A domain name is effectively rented when it is purchased; this rental period is normally one year. To keep your website or email active after that time, you must renew your domain name registration. Your domain will expire and your website or email will stop functioning if you stop paying for it, though.
You will have 18 days following the expiration date of your domain name to renew it if you use GoDaddy as your domain registrar. Your website and email will function normally throughout the grace period. However, your domain will enter the redemption period if you don’t renew it before the grace period expires.
After the grace period, a 30-day period known as the redemption period follows. During this time, you can still renew your domain name, but you will be required to pay a redemption charge, which is sometimes extremely pricey. Your domain will become available for registration by anyone if you don’t renew it during the redemption period.
What about the following query: “Can you make money flipping domains?” Yes, it is the answer. The practice of purchasing a domain name and then reselling it for a profit is known as domain flipping. But it’s not as simple as it seems. When buying or selling a domain, you need to have a solid grasp of the domain market, be aware of the kinds of domains that are in demand, and be able to bargain for a fair price.
Use Afternic, a name exchange run by GoDaddy, if domain flipping is something you’re interested in. When you sell a domain through Afternic, they’ll take a commission, which is known as the Afternic charge, and they’ll also connect you with possible purchasers.
The Afternic charge varies according to the domain’s sale price. 20% of the sale price of a domain is the Afternic fee if it sells for less than $5,000. The Afternic cost is $1,000 + 15% of the sale price over $5,000 if you sell a domain for $5,000 or more.
In conclusion, you have 18 days to renew your domain name if you cease paying for it before it goes into the redemption period. If you don’t renew your domain during the redemption window, it will become available for registration to anyone. However, it necessitates a thorough knowledge of the domain market, negotiation skills, and the usage of a domain marketplace like Afternic. Domain flipping can be a lucrative business.