As a domain owner it is important to note your domain expiry date. It is also important and advisable to renew your domain before the expiry date. Should a domain expire, the domain owner is give a grace period 4 days before the domain is deactivated and a further 5 more days before the domain enters into a redemption period.
When a domain has entered a redemption period, the domains renewal cost is about 10 times the normal domain price. The redemption period is a one month period where you as an owner are given an opportunity to renew your domain which means, the period is locked and only the current owner can renew the domain. Also you will not be able to transfer the domain out to another registrar. Once the one month period has ended, the domain is deleted from the registry and anyone is able to re-register the domain.
Remember, Domains are on a first come first serve basis, you own the domains for the 1 year period you have paid. If the domain is not renewed in time and not within the redemption period, you stand to loose the domain as anyone will be able to register the domain name.
To view the Redemption prices click here