Breaking a lease to buy a home is exciting and a little terrifying all at the same time. There are many factors and documents to read to undergo this process, but it may be worth it to you in the end. We want to encourage you to explore this option, should you be looking to move closer to finding your dream home. We have provided helpful details to guide you along the way.
The Washington Landlord Tenant Law reads: “A tenant who leaves before a lease expires is responsible for paying the rent for the rest of the lease. However, the landlord must make an effort to re-rent the unit at a reasonable price. If this is not done, the tenant may not be liable for rent beyond a reasonable period of time.”
Question: So, how can taking on the cost of breaking a lease be beneficial to you in your home buying process?
Answer: The real estate market increased by an average of 12% in Snohomish County in 2016. If it costs, for example, $1,500 to break a lease and you purchased a home at $300,000, by the end of the year with that market increase of 12%, your “gain” is already up by over $30,000. In addition, the amount of tax benefits as a homeowner vs. being a renter heavily outweigh the cost of breaking a lease.
However, all leases are not created equal, and we always suggest renters look at their specific costs involved as well as their overall costs & budget before ending their lease.
Should you have any more questions or are interested in breaking your lease to purchase your dream home, feel free to send us an email at info@lyndsaylambrealty.com.
