HOUSING
DIFFERENT HOUSING ACQUISITION
OPTIONS:
RENTING
- The property owner = landlord
or lessor
- The tenant = renter or lessee.
- Before renting a unit, the tenant
and the property owner
should inspect the unit together to
make sure it suits the tenants needs
and budget and make a list of
defects.
- Lease or lease agreement is the
contract between owner and
tenant.
Financial responsibilities of the TENANT:
- Usually pays a deposit, as well as the first month’s rent before
occupying the property.
- The deposit can be equal to one month's rent, or more.
- Pays rent on a monthly basis, as stipulated in the contract.
- Depending on the lease agreement, the tenant may be
responsible for paying for water, electricity, and waste
removal costs.
Contractual responsibilities
- The lease is a legal document signed by both parties and
witnesses.
- The lease stipulates the rental conditions as well as the
responsibilities and rights of both the property owner and the
tenant.
-
A lease includes:
- The address and the number of the property
, - The signature of both the tenant, the property owner and
witness.
- The date on which the document is signed.
- The date when the rental of the property starts and the
length of the lease.
- Details about the renewal of the lease
- The amount of the rental installment, the deposit amount,
and other expenses
- Clauses that indicate the rights and responsibilities of the
tenant and the property owner regarding the deposit, water
and electricity costs, sub-letting, whether pets are allowed,
and inspections of the property and entry to the unit by the
property owner.
Advantages:
1. Tenant pays a fixed amount over a specific period.
2. Tenant doesn’t pay land and property tax.
3. Tenant is not responsible for the maintenance.
4. Tenant can run a business from the unit if he or she obtains
permission from the property owner and municipality.
5. From the start, both parties know exactly what is expected,
the agreements of the lease agreement.
6. It’s easy to move after giving due notice.
7. A tenant can have fewer monthly expenses than a house
owner, for example, tenants do not have to pay
for homeowners’ insurance.
8. Renting is more affordable for people who cannot afford to
buy or build a house.
Disadvantages:
1. After paying rent for years, the tenant does still not own the
property.
2. The tenants’ assets do not increase. In the long run, her or
she helps the property owner to become wealthy instead of
accumulating wealth him-or herself.
3. If the tenant spend money on the property, the
property owner can decide if he or she wants to pay back
the money.
DIFFERENT HOUSING ACQUISITION
OPTIONS:
RENTING
- The property owner = landlord
or lessor
- The tenant = renter or lessee.
- Before renting a unit, the tenant
and the property owner
should inspect the unit together to
make sure it suits the tenants needs
and budget and make a list of
defects.
- Lease or lease agreement is the
contract between owner and
tenant.
Financial responsibilities of the TENANT:
- Usually pays a deposit, as well as the first month’s rent before
occupying the property.
- The deposit can be equal to one month's rent, or more.
- Pays rent on a monthly basis, as stipulated in the contract.
- Depending on the lease agreement, the tenant may be
responsible for paying for water, electricity, and waste
removal costs.
Contractual responsibilities
- The lease is a legal document signed by both parties and
witnesses.
- The lease stipulates the rental conditions as well as the
responsibilities and rights of both the property owner and the
tenant.
-
A lease includes:
- The address and the number of the property
, - The signature of both the tenant, the property owner and
witness.
- The date on which the document is signed.
- The date when the rental of the property starts and the
length of the lease.
- Details about the renewal of the lease
- The amount of the rental installment, the deposit amount,
and other expenses
- Clauses that indicate the rights and responsibilities of the
tenant and the property owner regarding the deposit, water
and electricity costs, sub-letting, whether pets are allowed,
and inspections of the property and entry to the unit by the
property owner.
Advantages:
1. Tenant pays a fixed amount over a specific period.
2. Tenant doesn’t pay land and property tax.
3. Tenant is not responsible for the maintenance.
4. Tenant can run a business from the unit if he or she obtains
permission from the property owner and municipality.
5. From the start, both parties know exactly what is expected,
the agreements of the lease agreement.
6. It’s easy to move after giving due notice.
7. A tenant can have fewer monthly expenses than a house
owner, for example, tenants do not have to pay
for homeowners’ insurance.
8. Renting is more affordable for people who cannot afford to
buy or build a house.
Disadvantages:
1. After paying rent for years, the tenant does still not own the
property.
2. The tenants’ assets do not increase. In the long run, her or
she helps the property owner to become wealthy instead of
accumulating wealth him-or herself.
3. If the tenant spend money on the property, the
property owner can decide if he or she wants to pay back
the money.