Occasionally people find themselves in fixed-term agreement tenancies that no longer work for them. In these situations people can find themselves with crippling costs due to the obligation to continue paying rent on your current place. Experienced leader of the property industry Tim Manning recommends subletting as a method of reducing the burden that can affect those in this situation.
Subletting is the process of letting out your room or property while you are away. It can be extremely helpful if you need to move out before your lease finishes and you are required to keep paying for the property, during extended vacations such as summer where you may be visiting family or if you’ve decided to go travelling. Subletting can pay for your plight, satisfying your landlord’s needs. This can be a life-saving situation for tenants if done correctly.
Some landlords may have set prior conditions that restrict the tenant from subletting so this option may not work for everyone. In these cases you’re unable to rent out your premises to another person, unless you can convince the owner. If your tenancy agreement is doesn’t address subletting it’s a good idea to have a conversation that explains the situation clearly. If you’re doing everything properly and taking responsibility for this new tenant there should be no problems with the process.
You should always have a record of the agreement, even if it’s not a full tenancy agreement. Having a legal document will make sure the new sub-letter is expected to complete the duties as detailed in the contract.
You should also agree on a deposit or bond that the new party will get back once the term is over. This money is to protect you from the chance that the person may cause damage to the property that requires repair.
Before the new tenant moves in, perform an inspection and take photos so they’re no disputes when it comes to the end of the agreement.
Removing Personal Belongings
Don’t keep any items of significant financial or sentimental value in the home. This way you can be sure that none of your personal belongings are damaged during their stay.
People often move around regularly and require short-term homes for fixed periods of time. Living situations change and sometimes, if we’re renting, our tenancy agreement doesn’t allow for this. Subletting can be the saving grace is many situations where budgets need to be covered, but it’s always important when dealing with a property that’s not your own to be careful and respectful.