It's that time of year again when you have to decide whether or not to renew your lease agreement.

It's that time of year again when you have to decide whether or not to renew your lease agreement.

With all the different opportunities, knowing which path is right for you can be hard. Yes we get it. That is why in this article, we'll give you a rundown of some of the pros and cons of renewing your lease agreement and help you make the right decision.

 What are the benefits of renewing a lease?

The benefits of renewing a lease agreement can be numerous. Generally, when a lease is restored, the renter obtains the convenience of continuing to live in the property without needing to search for a new home or apartment. The landlord avoids the associated costs and has already been paid for the current month. In addition, landlords generally offer discounted rates on renewing leases as well. As a tenant you get to save yourself from the headache of packing and unpacking.

 How to go about renewing a lease agreement

When it comes to renewing a lease agreement, there are a few things Thought Leaders Real Estate would recommend that you keep in mind. First and foremost, it is important to understand the terms of the current lease agreement. Once you clearly understand what is required by both you and the landlord, it will be much easier to negotiate a renewal.

 Suppose you are within the initial term of your lease agreement. In that case, your landlord may prefer you renew without additional changes or updates. However, suppose your lease has been extended or has other specific provisions. In that case, your landlord may want to see some modifications or updates before approving a renewal. It is always best to contact the landlord directly to determine their preferences.

 Once you have determined what is required for renewal, it is time to start negotiations. Be prepared to offer a fair price for the remaining time on your lease and any necessary updates or modifications. It is also important to remember that being proactive and meeting with the landlord ahead of time can save both parties time and hassle down the road.

 The downfalls of not renewing a lease

 If you're thinking of not renewing your lease agreement, there are a few potential downsides to consider. First, if your lease expires in the next few months, you may miss out on significant subsidies available from your landlord. Second, if your lease is set to expire and you don't renew it, your landlord may start eviction proceedings against you. Finally, suppose you don't renew your lease, and the property becomes vacant. In that case, your landlord may have the right to re-rent the property to someone else at the market rate.

Our concluding comments

Regarding leases, there are a few things to keep in mind. First and foremost, always consult us before entering into any lease agreement. Make sure you understand the terms of the lease, as well as your rights and responsibilities under the contract. For example, if you break your lease agreement, be prepared to potentially pay for compensation (such as lost rent). When renewing your lease agreement, always be mindful of how much money you're spending on rent each month, and whether or not there is potential value in continuing the lease beyond the current term. If you aren't sure whether or not it makes sense to renew your lease agreement, speak with a real estate agent in Perth who can walk you through your options.

Are you a tenant looking to lease a Perth property? Then be sure to browse our listings today. If you want to place your property on the market, we can help you manage your property, getting you the best value for your home. We invite you to get in touch with us promptly, our team is here to support you through your property journey. If you are a landlord, we recommend that you read our article on Landlord Insurance and our pro-tips on how to attract good tenants here.