Moving Out

Shortly before your lease ends, you should let your landlord know if you’re staying or moving out. Most leases will require at least 30 days’ notice before you leave, although yours might specify a different period.

If you need to move out before your lease is up, talk to your landlord. While he or she won’t be happy that you want to break the lease, you might get permission to sublet the apartment or house, which means another tenant could take your place until the lease expires. Or your landlord might allow your lease to expire early. If you break your lease, don’t be surprised if your landlord subtracts the cost of finding a new tenant from your security deposit — many leases include this provision.

Whatever you do, don’t just move out early without telling your landlord — it’s generally against the law to do so, and you probably won’t get your security deposit back. By leaving early, you’re leaving that money on the table, not to mention possibly getting yourself sued. Your landlord could even get a judgment against you in court if you skip out on your lease.

When you do move out, leave the place in spotless condition and in good repair — you’ll have a better chance of getting your entire security deposit back. Leave a forwarding address so your landlord can mail it to you. Legally, he or she may have up to 30 days to give your security deposit back. But be prepared: You may have to follow up.

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Roomie rules

When you move in with roommates, it’s smart to sign a roommate agreement that puts your living arrangements in black and white:

How often the place will be cleaned
Who does what
How will overnight guests be handled
What household items each of you will provide
How bills will be divided and paid

While it may not always be enforceable in a court of law, at the very least the agreement can ease communication about touchy subjects. And if one roommate consistently breaks the rules, you can refer back to the agreement or even use it as leverage to get him or her to move out.

This content is provided as educational material only and is not intended to solicit you for any product or service. These materials are not a recommendation by HSBC for any product, service or financial strategy. The suggestions and recommendations contained within are general in nature, and may or may not apply to your particular circumstances. Securities, annuity and insurance products are not FDIC insured or insured by any federal government agency of the United States; subject to investment risk, including possible loss of principal invested. All decisions regarding the tax implications of your investment(s) should be made in connection with your independent tax advisor. Should you need further assistance, HSBC strongly recommends contacting an independent attorney, tax professional or financial consultant.