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Property guardianship is becoming more popular than ever. Under this type of arrangement, individuals are given a much lower rent in return for staying in homes or commercial buildings that are currently empty. This situation is different than being a renter because the people involved do not pay as much money as regular renters.
Also known as legal squatters, property guardians are given a place to stay so that they are not left homeless. The property guardian gets a license to rent a certain area of a house or a building. The amount they pay is extremely reduced compared to the rent of the area.
Property owners benefit because they are getting a little bit of money, and they are discouraging squatters from taking over their property. There is also often taxes you have to pay for keeping a property vacant for too long.
There are more property guardians now than ever before. This is primarily because the cost of living in the US continues to go up, and housing is very expensive. The average rent across the US reached a high of $1,405 in June. That is a 2.9% increase from the previous year. Those numbers will only go up over time. Currently, an average US home costs just over $200,000. With these high prices, it makes it difficult for people to find a place to live.
All signs point to the fact that these prices will continue to go up, which is why renters have trouble becoming homeowners; they are simply spending too much on their rent and have nothing left to save.
There are more property guardians now than ever before. These individuals usually get their rent for half off the average price, which is why it is so attractive to become a property guardian. They often stay in places that are waiting for the necessary paperwork to either be torn down or changed in some way.
Property guardians may stay in churches, schools, pubs, hotels, offices and even fire and police stations. If you want to become a property guardian, you can choose to work with an agency that helps place you at a certain property. There are a number of these agencies, so it should not be hard to find one to work with.
How Do You Become A Property Guardian?
The requirements for property guardianship can differ depending on what agency you go through. In general, though, you need to be gainfully employed. You cannot have pets or children. You probably need to have the flexibility to move very quickly. Smoking is usually frowned upon, and individuals that want to host parties are generally not accepted. In certain cases, students that are still in college are not accepted either. This is why it is important to research the different agencies that are available to determine whether you meet their criteria.
Just over forty percent of people that are property guardians fall between the ages of 36 and 65. Nearly fifty percent are between the ages of 26 and 35. A small percentage, just over ten percent, are between the ages of 18 and 35. In addition, a large number of property guardians have not progressed professionally very much and they want to eventually buy a home, which is why the savings associated with property guardianship are attractive to them. Some people, however, would rather put their money toward things other than rent and that is why they enter into this type of situation.
Advantages of Property Guardianship
When you are a property guardian, the rent that you pay is much lower than it would normally be. In some cases, rent may be reduced by up to fifty percent! When you incur these types of savings, it allows you to put money away for other things that you need or want. For example, you may be able to save much more quickly for a down payment on a home of your own.
Being a property guardian allows you to stay in a place that you may not have been able to stay in otherwise. If you are struggling to make ends meet for a variety of reasons, this option could be just what you need.
Disadvantages of Property Guardianship
Since you are not paying the rent that a normal tenant would pay, you also do not have the protections that a normal tenant would get. There is no agreement in place for your stay at the property. You have to leave when the owner says you should go. This means that you might not get much notice at all before you have to find a new place to live. Most tenants are given six months to find somewhere else to go. This is not the situation with property guardians.
This article has provided a lot of information on what property guardians are, as well as the advantages and disadvantages to having this type of arrangement. If you are considering becoming a property guardian, do your research to determine whether this is the right living situation for you.
Overall using property guardians for your vacant property can be a win-win situation if done correctly. As with anything in this industry, there will be some companies that are looking for a quick buck that will not look after their property guardians properly. Always research the company you are looking into, there are reports of guardians living in terrible conditions, because they don’t have the same rights as renting tenants they often can’t complain about the conditions of some of the properties. For further information visit VPS Guardians, they have a lot of experience dealing with vacant properties and property guardians.
But overall the industry is getting better with many new standards being introduced to help eliminate this sort of problem. So hopefully in the future, there will be new laws to help weed out any bad companies taking advantage.