What is Property Guardianship and How Does it Work?
In recent times, property guardianship has risen in popularity. The premise behind this concept is to take care of a property as a live-in tenant for reduced rent. This is a win-win situation for both parties because the property would otherwise remain unoccupied. However, instead of leaving the property empty, the owner deems it fit to find a “guardian” at a lower cost.
Another word used for these individuals would be “legal squatters,” and it is often a great way to find a place to live. To make sure this is official, the guardian is provided with appropriate licencing for access to the property. They will also receive a reduced amount to rent that part of the property. While the owner gets the opportunity to pocket a monthly income while making sure illegal squatters don’t try living in the property because its unoccupied.
Due to the advantages, numerous property guardians are popping up around the UK. Since the rent is rising in many parts of the UK, it has become easier for people to become property guardians. They save money and can still live in a nice place. According to studies, the average first home buyer will need to make at least 64,000 pounds annually to afford accommodations. This has a lot to do with the initial deposit and monthly living costs of a property. It’s important to note these numbers will continue to rise as time goes on. As of right now, the cost of a property is somewhere around 200,000 pounds. Along with buying a property, renting one at full price is also incredibly expensive in the UK.
Rent can come out to be approximately 750 pounds and it only goes higher in desirable cities such as London where it can reach up to 1500 pounds per month. This illustrates how important it has become to find alternatives as becoming a homeowner is near impossible due to the living costs.
Property guardians are rising in number because it’s affordable. The rent is cut in half and it becomes much easier to find a good place to live in while holding this status. There are so many properties that need property guardians because they are going to be torn down after a few months or fully renovated.
In some examples, property guardians have been asked to live in places such as offices, churches, pubs, hotels, and even schools depending on the area. Anyone that is looking to sign up to be a property guardian needs to go through an agency so they can find a legitimate option. Many agencies are in this line of work and can be found with a simple search online.
What Does it Take To Become a Property Guardian?
To become a property guardian, it is going to depend on the agency you’re signing up with, I have personally used www.vps-guardians.co.uk and they have been great. The average agency will want someone employed and doesn’t have pets or children under their name. This ensures the guardian is able to move around and is versatile as a candidate. It is also highly recommended to not smoke on a regular basis because it is looked down upon by property owners. Students are also disregarded due to their situation of being away from the property and not having appropriate income. It is best to sit down and look at all of your options before finding a good fit.
In general, 40% of property guardians fit somewhere between 36-65 years of age. While 50% are aged between 26-45. For the remaining 10%, they tend to be somewhere between 18-35. It is also important to note many property guardians haven’t advanced professionally to take the next step as potential homeowners. This is why getting into a situation such as this appeals to them moving forward. They like putting their funds aside while saving money on rent.
Pros of Property Guardianship
A property guardian doesn’t pay the same rent as a traditional tenant ensuring a lot of money is saved on a monthly basis. There are many examples where the rent is cut in half for property guardians. These are the kind of savings people are able to get behind as they put money away for other investments. In fact, a lot of people use this as a launching pad for a down payment on their first home later on.
This is also a great way to stay in expensive areas that would otherwise be impossible to access. The high rent would push people away that want to live there. However, a property guardian doesn’t have to fret about this even if they are finding it hard to save enough money on a monthly basis.
Cons of Property Guardianship
You are not going to be protected as a traditional tenant would be as that is the cost of paying half the rate. You are not signing an agreement and the property can be taken away at any time when you’re asked to leave. They generally will not offer a long-winded notice and will simply ask you to move out. However, tenants are given proper notice before being asked to leave.
This article on property guardianship should help those looking to learn the ins and outs for this concept and what it has to offer as an arrangement. For those thinking about doing this, continue to look into the pros and cons before determining what’s best-suited to your situation.
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