What is subleasing? 5 Reasons why it’s a good idea
if like many homeowners this year you are thinking of alternative ways of living to save money, consider subleasing. Some people are getting out of the rental trap by housesitting, others are turning to live with relatives to save money. If you have a property in a sought after location then you have options for subleasing. And to learn more about what is subleasing read on.
5 Reasons why subleasing is a good idea
If you’re living in a rented apartment or house, then you’ve probably heard of subleasing. Subleasing is when you rent out the apartment or house you are renting to someone else. It’s a great way to save some money if you aren’t going to be living in your place for a certain amount of time.
As long as you know exactly how to sublease and play it safe, you can enjoy plenty of benefits that subleasing your home can bring. In this article, we’re going over 5 of the best reasons to sublease your apartment and make sure that you do it correctly.
What is subleasing?
Subleasing is when you lease an apartment or room from a landlord and then rent it out to someone else. You’ll need permission from the landlord, but if they’re willing to give it (and most are), subleasing can be a great way for renters to supplement their income.
The safest way to sublease is with a sublease agreement. The agreement should outline the terms of your arrangement with the current renter, including how much rent you’ll receive and whether you have any responsibilities as a landlord (such as maintenance or electricity bills).
Subletting laws vary from state-to-state; however, generally speaking:
- You must inform your original landlord in writing before beginning any attempt at subletting.
- You cannot charge more than what you are paying for rent.
- If something happens during the sublease, you will be responsible, so it’s best to only sublease to someone that you know.
If you decide to sublease, ensure the sublease has all the amenities that you had, such as air conditioning or heating.
1. You can save money
You can save money by having someone pay your rent while you’re away.
If you need to leave your home for whatever reason and live somewhere else and don’t want to pay rent in two places at once, subletting is the best option. You can stay with your current contract without needing to pay your rent while you are away. That also enables you to keep your current lease.
If you have pets, you can ask the sublessee to watch your pets while you’re gone. However, make sure they are okay with it, and it’s someone that you can trust.
2. You Can Avoid Breaking Your Lease Agreement
If you are planning to be away for an extended period, but not planning to leave permanently, subleasing your apartment is a great option. Subleasing allows you to rent out your space while still retaining control of its use.
For situations such as a work displacement, this is the perfect option. While you are gone, someone else will be living in your home and paying rent on it. When you return from a business trip or job assignment, the sublessee will have moved out by then and the place will be ready for when you get back.
3. You can live somewhere else
It also gives you a fantastic opportunity to travel. You can live in a different city while renting your home. If you’re away from home for an extended period and have family or friends who need a place to stay, it might be worthwhile to set up a sublease arrangement with them. This is a great idea if you’ve always dreamt about backpacking through Europe or another part of the world.
4. You can shorten your lease agreement
Let’s say you have months left on your lease agreement but want out. For this reason, subleasing is a great way to shorten your lease agreement. You can choose to have the sublessee take over for you in the apartment or room, and then you’ll be free from paying rent until it’s time for them to move out.
At that point, you can decide if you’d like to switch with the person who is subletting your place, and that allows you to get out of your lease agreement without paying any sort of penalty.
5. You Can Save on Furniture Costs
If you are the sublessee, you will already have furniture in the home. This means that when it comes time for you to move in, you won’t need to pay for new furniture. The person who is renting from the landlord will be responsible for buying their furniture and other household items—not you!
Final word on what is subleasing
Now that you have read our article on what is subleasing, hopefully you are in a better position to decide if it will help you. In short, subleasing is a great way to save money on your housing costs and still have the flexibility that you need. It often works for both parties in the arrangement. Just make sure that you have the right information about your options, so you don’t get stuck with an apartment lease that doesn’t fit your budget or lifestyle.
FURTHER READING FOR HOMEOWNERS AND PROPERTY RENTAL
At Housesitmatch.com we like to offer useful and practical articles on topics for our readers. In this selection we offer you a number of suitable pieces from our own blog on renting, moving and preparing new home.
Be a fair and responsible landlord
Thoughts on renting a home and home ownership
House letting or housesitting – Both good options
You moving house? Need to make it cat friendly quickly? Top tips
Ideas to help you establish a new home quickly