Understanding Your Domain Purchase and Renewal Options

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Understanding Your Domain Purchase and Renewal Options

Watch WebHosting GoDaddy Video: Understanding Your Domain Purchase and Renewal Options. Buying a domain isn't a complex task, but there are a few things you should know. We're going to discuss some aspects of your domain purchase and renewal.

First, let's talk domain lingo. You'll often hear the phrases “purchasing a domain” and “registering a domain” being used interchangeably, which for the purposes of our video is accurate.

In addition, the term “domain ownership” is often used to describe the domain name owner or registrant, but technically you can't “own” a domain name. When you buy a domain, it's actually more like you're leasing it. You're paying to register yourself as the owner of the domain which allows you to hold it and use it for a specific amount of time. When that time ends, you have the option to renew it for another length of time or simply let it expire.

You choose whether you want to renew your domain registration every time it expires. So you could continually renew the registration for the rest of your life so no one else could ever have it.

On the other hand, you might decide that you no longer want a domain name, so you let it expire. Eventually it's returned to it's registry where it becomes available for someone else to purchase.

The other thing we want you to think about when purchasing your domain is the renewal term and how the renewal term relates to your domain’s total cost of ownership.

A lot of folks put their shiny new domain name into the shopping cart and see the two-year renewal term by default. And they think “Two years, I want this bad boy forever.” So, they select the ten-year max term and then whoa, the price goes right up.

But, by selecting a ten-year renewal term, you're effectively becoming the domain name owner for the next ten years. And in turn, you won't pay a renewal fee for the next ten years.

Consider what the renewal rate per year for your domain name is now. Like real estate, as domains become rarer the investment required to keep them will increase. In other words, the renewal rate for your domain name is almost guaranteed to increase year over year.

Assuming you're going to spend increasingly more every time you renew your domain name, over the long term, your domain's total cost of ownership is definitely going to be a lot less expensive if you go longer term upfront than if you go shorter term just to save some money.

If you're just having fun buying domains, then making that extra investment upfront probably doesn't make the most sense. However, if you're embarking on your serious online venture or launching your virtual dreams, then making that extra investment upfront is a good idea.

#DomainNameRenewal #DomainNameRenew #GoDaddy

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