We sometimes grow bored of where we live. Sometimes we even ‘outgrow’ our homes! However, there are a lot of different things to consider when your current lease is ending.
Here are a few things to think about when your lease is up:
Dollars and sense
When you start adding up all the small (and large) costs involved in moving, you realize that it’s rather expensive. Not to mention you’ll have a potential increase in rent and buying the pizza for your friends to help out with the move. Seriously, though, the estimated cost of moving can reach into the thousands of dollars. That makes staying put sound pretty good, right?
Keep the upper hand
Releasing your place is expensive for the management company/property owner, especially for small communities (or small number unit owners). This includes advertising, preparation of the space for a new tenant, and ‘dead’ time between your move-out and a new tenant’s move-in. Any smart manager wants to keep this to a minimum.
And this provides you with a negotiating point when discussing any new provisions in renewing your lease, such as an increase in the rent. Your current lease may have information about renewal provisions, so study that before its expiration. In some cities and communities, there are local laws which also limit rent increases, so keep that in mind as you work with the manager/owner on renewing your lease.
Relationships
Do you know and like your neighbors? Have a good rapport with the manager/owner? It takes time to develop those relationships, and you never know how well you may fit into a new community. The transactional nature of the landlord/tenant relationship is always important, i.e., you pay rent on time, they provide timely service, etc. However, having a good relationship with maintenance folks and office staff keeps you connected and is worth considering.
All-in-all, there are going to be situations where a move is necessary, but in a scenario where you’re thinking you may just need a ‘change,’ take time to consider all the positive aspects of the place you’re in. Weighing that against the expense and risk of moving to an unknown situation may lead you to conclude that your happy home is right where you are.
Related Resource
Zillow Your Lease Is Up? Here Are 3 Good Reasons to Renew