While our sense of wanderlust may provide the lure to move on when our lease is up, it may actually be a smarter move to stay put. Here are some reasons that may help to convince you.
Moving will require you to expend vacation time to facilitate the move. Plus you will also potentially incur costs for truck rentals and/or professional movers. And sometimes overlooked is the fact that you will need to pony up extra cash to cover a deposit on your new place, while you wait for your full deposit (hopefully, but unlikely) to be returned by your current landlord.
As painful as the move is for you, it is also a pain for you landlord. Assuming you’ve been a good tenant, this puts you in a favorable negotiating position which you can exploit to try to gain concessions from you landlord.
And finally, if you like your current place, your landlord, and you neighbors, why roll the dice and venture into the unknown? The potential exists that the new place could ultimately be a downgrade. So consider the financial and social ramifications of the potential move, and decide if a move is actually the wisest decision.
- If your lease is coming up for renewal, you might be mulling your options. Moving to a new place has its attractions, but staying put is well worth considering.
- It can be very expensive to move. There’s up front costs at the new apartment which you’ll need before moving in. There’s the physical expense of moving and time lost from work.
- If you did move, your landlord has to find a new tenant, which can often take 2-4 weeks. If you’ve been a good tenant, try negotiating a discount or lower than average rent increase.
“If your lease end date is approaching, take some time to crunch the numbers and consider the less tangible pros and cons.”