Everything You Need to Know About Property Guardians
Property Guardians in London and the UK have increased in popularity, and is classified as individuals that pay a much cheaper rental in order to stay and reside in an empty property which includes residential homes or commercial buildings. A property Guardian differs from a standard renter, because the rentals that they pay are significantly lower.
A Property Guardian is also known as a “legal squatter”, because it provides people with a place to stay avoiding having to live out on the street. The process involves the “Guardian” paying a type of license in order to rent either a space or a room in a home or building, while the amount will be a lot less in comparison to the private standard agreements. The result of these processes means an owner of a home or building earns a small amount of money and at the same time, this keeps the building safe from squatters and vandalism.
Numbers in property guardians have increased a lot over the past few years, primarily due to dramatic increases in the costs of homes across the UK. By 2020, it has been predicted that the first-time home buyer will on average need to be earning a salary of at least £64,000 and have a deposit of at least £46,000 in order to buy a home or property. Prices, in order to purchase homes, will carry on rising throughout the UK. At this stage, it costs about £202,436 to buy a standard home. Additionally, renting is also now a challenge because costs to rent are also on the rise.
An example of this includes an average cost for a monthly rental is £764, and in London this doubles to about £1,543. This figures continue to increase and are one of the main reasons why it is so difficult for people that rent to save up for a deposit so that they can buy their own homes.
Property Guardianship, in comparison, means the guardian pays ½ and sometimes less of the typical rental fees, and is the main factor that contributes to why Property Guardianship has risen so drastically. As we mentioned above, these people usually live in properties that are vacant and the property types which are typically waiting for planning permissions so that they can be demolished or renovated.
The result is that a variety of property types is now available and linked with guardianship. Some of these properties include schools, hotels, fire stations, police stations, churches, pubs and, offices. For those that are interested in this type of opportunity, there are agencies that specialize in matching up different properties with guardians. The agencies that work with these processes include Live In Guardians, Camelot, Dot Dot Dot, and Ad Hoc Property Management, VPS Guardians in Bristol and others.
What Do You Need To Become A Property Guardian
Each agency has its own set of requirements, with most that require the candidates to be employed and without dependents or pets. Many agencies require the guardian to be able to move in immediately and usually will not accept smokers or individuals interested in using the property to host parties. Certain agencies do not accept the undergraduate students and is the reason why you should check with each agency to clarify their specifications as well as ensure you are a match with these requirements.
The agency Camelot says that around 42% of Property Guardians that they have placed have been between the ages of 36 and 65. 47% of their guardians were between the ages of 26 and 35, while 11% were between the ages of 18 and 35. The agency known as Live In Guardians says that many of their guardians have been people in their 1st of their 2nd professional job. These people mainly become Property Guardians so they can save for the purpose of a deposit in order to purchase their own homes. On the other hand, there are also the people that like guardianship as they are looking for a way to avoid spending 80% of their salaries on a rental.
Benefits Of Becoming A Property Guardian
It is obvious to see that the primary advantage of Property Guardianship has to do with a significantly lower rental. It usually costs 50% or less in comparison to an average rental in an apartment or residential home. This offers a way to save the money you earn to spend it on things that you enjoy or saving for your deposit to buy your own home.
One of the other benefits associated with property guardianship is that allows many people a way to cost-effectively live in either the UK or London. This type of opportunity is ideal for individuals in artistic or charitable fields.
The Drawbacks Of Property Guardianship
The main drawback has to do with that you will never become a real tenant and you are not safeguarded by rights or an agreement linked to standard rental agreements. When an owner of the home or the building wants the property back you will need to leave with a very short-notice, which is nothing like the 6-month period on offer with most tenancy agreements.
In this post, we have given you information on what a property guardian is along with benefits and drawbacks associated with becoming one. Ensure you do your own research before you make a decision on whether this opportunity appeals to you.