At times, your spending could get away from you, making things stressful when bills start piling up at the start or end of the month. Numerous people find themselves in a bind when the landlords expect rent. The last thing you should do is ignore the issue and hope the landlord won’t notice that you’re late.
You shouldn’t send a check you know will bounce either. You’ll face consequences if you take that route. If you find that you can’t make the rent, consider these solutions.
Inform Your Landlord
The landlord is perhaps the last person you want to see when you find yourself in such a situation. However, some communication can go a long way. In fact, numerous property owners are surprisingly accommodating.
Whichever notice you provide will be in your favor because it reveals your eagerness to take responsibility for late rental payments and be transparent.
You shouldn’t sneak a late payment past the landlord because he’ll probably notice you are late and you’ll have demonstrated that you can’t be trusted. Instead, explain your circumstance in a concise and truthful manner.
Discuss the Option of Delayed or Partial Payments
Informing the landlord that the next rent payment will be late opens the room for negotiating a payment plan. A number of landlords are ready to accept partial payments, typically where you pay part of the rent on the date it’s typically due and the remainder when you obtain the next paycheck.
Other landlords will willingly accept late payment if you give them some notice and make payment within a day or two of the due date. Bear in mind that the landlord could still charge a late fee. However, if you’re candid, there’s a chance that the landlord will waive the fee altogether.
Just make sure you get the arrangements in writing to prevent the likelihood of any disputes in the future with the landlord. Moreover, documentation is vital in the event that you end up in court.
Examine the Lease for Policies
Be ready to incur a surcharge on a plan of payment or late fee if it’s stipulated in your rental agreement. If the agreement doesn’t indicate a fee, you can’t face arbitrary charges.
If a clause exists, you should request the property owner to forgo the charge, particularly if it’s a one-time occurrence. If the lease agreement has a clause for late payment, your landlord can’t collect the penalty until you’re 30 days late with a payment. Therefore, you have some time to secure the funds.
Re-evaluate Your Budget
Consider examining your budgeting endeavors, particularly if you aren’t making timely payments constantly. You’ll need to re-assess your needs and wants. The last thing you want is to develop a habit of making late payments in which case the landlord can issue an eviction notice.
Obtain Financial Assistance
Most people experience some type of monetary turmoil at some point in their lives. Don’t be afraid to seek assistance. Numerous people seek payday loans but these can frequently begin a revolving cycle of taking more loans to cover the original loan.
Before turning to this approach, consider friends, family, or organizations that can link you with charities locally to assist you with rent.
At some point, you might experience a difficult time financially, forcing you to make late rent payments. Don’t ignore and hope the situation will resolve itself. Instead, adopt these measures to avoid related consequences.
For more information on what to do if you can’t make your rent, contact us at Apartment Agents or leave a message.