A short-term lease is usually one that has a duration of about six months, but will generally cover any rental agreement that is shorter than twelve months. Cases where people would want to rent short term include those who are on a long term vacation and prefer to stay in an apartment or house instead of hotel, companies renting for their expatriate employees, or people who are in the process selling and buying their houses.
While a short-term lease may be the best option for you, it may not be the case for the landlord. Chances are he or she would prefer to have a long-term lease, as it is a steady income and costs less for tenant screenings.
This is why in short-term leases, landlords have more bargaining power and prospective tenants will have to bargain harder or accept the trade offs such as a higher monthly rent, many restrictions on deposit return, and other additional fees.
To do this effectively, you should take a few things in mind. Always remember that a location with higher vacancy rates means more bargaining flexibility. You can use this as a reason for the landlord to negotiate.
Another good idea is to tell the property owner that you are able to pay the deposit straight away, maybe even a few months rent in advance. By doing this, you may be able to drop the monthly rent.
Also, a good thing to offer when bargaining is to say you will take the place “as is”. This means that you will take on the cleaning, will not complain about anything that needs fixing up around the place, and in general, accept a lower condition of the property.
Ensure you negotiate rent and necessities such as water and heat. You do not want to be paying a separate hydro bill if it is not included, so double check that it is.
Having a letter of recommendation from your previous landlord, as well as proof of being a good credit risk will also work in your favor.
The author has been contributing articles pertaining to leases for the past three years. Furthermore, this individual likes publishing articles regarding NYC real estate subjects, such as Roosevelt Island apartment buildings along with East Village apartments.
With the current economic conditions, many people are experiencing difficulty in meeting their monthly expenses. Renters who were subject to pay cuts or have their businesses earning less than usual often look into their rent and see if they can negotiate for a rent decrease.
In order to do this effectively, you need to evaluate the apartment you live in. Is it managed by a company or an individual? Chances are if it is run by an individual person, you will be able to get a better deal.
Thus, the first thing one should do when planning to negotiate for a rent decrease is to find out if the person one is talking to can actually make the decision or is authorized to lower the rent.
Once you have figured out how has the power to make or break a deal, you need to complete some research. Figure out what the current rent rates are and compare the apartments around yours to others nearby.
For example if rental rates have decreased, you can mention to the landlord or management company that you can easily find a new apartment at lesser rates than your current one. Even if it will take up some of your time, doing comparison shopping in other apartment complexes will give you the exact numbers that you can show on the negotiating table.
Also, you should tell them that the motivation for you trying to get a lower rent is that your financial position has changed. Emphasize what a good tenant you have been and how well you have maintained your unit.
This simple story will show the landlord that you are a responsible tenant and that lowering your rent is their wisest option. If he or she does not, they will need to spend a significant amount of money and valuable time trying to find a new tenant – something that no landlord likes doing during a recession.
Negotiating with a current tenant that is responsible and always pays on time is a much more appealing option than trying to get a new one.
The individual has been publishing commentary with respect to apartment rentals for the previous seven years. Furthermore, this writer is fond of blogging on NYC real estate topics, like Battery Park City apartments and Murray Hill condos.
categories: Real Estate,Leasing,Renting,Home,Family,Negotiation,Communication,Legal,Moving,Relocation,Advice,Parenting,Finance,Personal Finance
Used-car leasing is more popular as the economy worsens. It seems like to provide a cheaper way to drive a vehicle than new-car buying or leasing, or even used-car buying. But is it all it seems?
The apparent advantages of used-car leasing are:
* You avoid a new car’s rapid first-year depreciation
* Used car prices are lower than new-car prices, for the same make/model
* Late model used cars may have remaining manufacturer’s warranty
When compared with new-car leasing, used-car leasing is more complex. Let’s look at some of the reasons:
* New cars have an established MSRP sticker price, on which future depreciation (lease residual value) is based; used cars do not
* New cars have industry-established residual values; used cars don’t
* New cars often have manufacturer-sponsored lease deals and rebates; used cars do not
* New cars come with a full manufacturer’s warranty; used cars do not
However, for used cars, setting residuals isn’t so simple. There aren’t any standard prices on which to base residuals. Condition and mileage can vary widely, even for vehicles of the same year, make, and model. Prices could be different in different parts of the country.
New-car leases have full manufacturers’ warranties, which means a leasing consumer is protected for a life of his lease as long as he chooses a lease term (months) that is no longer than along the warranty. A late-model used car may have some remaining warranty but usually not enough to pay a normal 3-year lease.
Does this show that leasing a used car is not a good idea?
Not necessarily. It’s very possible to have a great deal on a used car lease, although a bit difficult to evaluate.
The best way to evaluate a used car lease is to do a couple of comparisons. First, compare your lease payments to loan payments for the same vehicle, same terms (months), and same advance payment, if any. Also compare your used-car lease payments to lease payments for a new car from the same make and model with comparable equipment. In both cases, if your used-car lease payments are not significantly less than either of the two comparisons, it may not be good deal.
James Tano has written extensively on Automotive . He comes from TX. You may want to check out his other guide on Auto and Car Insurance tips, and Used Cars For Sale guide!
The latest credit industry polls show that on average American’s are 130% in debt. That means that 130% of their monthly income goes to debt or debt reduction. We are not suggesting you ignore your credit card or car payments, but if your crystal ball shows that your war chest is irreplaceable over the next 3 to 6 months; it’s time to consider an alternative approach (i.e. preparation for bankruptcy, or foreclosure) and stretch the dollars you do have in the interim to cover Shelter, Electricity, and Food. Compare what your grandparents would have done; pay for the big screen TV or make sure there is food in the fridge? The average four (4) person U.S. family consumes about $1,000 in food per month- that is your big screen TV! With the economy in free fall and unemployment on the rise, over 5 million homeowners are facing an unfortunate reality of a lost job and tough times ahead. If you’re one of these American’s, you have already looked in your crystal ball and realized how far you can stretch what you have in cash assets. Incorporating your lost income, unemployment, or in many cases no unemployment in tough times ahead. We must consider life’s essentials: Shelter, Electricity, and Food.
Recent credit industry polls show that on average American’s are 130 percent in debt. That means that 130 percent of their monthly income goes to debt or debt reduction. We are not suggesting you ignore your credit card or car payments, but if your crystal ball shows that your war chest is irreplaceable over the next three to six months; it’s time to consider an alternative approach (i.e. preparation for bankruptcy, or foreclosure) and stretch the dollars you do have in the interim to cover Shelter, Electricity, and Food. Compare what your grandparents would have done; pay for the big screen TV or make sure there is food in the fridge? The average four person U.S. family consumes about $1,000 in food per month- that is your big screen TV!
Secured Debt: This is your car or boat. Not all debt is unsecured (i.e. credit cards). If you have a car and the payment is killing you, then perhaps you should consider a voluntary vehicle turn-in. You can do this by contacting your vehicle loan company and conducting the transaction similarly as you did with a credit card- let’s rehearse. You must be able to explain your hardship. For example, you lost your job. Pick up the phone, and call. When they answer talk to them: ” I have a car loan with you, and I lost my job and I can no longer afford the payments. I would like to speak to a loan officer regarding a voluntary turn-in of the vehicle because I don’t want you to repossess it from me.” They are going to do one of two things, (1) Tell you where to bring the vehicle, or (2) They will attempt to talk you into keeping the car and changing the credit terms. Remember, the automakers are producing over 10 Million cars per year, with the auto market down over 42% just in the last six months. Nobody wants a used car on their lot. If your creditor would like to refinance, then you have an opportunity to keep your car and lower your payments. As an average, say your $300-a-month car payment should be able to be knocked down to $200-a-month. Base this on the same interest rate with no penalties. See if they will go for it. If not, tell them you are going to write them a letter and tell them to come pick it up and stop your payments immediately. You will be responsible for any deficiency and the difference of the value they sell the car for, but now you have moved back to (1) and have an unsecured debt to them as if you have a credit card. New debt, new negotiations. The same scenario would apply to anything in store financed (i.e. televisions, furniture), or boats and jet skis. Look at your loan agreement for the words “secured” to decide if you have a secured
Foreclosure: After you have addressed your secured and unsecured creditors, it is time to address your mortgage. In Florida, we have the protection of the Homestead Exemption Statute. Without going into too much detail, what it essentially means is that unless you have a mechanics lien, or a judicial decree, nobody can take your home away but your mortgage company (unless eminent domain issues apply). Just as you did with your secured and unsecured debt, you want to call your mortgage company. First, you pick up the phone and say, “I lost my job, I have no money and I believe I am not going to be able to pay my mortgage shortly.” Your options are similar as before: (1) Lower my interest rates or monthly payments, (2) Restructure my loan agreement, or (3) Talk to my attorney because I can’t afford my house. After this phone call is made, you need to consult an attorney about the next step to take. You need to consult an attorney before you make one more house payment. Do not worry because you are not going to get kicked out of your house tomorrow.
Fortnuately, new law is pending in Congress that will allow you to restructure with your bank without consideration. Something previously only allowed between merchants in contract law. We have all seen claims that can be postponed indefinitely. The fact is nobody really knows how long it can be postponed, as the courts begin to be clogged with foreclosures; yet, if you have to pay a power bill or your mortgage at this point – pay your power bill. The electrical company can cut you off, there is no laws that say they have to put you back on. The power company is absolute. You consumed the power, so consider your wallet wisely if you know your going to go under with your mortgage conserve your assets to take care of the same things our grandparents would a roof over your head, electricity, and food. It is the ultimate fall back situation, but faced with the alternative many of us will have little choice but to recess until the billion dollar budget plans put in place by the federal government, and a general credit stabilization takes place.
There is no need to be ashamed nor afraid; you are a survivor and this is part of surviving. Material things can be replaced. See your icebergs before they arrive, and start planning ahead. Keep a three (3) month plan in place, if you get within the ninety (90) day period and do not see the light at the end of the tunnel, you must hunker down and take care of the primary things that support life – shelter, electricity, and food.
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