The time has come, your lease is up. Now you are faced with the question, should I stay, or should I go? If this, is you, or soon to be you, take a read as we go through your options and some top things to consider for each.

Option #1 Not moving and renewing your lease

First option - not moving, renewing your lease, and staying put. If this is an option for you, there are a couple main things to take into consideration. 

 Notifying your landlord

Whether you're staying or leaving, it is imperative that you have communicated your decision with your landlord. There will be a set timeline on your lease agreement of how much notice is required.  It is generally 30-60 days, but double check your lease agreement. Whether staying or vacating be sure to give this notice to your landlord in writing. Bottom line, whether you decide to stay or go, informing your landlord is essential. 

 New lease agreement

Most landlords after a year lease will move to a month-to-month lease with their tenants. If you are not wanting to commit to another long-term lease, this short-term lease style may be a better fit for you. Before making a switch to a month-to-month lease, or a shorter-term lease agreement, take some time to go over what that actually means and how it can impact you. For example, month-to-month leases do not offer the same rent rate stability as a fixed term lease. You will also have less certainty in general with your living situation, as there is no defined lease end date. Another potential option if not necessarily wanting to do month-to-month is to look into a lease renewal with your landlord and come to an agreed upon lease length together.

Option #2 Renting something new

Maybe staying in your current place isn’t an option. Or perhaps you’re ready for a change. This is when it may be time to consider renting something new and seeing what’s available. If you’re leaning towards renting something new there are a few things to consider here. 

 Consider the cost of moving to another rental

When renting a new place there are some financial expenses to keep in mind, including the actual cost of your rent at the new place, hiring movers, fees for new service installations, and potentially new furniture/furnishings etc. If you are renting at a condo there may also be additional fees for the amenities and paying for parking, if not included. All things to note if considering renting a new place.

 The commitment of a fixed term lease

Most new leases operate as a fixed term lease and are typically for a year. A couple pros of having a fixed term lease are that you’ll have a fixed rate for rent and you’ll have stability in your living situation. On the flip side, a fixed term lease offers less flexibility and is harder to get out of should your situation or needs suddenly change. Ultimately, there are pros and cons to signing a new fixed term lease and depends on what best suits your needs. 

 Current rental market 

Take a bit of time to check out what the rental market is like. Get clear on your budget and what neighbourhoods you’re interested in. See what’s available and note that depending on the market there may be more or less that fit your search than when renting your previous place. If your current lease isn’t up but may be soon, you may want to keep an eye out for what type of rental options are out there that fit your criteria.

Option # 3 Buying something  

Maybe your lease is ending, and you’ve decided to forgo renting again and are looking to buy your own place. Here are a few things to keep in mind if you’re thinking of buying.

 Work with a Realtor 

Working with a real estate agent is going to make the whole process of buying a place (especially as a first timer) a hundred times easier and smoother. Working with a realtor means you have someone on your team who is going to find the best options for you. Partnering with a real estate agent means a lot of the legwork is done for you. Working within your budget, researching neighbourhoods, deciphering the legalities, and negotiating offers is taken care of. 

 Current Market Conditions 

If you’re thinking of buying take some time to look into the current market conditions. Is it a favourable buyer’s market right now? Is it a seller’s market? Are you prepared to potentially put in multiple offers? What are places currently selling for in your desired area? Working with a realtor is going to help you answer these questions and navigate the current market and find the best options for you. It never hurts to take the time and do a little research to check the current real estate climate. 

 Know the difference between renting and buying
Know that owning is much different than renting. Things such as, getting a mortgage, having the down payment, lawyer fees, moving costs etc. are all going to come into play. Your upfront costs of home/condo ownership are going to be a lot greater than renting. Also, being mentally prepared to make the shift to owning a place versus renting. Owning your own place will come with a new level of responsibility. Gone are the days of calling your landlord if something is broken. Taking on these responsibilities of home/condo ownership will be very different than when renting. 

If your lease is ending know that you do have options! Each option is going to come with its own set of pros and cons. It just depends on what suits you and your needs best. Look at your options, do your research, and make that next best move for you.