As the end of your tenancy agreement nears, you are faced with a decision: Renew your lease or search for a new place to call home?
The choice to renew your lease involves a thorough evaluation of various factors such as the neighbourhood, rental unit and its amenities, rental rate and more. The choice between renewing your lease and staying put or searching for a new living arrangement is a significant one and should not be made lightly.
One of the benefits is you don’t have to move. Moving to a new place can be an overwhelming experience, with the process of searching for a new rental unit, visiting listings, and deciding on a new home can be time-consuming. Once you have found a new place, packing your belongings, arranging for movers, and settling into your new home can add further stress and uncertainty to the moving process.
By renewing your tenancy, you can avoid all of these costs and heacheads. You can continue living in a familiar environment and maintain the sense of community that you’ve built.
2. Cost Savings
Aside from the costs of moving, you can also save money. Staying in your current rental unit means that you won't have to pay the security deposit, which is required for securing a new rental home or apartment. This can save you a significant amount of money upfront. If you haven’t already used Zero Deposit, you might need to pay a double deposit while waiting to get back your deposit from the previous landlord.
Furthermore, renewing your tenancy can also offer financial benefits. Moving can be expensive, with costs such as movers, deposits, and new furnishings adding up quickly. By renewing your tenancy, you can avoid these costs and continue to enjoy a more stable financial situation. For example, if you’ve been living in your current home for a while, you may have made some improvements or upgrades that would be expensive to duplicate if you had to move.
3. Stability & Security
Renewing your lease can provide consistency and stability in your life by allowing you to continue living in your current rental. Moving to a new place involves adjusting to new routines, neighbourhood, and potentially new roommates or neighbours. This can be stressful and overwhelming. Staying in your current rental, where you have established a routine and a sense of familiarity, can provide a safe and stable option. If what you have is working for you, there may not be a good reason to change. Well, just like the old saying—if it’s not broken, don’t fix it.
When faced with the decision of whether to renew your tenancy or find a new place to live, there is a lot to consider. Such as familiarity with the house, saving money and staying in your current rental can provide a sense of consistency and stability, allowing you to continue building roots in a location that you already know and love. It saves you time, money and energy!