GETTING A LEASE EXTENSION
Getting a lease extension means that you are re-signing your lease at the end of the term and agreeing to continue living there. The extension may be on a month to month basis or it may be another long term lease agreement. Before you agree to anything, think about the pros and the cons that come with extending a lease.
Pros to A Lease Extension
There are several pros to getting a lease extension. For one, you don't have to move. The thought of moving may sound like fun but you have probably forgotten about the stress that comes with it. You will need to first find a new place to live, search through different apartments and apply through different management companies. If you are successful you will then need to sign a brand new lease agreement and hope your landlord is a good person.
You will then need to pack up and clean your old apartment before unpacking and cleaning your new one. The added costs of moving include things like boxes and moving vans among other things. Then there is also the paperwork involved with changing your address, your telephone, your internet and other services when you do make the move. When you extend your lease, you don't have to deal with any of this. You can simply stay where you are.
Another big pro to getting a lease extension is that you know exactly what you are getting in terms of the apartment and your landlord as well as your neighbors. If you are happy with your landlord and have never had any legal problems with the landlord then consider yourself lucky. This is even more so when it comes to your neighbors. You might not be so lucky with your next apartment.
You also don't have to get used to a new neighborhood. Even if you are only moving five blocks away, you probably have a great system in place in terms of how long it takes you to get to the shops, to get to and from work every day and where to go to pick up food, entertainment, etc. You are probably feeling quite content and comfortable with your neighborhood and moving means you have to find this comfort level all over again.
Concerns with Lease Extensions
Of course, there are also some serious concerns with extending your lease especially if you agree to extend it for a long period of time. For example, if you sign in for another year this means you have to stay put for another long year. Things can happen to change your situation and thus you may need to get up and move. Being locked in to a contract can be a scary thing but you've done it once before. Are you ready to do it all over again?
When you are looking at extending your lease, ask if you can extend it on a three month or six month basis instead. That way, if circumstances do change, if you get sick of it or if you decide to buy your own place, you are not locked in for such a substantial period of time. If you are a good tenant and your landlord is happy with you, then this shouldn't be a problem. If the term comes to an end again, you can always renew the extension over and over again.
Getting a lease extension is a smart thing to do if you are completely happy with where you are. If there are issues, then take this time to discuss and negotiate with your landlord before signing on to anything. That way everyone is happy and ready to embark on another contract.