Should you renew when your property lease is up?

Gotten a lease renewal letter in the mail and wondering whether to sign it or find something new instead?

It can be tempting to start looking for a new home simply because you feel like a change, but if you like where you live now and have a good relationship with your current property manager then staying where you are is likely to be the easiest option.

Save money by staying put

Even if your new lease comes with a rental increase, chances are you will still end up ahead simply because moving homes doesn’t come cheap.

Moving costs can add up significantly. Even if you don’t need to hire removalists or a truck you will likely end up spending on things like cleaning, moving supplies and maybe even a few nights worth of takeout food. You may also need to take time off work to move.

Moving homes can be quite stressful and time consuming so overall, the less times you have to move the better!

What if you want to move, just not right away?

If your current rental agreement is coming to an end but you’re not ready to move quite yet then you may be able to stay on at the property without having to sign a new fixed term lease.

Chat to your property manager or landlord about your intentions and they may be happy to let you stay at the property on a periodic or month-by-month agreement. Just be aware that you landlord can raise your rent without a fixed rental agreement in place.

What you need to know before you go

If you don’t intend to stay at the property once your lease is up then you will need to let your real estate agent or landlord know in writing within the appropriate notice period (in Victoria 28 days notice needs to be given before the lease ends).

When leaving it’s important to clean the property and leave it in the same condition as before you moved in. Check your lease as there may be special conditions that apply when you move out, such as getting carpets steam cleaned.

Everybody’s situation is different so if you have any questions or concerns about your lease it’s best to get in touch with your property manager or landlord.

For information or advice about renting in Victoria visit https://www.consumer.vic.gov.au/housing/renting.

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