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Things To Consider When Renewing Your Lease

Renewing Your Rental Lease is a complicated decision. This blog will help you take a good look of options


Things To Consider When Renewing Your Lease


They say that time flies. Once you start living on your own, you realize how accurate this phrase really is. In the blink of an eye, a whole year goes by. You open your mailbox, and what do you find? It’s the lease renewal papers!

You might not have given much thought to your plans for the next 12 months. But once you’re faced with the lease, you need to make a decision: Should you stay at your apartment, or decide to live elsewhere? Here are a few things to think about before you sign that lease:


Decide Sooner Than Later

Don’t leave it until the last minute to re-sign your lease. Most landlords require several months of notice before you can move out. The owner of a property management company writes, “Try to give your landlord 2-3 months of notice if you aren’t planning to re-sign the lease”.


Talk to Your Roommate

If you share your space with someone else, now’s the time to have a conversation about your living arrangement. For example, you might be ready to re-sign, but your roommate may not be. It’s best to have this conversation well in advance of the renewal date.

If you need to find a new roommate to split the rent with, try to find out a few months before your lease is up. This gives you ample time to find a new roommate.

Or, ask your landlord to help you advertise the unit. They might prefer to find someone themselves. They’ll need to approve the person before adding them to the lease.


Look at Your Bills

Before you moved out, you might have created a budget plan to keep you on track for saving. How has that budget performed in reality?

If you’re consistently struggling to pay rent, or you’re spending all your savings, it might be time to look at a more affordable apartment.

After a year of living in one place, your landlord might decide to increase your rent. But what if the new price is out of your budget? In that case, you might decide it’s time to pack your bags and look for a new apartment.

Alternatively, you might notice that you’re saving more than you expected. Perhaps you can afford to move out to a bigger space or live without a roommate.


Inspect the Unit for Damage

If you’re planning to move out, you might be wondering how much of the damage deposit you’ll get back.

Take a closer look at your apartment. What do you see? Are there scuffs on the walls and stains on the floors? You might be dealing with appliance issues, like common stove problems.

It’s worth trying to repair these issues before your landlord inspects your unit. That way, if you do decide to move, you’ll get more of your deposit returned. Try to patch any holes in the wall and do a thorough deep clean of your apartment.


Consider the Cost of Moving

Remember how much work it was to move out? You might have blocked out the memory of packing boxes, arranging moving trucks, and hauling your things up endless flights of stairs.

But now’s the time to revisit that memory. If you decide not to renew your lease, you’ll need to repeat that process all over again. Not only does it involve a lot of planning, but you’ll need to invest hours of your time and energy as you pack your things and relocate them. You’ll also need to pay for a moving truck (unless you have a large vehicle). After all that hassle, it might be better to stay where you are.


Talk to Your Landlord

Find out what your landlord has planned for your building. Do they want to renovate your unit or any areas nearby? The noise of construction might not be something you’re willing to deal with. Try to find out what you can expect in the next 12 months before agreeing to stay.


Read Before You Sign

Your new lease may not be identical to your old one. Take a closer look at the paper you’ve been handed and compare it to the one you signed a year ago. Do you notice any differences?

You should never sign something without reading it thoroughly first. Once you’ve checked over the papers, you can decide if you want to stay another year.


Apartment living has its challenges. It can be tough to find a place that has everything you need for the right price. Once your lease is up, you’ll need to decide whether you want to move or stay put. We hope this post helps you make the right decision.


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