4 Reasons Not to Renew Your Lease

There comes a time in most people’s life when renting their first apartment is a fun and exciting milestone. After several years of renting, you may find the shine has worn off the love of your lease. There may be several factors that weigh in on your decision to move on to a new location. Let’s take a look at four major reasons you may be ready to lose your lease.

  1. Life is changing - You may not be in the same life situation you were when you first signed your lease to move into your apartment. The thought of living with 3 of your best friends, sharing a room and bathroom may have lost its appeal as one or more of you coupled up over the past few years. You may have gotten married or even started a family and renewing a lease for a space with no potential for expansion may not be your best bet. Keep in mind that even if your family expands those four walls will not.
  2. Landlord issues - One of the perks of renting is having someone else responsible for the maintenance and repair work around your home. That advantage may have diminished if you are working with a difficult landlord. If your concerns are not being met in a timely manner or even worse ignored completely it may be time to look for a new living situation. A landlord that refuses to fix things around the house means that you either learn to live with the issue or fix it yourself. Typically repairing things, yourself incurs expense and your time. If you are able and willing to do these repairs on your own you may want to think about buying your own place.
  3. Raising rent – With the housing market in its current status the availability of quality housing options is becoming harder to find. What does that mean for rent? When more people are trying to get into fewer homes landlords can charge premium rents for less than premium places due to the supply and demand. This means that when it comes time to renew your lease your landlord may be considering charging more for the same space. If you look and see that similar rentals in your area are going for more than your current rental rate be sure that your lease renewal may come with an increased price tag. Paying more without getting more doesn’t tend to sit well with most renters.
  4. Buying a home is easier than you think – There are many options available assisting people to get into their first home. In Utah especially, there are several options available for first time home buyers to get assistance with their down payments. The best way to know what your home buying options really are is to find a professional loan officer and have them review your financial situation. They also will know all the programs available to you as a first-time home buyer. Getting into a home of your own may cost you the same or even less as what you are paying in rent, but will build equity for your future. To see what your rent vs buying situation may be click here.

So, whether you are looking for more space to rent, or you are ready to take the first step towards building a financially fit future by buying a home, take a look at all the factors that may affect your decision. Just staying put because “it’s easier than moving” may cost you more than just money.