How To Decide On A Lease Length In Bloomington
Luckily, it’s fairly simple to decide lease length in Bloomington by thinking about the pros and cons of short-term and long-term leases. Here is what you should know about these different lease choices and how to figure out which is best for you.
Is A Short Lease Best for Me?
Not sure you want to commit to a longer lease duration? A short lease will likely work for you. These options are for one to six months. Short leases of one month are called month-to-month leases, meaning they expire and must be extended each month.
Short leases offer Bloomington Residents a temporary solution as you aren’t committed for very long. You could be interested in a short-term rental like this if you are facing a major change in your life like beginning a new job in a different town. One more circumstance you might need a short lease is when you have sold your residence but the new home is still being finalized.
An important disadvantage to monthly or short-term arrangements is that they are likely to have a higher monthly rate. Additionally, short-term leases are less prevalent, so you might end up in a location that isn’t ideal just to get the lease length you want.
Short-term options make sense for tenants who seek a temporary residence and have already started the process for securing long-term accommodations.
Is A Long Lease Right For Me?
A large percentage of apartment hunters trying to decide on lease length in Bloomington choose long-term contracts. Long leases are usually up to two years and have a range of benefits.
Your monthly payments are typically less expensive. Longer lease terms are also easier to find, so you have a greater chance of finding a location you prefer when you’re open to signing longer leases.
The drawback to longer leases is the firm commitment. You agreed to pay for a certain number of months. If your job or personal life changes abruptly, and you have to move out, you can expect to pay a hefty charge.
How Do I Decide On The Best Lease Length for Me In Bloomington?
The right lease term for you accommodates your current situation as well as your long-term expectations. Ask yourself these questions to determine your needs and whether a temporary or more permanent lease makes sense for you:
What length of time do I expect to reside in my apartment?
What is the maximum rent I can pay for a short-term rental?
Can I think of any reason why I may need to move suddenly and break my lease?
In the unlikely scenario where I have to break a long lease, can I afford the fees?
Does a temporary rental make sense, or am I better off with a more permanent solution?
Can I find a month-to-month or short-term lease in Bloomington?
Would I accept a less ideal location in order to have the convenience of a short-term deal?