5 reasons to renew your rent agreement

As a good landlord of a property, one has to deal with the rental renewal agreements on various occasions. Every rental agreement has a fixed term and either the landlord or the tenant can initiate the renewal of rental agreement. Agreements should be renewed when both the landlord and the tenant are duly happy to extend the relationship. Some of the reasons why a renewal of a rent agreement is necessary are:

  • Cost of moving: A crucial reason that initiates the tenants to think about the renewal process of agreements is the financial burden of going to another place with all the household items. Though there are several movers and packers companies which provide attractive moving in services, these services often cost a hefty sum and burn a hole in the pocket of the customer. As such, choosing renewal of agreement for apartments in Chandigarh is a much effective and reasonable process of saving money.
  • Time saving: Renewing the agreement also saves lot of time. If the agreement with the present landlord is renewed, one would be saving time spent on moving to another place. Looking for a new home, arranging for effective movement of all household items would take a lot of time. As such, a simple renewal process is much time saving.
  • Brokerage Amount: There are many hidden costs associated with moving in to another place. To move to a new home, one would require contacting a brokerage to help the person in finding a good home having all the facilities of a comfortable living. The brokerage would ask for money and the person will have to pay a sum from his/her pocket. In such a case, renewing the agreement is a cost effective and would save the money kept aside for the brokerage.
  • Saving Security Deposit: Security deposit refers to the amount that is paid to the landlord in advance in addition to the rent. The security deposit amount is generally two months’ rent in advance and a designated security amount to cover any damage to a property. To avoid paying the security deposit in a new house, renewal of the agreement is necessary. Many tenants prefer renewing the lease agreement rather than paying hefty sums of security deposit and the brokerage amount for moving in a new house.
  • Bonding with the landlord: The tenants who share a healthy relationship with their landlords look forward to renewing their property lease agreement of flats in Chandigarh. Any tenant loves a comfortable living environment with no interference, no restrictions and a good bonding with the landlord. If he/she as a tenant does achieve such landlord, then renewal of the property lease agreement is sure on the cards.

Most of the property leases are scheduled for a year and after the lease comes to an end it is renewed as per the choice of the tenant and the landlord. Tenants would prefer to stay on the property if the rent is environment is good, the rent is fairly reasonable, the maintenance issues are well taken care of and if the location is favourable for them. On the other hand, the landlords would prefer to renew the agreement if the tenant is good and pays rent on time in addition to taking care of the property. The renewal decision of the property lease agreement, as such, depends solely on the landlord and the tenant.

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