We have bought ourselves a unit that is currently tenented till the 28th of July. We are planning on moving in around mid-august giving ourselves 2 weeks for the move.
Now where we're renting, the lease is on till the end of october. This means that we'll have to break the lease with about 2.5 months(11 weeks) left. That is a bit scary, since we really cant afford to pay mortgage and the rent at the same time for 3 months.
Also for the fact that we've had a new baby 3 weeks ago and we've had lot of other expenses. And... i dont want my DW to be worried about this in her postpartum period.
We're in Brisbane(Mt Gravatt E) and i recollect from my lease that we have to pay 1 week's rent(for re-letting) + continue to pay the rent while the realestate agent finds another tenant; for breaking the lease.
The best case scenario, we inform the RE agent asap so that they can re-advertise the property, a new tenant moves in immediately after we move out in mid-aug.
The worst case scenarios is the agent not being able to find tenants till the lease finishes(11 weeks), that will mean we fork out over $4000.
What can i do to minimize the losses due to breaking the lease?
Some of the things im considering are:
1) offer the RE agent to advertise that the rent will be $20 less (which im ready to pay) until our lease finishes.
2) Let out the unit we've purchased for 2/2.5 months? not sure if there will be anyone out there who would need tenancy for such a short period.
3) Try to find tenants myself (advertising online - not sure if its legal to do that in QLD, asking friends/colleagues, noticeboards) ?
What would someone in my position do?
Much appreciated.