Be careful about breaking a lease

There may come a time when you need to end a lease early in New York. This can hold true if you are renting a home, apartment, or condo. This could also be a concern for a company that is leasing office space.

While this may sound easy enough, you need to look at the situation from the other side. The landlord may not be willing to let you out of your lease early. Instead, he or she wants you to pay until the lease ends.

There are many problems with breaking a lease, including the fact that you signed a legal contract with the landlord. This means he or she can take legal action against you, while also reporting the activity to the credit bureaus. As a result, your credit score can take a hit.

Fortunately, there are ways to break a lease without causing yourself more trouble. For example, you could negotiate with the landlord. This may mean paying some of the remaining months in one lump sum in exchange for terminating the lease early.

Before you break a lease, make sure you know what type of action the landlord can take. This will help you devise a plan that will work in your favor.

You don't sign a lease with the idea that you will attempt to break it early, but this does happen from time to time. You need to do what is best for you, while also considering how the landlord will be impacted. Knowing your rights will go a long way in ensuring that you don't make a poor decision that could work against you.

Source: Experian, "Credit Advice," accessed Jan. 07, 2016