6 reasons why you should renew the lease

Is your lease up for renewal? Often around this time, questions are raised as to whether you would like to continue living in the current home or move to a new one. There are a lot of pros and cons to moving, and it can sometimes be a tough decision.

However, you may find yourself happier to be renewing. So, to help you out, here are 6 reasons you should renew your lease.

1. It’s cheaper in the long term

Let’s face it, moving is expensive. You have the costs of removalists, cleaning, the new rental bond, and other moving supplies. Plus, you may end up moving to a place that costs more to rent, especially considering how hot the market is at the time of publication. The most you will face at your current place is a rent increase (which we will touch more on later).

In the case where the new place you are moving to does have slightly cheaper rent, it still may be more expensive to move. It is important to consider the costs and the benefits, weighing up what you are willing to pay.

2. You will increase your bargaining power

For landlords filling a vacant property can be expensive. They have to pay for marketing the property, their loan, body corporate rates, and more, all while not receiving any income from the property. This is why a property owner who is conscious about their bottom line will aim to keep you. Great tenants who pay their rent on time will be in a great position to bargain.

With this position you can negotiate for a lower rent, or perhaps different lease terms. There is a lot more wiggle room here. Some tenants have used this time to negotiate for air conditioning if the property doesn’t have it, and more.    

3. Reduces any unnecessary stress

Moving can be very stressful. There is a lot to plan, and a lot to pack, all before you actually move. On moving day you need to be on you’re a-game to ensure everything stays organised. Then if there is poor weather, it can add another challenge on top of everything else. Let’s not get started on how house hunting can be a pain, especially in a competitive market.

The easiest, and least stressful thing you can do is to renew your lease, and just keep on living in your current home.  

4. Save time

There is a lot of time required in moving homes. House hunting can take a while, especially if you struggle to find that perfect home. Then you have the wait after you fill out the application to see if you get approved. If you don’t, it starts all over again. Packing, moving, then unpacking, will take days, or in some cases weeks, to finish. On top of that there are things not generally thought of, like moving utilities, forwarding mail, and setting up the internet (we all know some telcos can be the worst at this, taking a long time to set things up).

On the other hand, renewing your lease will take 5-10 minutes. All you need to do is sign the agreement and send it back to your property manager. Good property managers will have this whole process digitalised. Then you are set for another 6-12 months.

5. Reduce uncertainty

There are a lot of uncertainties about moving to a new property. Even if you have done incredibly thorough research, there will be things you will have missed. Perhaps there are bad neighbours, or the area gets noisy at a particular time of night. Maybe there are a lot of maintenance issues that were unexpected. Or maybe there are pest issues in that area, and you have to deal with mice or unwanted insects.

Beyond the property itself, there is also the landlord and property manager. You may have already built up a strong relationship with your existing property manager and landlord, and there is no guarantee that you can do the same with the next one. This relationship is important as you will be able to rely on them to help out with any issues.   

6. Keep a property you know and love

If you have been in your existing home for a while and love the place, why move? You know what to expect from your home, you know the area, and you know you are comfortable there. If you are starting to get bored there are other things you can do before you consider moving. Try rearranging the furniture dramatically. Put on your interior decorating shoes, and get creative. Move furniture, add new decorations, swap some things around, see what can change. You could even use the great relationship you have with your current landlord to see if you can paint some walls (keeping in mind you will need to paint them back if you do move). Often breaking up your routine and trying different things will have a major shift in your perception of your home.

Conclusion

It is important to consider the pros and cons before your lease ends as to whether you will renew it or not. You may find that you aren’t quite yet ready to move and need another 6 months to decide whether you want to or not. Before making up your mind, weigh up the pros and cons to see whether moving is actually worth it for you.

For more tips on renting a property check out our insights here.