IF YOUR TENANT IS YOUR FRIÈND, WHAT ARE THE ADVANTAGES AND DISADVANTAGES?
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Having a friend as a tenant can come with both advantages and disadvantages. Here are some of them:
Advantages:
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Trust: You already have an existing relationship with your friend, so you may trust them to take care of your property and pay rent on time.
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Communication: It can be easier to communicate with a friend, as you may be more comfortable discussing issues related to the property and resolving any problems that arise.
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Flexibility: Your friend may be more understanding if there are any issues with payment or the property, and may be more flexible with the terms of the lease.
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Convenience: It may be more convenient to have a friend living in your property, as they are already someone you know and trust, which can save you time and effort when finding a new tenant.
Disadvantages:
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Strained Relationship: If any issues arise with the property, it could put a strain on your friendship, which could be difficult to repair.
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Financial Concerns: It's important to make sure that your friend is able to pay rent and maintain the property, as any financial issues could put your own finances at risk.
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Personal Boundaries: You may find it difficult to enforce the terms of the lease or deal with issues related to the property, as you may feel uncomfortable approaching a friend in a professional manner.
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Legal Issues: If there are any legal issues that arise, such as eviction or damage to the property, it can be more difficult to navigate the legal process with a friend, as emotions may be involved.
Overall, if you choose to have a friend as a tenant, it's important to establish clear boundaries and expectations, and to approach the situation in a professional manner. This can help ensure that both your friendship and your property are protected.
Kind Regards Julius Czar Author: Julius Czar Company: Zillion Technologies Ltd Mobile: +256705162000 / +256788162000 Email: Julius@RealEstateDatabase.net Website: www.RealEstateDatabase.net App: Install the RED Android App Follow me on: Twitter, LinkedIn, Facebook.
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