Domain names are basically given as a unique identity to your websites and when the domain name expires, it is like having lost your identity on the internet. There is a time limit as far as the domain name renewal is concerned.
The website owner has thirty days time within which he can renew the domain name. And if the website owner does not renew his or her domain name within that period, then the data and sensitive information that were there in the website would get deleted automatically. And after the deletion phase, the website owner can register for a new domain name only after seventy five days. This is not true for all the cases and it might be less than seventy five days for some cases.
During the redemption period (the period when your domain name has expired and when there is hope to get your domain name renewed) if you do not renew your domain name, then your domain name would be put for sale to the public and there are chances of someone else using your domain name in the future. Remember, it is always better to make use of this redemption period as getting the same name after it is thrown for public sale is not that easy. The retrieval of the same domain name becomes even more difficult if your domain name was popular and had the highest number of clicks. The redemption period would be generally one week to six months.
Bots is one factor which plays a huge role during the expiry of domain names throughout the internet. These bots are either simulated or manually operated systems that are constantly on the look out for domain names that are reaching their expiration. As soon as the domain name expires, they buy them and keep it with them for a period of at least ten years. Then after the ten years, they sell it off for a premium price thereby earning huge profits.
Sometimes the registrar of these domain names might also take away these names especially if they are found to be very popular. The registrars would take away these domain names and sell it to other customers at a higher price.
In order to save yourself from all these events, it is better that you are aware of the life of your domain name so that renewing it at the right and appropriate time is not a big problem and also you are not forced to buying them again.