Renew or Relocate? Making the Right Decision at the End of Your Lease

The end of a residential lease agreement is a time for lots of decisions. You often have the option to renew a lease unless there are extenuating circumstances, like the landlord selling the property, or you can end the agreement and relocate.

Deciding between these two options requires a few considerations, including what your lease says and whether you want to stay in the property.

In this article, we’re going to take a look at how to renew or end a lease agreement and things you should consider before doing either.

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Residential Lease Agreements: Renewing and Ending

When your lease comes to an end, you have two options. You can choose to extend the lease and remain living where you are; this is a renewal. Or you can terminate the lease agreement and move on. Often, the procedure for termination will be set out in your lease agreement.

Renewal

Renewing a tenancy requires a few steps. First, you should speak with your landlord about extending the lease. Make sure you do this in enough time so that they haven’t made other plans, like selling up or moving in new tenants.

Provided that your landlord is okay with renewing your lease and would like to continue the tenancy, you will then need to draw up a new lease agreement with them. This means you will need to negotiate any terms, sign the lease renewal agreement, and pay any fees required.

Termination

The procedure for terminating a lease agreement will often be set out in the contract. It will include information on how many days’ notice you must provide and the rules on whether you may leave the tenancy early.

If you decide to leave, you will need to inform your landlord and then begin the process of finding a new place to live. You will often be given a date by which you must have left the property, so make sure you begin looking early enough to have a place to live.

There are instances where your landlord may terminate the lease agreement during the tenancy period. However, a landlord also has to give you notice by law.

Considerations to Make When Deciding Between Renewing or Relocating

Making the decision between renewal or relocation means considering a few things, including:

• Are you happy at your current location? If you like where you live, have friends in the neighborhood, and have gotten used to the area, then renewal could be a good option.
• Do you have the option for renewal? In some cases, the landlord may not offer renewal. They may be renovating, selling, or using the property in a new way.
• Do you get along with your landlord? For many people, the decision will be made based on how comfortable they are with the landlord. Do they fix problems quickly? Are they good at responding in a timely manner? If you have a good landlord, you might be reluctant to give that up!
• Is your family going to grow? You might currently live in a studio of 1 bed, but if you have plans to expand your family in the near future, you might decide to move to a bigger property.

Top Tips for Relocating

If you’ve made the decision to relocate, then we’ve got a few tips to make the whole process much simpler.

• Know your budget: This seems obvious, but you’re going to need to know how much you can afford to pay in monthly rent. You will also need to have money set aside for security deposits and extra moving fees.
• Know what you need: Before viewing lots of properties, make sure you know what you need. Consider the rooms you’ll need, how much space, the local amenities, and more.
• Search early: If you know that you are moving from your current property, then you will need to start looking for a new property as soon as you can. You will only have a limited amount of time before you have to leave your property, so aim to be out at least a few days before the final date.
• Consider working with an estate agent: Sometimes, working with a professional will mean finding properties you hadn’t considered and getting a chance to see something different. They will also have access to listings that aren’t public yet, meaning you’ll get first dibs.
• Research the local neighborhood: Before moving, we always recommend getting to know the area. You can usually find Reddit threads about neighborhoods written by people who live there. You might also go for a walk around it, check out local property trends, and do a test commute to see whether the neighborhood is right for you.

Final Thoughts

The decision between renewal and relocation is a personal one. Many factors can impact it, including whether or not you get along with your current landlord and whether you even have the option for renewal.

Remember to give your landlord enough notice, whichever your decision is, and always do what is in your best interests.