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RENEWING YOUR LEASE

If your lease is nearing the end you need to decide what your next step is. Are you going to continue to live where you are now? Are you going to look for a new place to rent or are you going to put a deposit down on your own home? Renewing your lease is a big decision for any renter. Make sure you weigh the pros and the cons when it comes to renewing your lease before signing your name to anything.

Rental Lease Agreement Renewals

A lease agreement is a written contract between the renter and the landlord discussing how the relationship will work. It outlines how much the renter will pay each month for rent as well as for other utility and living expenses. It will also have a set time period in which the renter must pay the rent and live in the house. This may be for three months or it may be for three years. A standard lease agreement will go for around 12 months.

Lease agreements will normally outline certain rules that come with living in the complex, unit or house such as cleaning the baseboards and walls as well as mowing your lawn often. This includes things like no smoking inside, no pets, no painting and no parties. It may also include recycling and garage disposal rules, laundry rules and regulations and complex respect and etiquette laws. When you are renewing your lease you are agreeing to obey these rules all over again.

Renewing your Lease Considerations

One of the biggest concerns about renewing your lease is the rent. In some instances your landlord may let you keep the same rent each month as you are paying now. However, in most instances, there will be a rental increase. This may only be $10 per month but you do need to take this into consideration. In some instances, if the market has done a major increase, then your new lease may call for an additional $50-100 per month. This may be too much for many and you might choose to find alternative accommodation. Talk to your landlord about what is acceptable and what is not when it comes to renewing your lease and changing the rental price per month.

If your life has changed a lot then many people take the end of the lease agreement as a sign that it might be time for a change. For example, if you have started dating someone, you may want to think about moving in with that person at the end of the lease agreement. If you have been saving for a house, a good time to buy is around the same time your lease agreement is ending as then you don't have to pay rent and a mortgage at the same time.

Another thing you need to think about when renewing your lease is how long you plan of living there. You don't want to renew your lease for another 24 months if you are not sure how long you will be staying there. Most landlords will agree to renew your lease for a shorter time period than the first lease agreement. For example, your first lease may have been for 12 months but your lease renewal may be for six months only.

When it comes to renewing your lease you need to think about the big picture, even if you are not quite sure that this means yet. Where do you want your life to go - where do you see yourself in one to two years? These are important questions to consider when deciding if a lease renewal is the best move for your situation.

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