6 ms·

From what I've seen, you generally need a 12-24 month lease to rent a house. I can sell my house whenever I want (or leave and rent it out to someone else), but

by gibybo 12y ago

From what I've seen, you generally need a 12-24 month lease to rent a house. I can sell my house whenever I want (or leave and rent it out to someone else), but if I'm stuck in a 24 month lease I'm stuck for the next 2 years.

talmand 12y ago
In some cases you can get month-to-month, it just may cost you more. You can always break your lease but there's a financial penalty of some form for that. In most cases you can only sell your house if someone is willing to buy it. Although renting it out is an option but you'll still be tied to, and responsible for, the property. Personally, I don't see the big deal; there are pros and cons both ways.
stormbrew 12y ago
It's pretty rare that the penalty for breaking a lease is that you have to pay the entire remaining term of the lease. Usually you only have to pay until a new tenant can be found, and you can speed that up if you can find them a new tenant yourself. Quite often they're really happy to be rid of you, even if they won't say so, because if the market is up they can probably charge more for a new tenant than they can raise your rent (due to bylaw limits on rent raises). I don't think I've ever been aware of a situation where the cost of breaking a lease was actually, in practice, more significant than the costs in time and money associated with selling real estate. Obviously if your property has gained in value in the meantime you may still come out ahead when it's all done, but on the flipside you may also lose a lot of money. The costs of breaking a lease are much more predictable.
tolmasky 12y ago
I speak solely from my experience in California, but I've been renting for like 10 years now (in a variety of places, houses and apartments), and the way its always worked for me is a 12-year lease followed by month to month. The penalty for breaking the lease was always pretty lenient too. May be different in other places though.
- distracteddev90 12y ago
  12-year leases?!?! Please tell me that is a typo and you meant months.
  - tolmasky 12y ago
    yup, 12-month sorry.
hnnewguy 12y ago
>I can sell my house whenever I want (or leave and rent it out to someone else) Whenever you want, huh? Everyone thought the same thing in 2007. Are people honestly trying to argue that owning a home leaves you more mobile than renting? Preposterous. When you need to get out of a rental lease (of which I've never seen go beyond 12 months, but I'm sure they do), the landlord is obligated to make every effort to mitigate his losses and replace you as a tenant. You aren't "stuck".

by gibybo 12y ago

talmand 12y ago

In some cases you can get month-to-month, it just may cost you more. You can always break your lease but there's a financial penalty of some form for that. In most cases you can only sell your house if someone is willing to buy it. Although renting it out is an option but you'll still be tied to, and responsible for, the property. Personally, I don't see the big deal; there are pros and cons both ways.

stormbrew 12y ago

It's pretty rare that the penalty for breaking a lease is that you have to pay the entire remaining term of the lease. Usually you only have to pay until a new tenant can be found, and you can speed that up if you can find them a new tenant yourself. Quite often they're really happy to be rid of you, even if they won't say so, because if the market is up they can probably charge more for a new tenant than they can raise your rent (due to bylaw limits on rent raises). I don't think I've ever been aware of a situation where the cost of breaking a lease was actually, in practice, more significant than the costs in time and money associated with selling real estate. Obviously if your property has gained in value in the meantime you may still come out ahead when it's all done, but on the flipside you may also lose a lot of money. The costs of breaking a lease are much more predictable.

tolmasky 12y ago

I speak solely from my experience in California, but I've been renting for like 10 years now (in a variety of places, houses and apartments), and the way its always worked for me is a 12-year lease followed by month to month. The penalty for breaking the lease was always pretty lenient too. May be different in other places though.

distracteddev90 12y ago
12-year leases?!?! Please tell me that is a typo and you meant months.
- tolmasky 12y ago
  yup, 12-month sorry.

hnnewguy 12y ago

>I can sell my house whenever I want (or leave and rent it out to someone else) Whenever you want, huh? Everyone thought the same thing in 2007. Are people honestly trying to argue that owning a home leaves you more mobile than renting? Preposterous. When you need to get out of a rental lease (of which I've never seen go beyond 12 months, but I'm sure they do), the landlord is obligated to make every effort to mitigate his losses and replace you as a tenant. You aren't "stuck".