end of their lease term with the beginning of their new occupancy .

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Many renters who want to buy a home feel as if they're in a bind because they assume they have only two options when it comes to their apartment lease. renew the lease for another year, or don't renew it at all and just let the lease expire. But there may be other options available to you in this situation.

Ask Your

Landlord About Alternative Leasing Options

  1. Switch to a month-to-month rental agreement. Rather than renew your lease, ask your landlord whether you can continue to occupy your apartment on a month-to-month basis. This offers the ultimate in flexibility, and it's ideal if you're confident you'll move in a matter of months. To end a month-to-month rental agreement, you typically just give 30 days' notice to your landlord, and then you leave without a penalty. The only risk to keep in mind is that your landlord also gains the right to end the arrangement with 30 days' notice. Read more about a fixed-term lease versus a month-to-month rental agreement .

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When Other Options Aren't Available

Source: apartments.about.com

Category: Forex

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